The UK's Financial Conduct Authority (FCA) has urged more data sharing between financial institutions to combat rising levels of fraud. In a recent speech, Executive Director of Supervision Megan Butler said data sharing had to be on a global scale since financial crime doesn't know any boarders. Butler added that the FCA is exploring solutions such as multi-party computation to drive real-time analysis of payments and enhanced encryption. The adoption of these ideas will be tracked until the proof-of-concept stage, she added. The FCA will publish a report every year detailing progress made using these solutions.
The UK's Financial Conduct Authority (FCA) has urged more data sharing between financial institutions to combat rising levels of fraud. In a recent speech, Executive Director of Supervision Megan Butler said data sharing had to be on a global scale since financial crime doesn't know any boarders. Butler added that the FCA is exploring solutions such as multi-party computation to drive real-time analysis of payments and enhanced encryption. The adoption of these ideas will be tracked until the proof-of-concept stage, she added. The FCA will publish a report next year detailing progress made using these solutions.