HomeCBDCBIS ProjectsExploring Emerging Financial Fraud Patterns in Immediate Payment Systems with Enhanced User...

Exploring Emerging Financial Fraud Patterns in Immediate Payment Systems with Enhanced User Privacy Measures in Project Hertha

Protecting payment systems from financial crime is a crucial task in ensuring the future of payments. BIS Innovation Hub’s Project Hertha aims to address this challenge by exploring the use of network analytics to identify patterns of financial crime. The project will focus on utilizing a minimal set of data points to uphold user privacy. It is a collaborative effort between the BIS Innovation Hub’s London Centre and the Bank of England.

To achieve its objectives, Project Hertha will analyze current and emerging financial crime typologies in real-time payment systems. The project will draw lessons from instant payment systems and digital asset networks to develop a comprehensive understanding of these typologies. Additionally, a synthetic dataset will be created to test the accuracy of identifying the typologies while minimizing false positives.

The project is named after Hertha Ayrton, a British scientist, inventor, and suffragette who made significant contributions to the physical sciences. In 1904, she made history as the first woman to present a paper before the Royal Society. Her groundbreaking work on the electric arc and sand ripples earned her the prestigious Hughes Medal in 1906.

To support the project, an advisory group is being recruited. Interested individuals can find more information and apply by 29 January 2024.

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