Page 161 - Cyber Defense eMagazine January 2023
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Alternatively, hashing has enabled simple comparisons, but the problem is it is easy for criminals to
            circumnavigate these checks. In trade finance fraud, for example, a fraudster trying to hide duplicate
            financing can easily use different purchase order numbers or change data across documents to make
            them seem different and evade searches for matches or similarities. Firms need technology that is fit for
            purpose and able to detect the more complex tactics that criminals deploy.

            Customer financial data is highly sensitive and must be kept private and secure. Unfortunately, locking
            data away in silos creates blind spots for malicious actors to evade detection by freely maneuvering
            between institutions and across borders. Banks and financial institutions use Duality to shine a bright
            light on the dark shadows of data silos by allowing them to collaborate on customer data while preserving
            privacy.



            A privacy-first approach

            If financial institutions could have the privacy and security guarantees that ensure the protection of their
            data and customers, as well as regulatory compliance, they would be more open to sharing information.

            A new approach has emerged – leveraging privacy enhancing technologies (PETs). The term covers an
            array of technologies, including homomorphic encryption, which allows financial institutions to perform
            computations  on  encrypted  data  without  ever  decrypting.  This  means  they  can  share  and  analyze
            sensitive data without revealing the underlying information.

            The data itself remains decentralized so it does not move across parties. Homomorphic encryption also
            means the firm’s customer relationship is never revealed and any answers cannot be attributed back to
            a specific financial institution, thereby preserving competition.

            Mitigating risk will remain a top priority for financial institutions and PETs have emerged as valuable tools
            in organizations'’ armories. Ultimately, these technologies are paving the way for firms to collaborate in
            new ways and finally unlock the value in their data – and this could prove to be a major game-changer in
            the fight against financial crime.



            About the Author

            Dr.  Alon  Kaufman,  CEO  and  Co-Founder  of  Duality  Technologies.  has 20
            years  of  experience  in  the  hi-tech  arena,  commercializing  data-science
            technologies,  leading  industrial  research  and  corporate  innovation  teams.
            Prior to founding Duality, he served as RSA’s global director of Data Science,
            Research  and  Innovation.  In  addition  to  his  leadership  experience,  he  is
            accomplished in the fields of artificial intelligence, machine learning and how
            they interplay with security and privacy, with over 30 approved US patents in
            these fields. He holds a PhD. in Computational Neuroscience and machine
            learning from the Hebrew University and an MBA from Tel Aviv University.Alon
            can be reached online at https://dualitytech.com





            Cyber Defense eMagazine – January 2023 Edition                                                                                                                                                                                                       161
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