Authors:
Conor MoranLONDON, UK — As part of the technology working group on ‘The Role of Privacy Preserving Data Analytics in the Detection and Prevention of Financial Crime,’ Inpher is delighted to announce the publication of Future of Financial Intelligence Sharing (FFIS)’s white paper on the innovation of cryptographic privacy-preserving techniques in financial services.
The FFIS publication, ‘Case Studies of the Use of Privacy-Preserving Analysis to Tackle Financial Crime,’ was released in June 2020 as the inaugural discussion paper for a year-long global research project mapping the development and deployment of privacy-enhancing technologies to financial crime enforcement use cases.
Inpher was a key contributor of the secure multi-party computation (MPC) and fully homomorphic encryption (FHE) case study on building a privacy-preserving machine learning model through decentralized cross-border computing.
Working with a global financial institution, Inpher’s Secret Computing solution successfully enhanced the breadth of the training data—and improved the predictive accuracy of—a machine learning algorithm in a cross-border environment where the underlying personal data could not be shared across the institution’s subsidiaries. Through Inpher, the financial institution overcame barriers to cross-jurisdictional and inter-organizational collaboration, and securely optimized its predictive model using encrypted data—which do not reveal or transfer any personal information. Check out Inpher’s full case study on page 30 of the FFIS paper.
As companies struggle to navigate the ever-evolving regulatory regime for cross-border data transfers, Inpher is dedicated to removing these barriers with a technological solution that both protects and champions privacy. We are excited to continue our work with the FFIS and other stakeholders in the financial enforcement ecosystem to advocate for privacy-enhancing approaches to anti-money laundering and fraud detection models. If you’re interested in learning more, reach out to us today!
UPDATE- Aug. 18, 2020
Wall Street Journal coverage of the FFIS report: Partnerships to Fight Financial Crime Gain Momentum
“The difficulty now, even for the most successful partnerships, will be to scale up operations. To do so, they will need more financial help from the government. They will also have to navigate data-privacy laws and other legal hurdles. And they will need to convince more members of the private sector to participate in the partnerships.”