1. Proceedings
  2. I3M
  3. 2018
  4. EMSS
  5. 10.46354/i3m.2018.emss.021

On the GDPR introduction in EU and its impact on financial fraud research

  • a Edgar Alonso Lopez-Rojas  ,
  • b Dincer Gultemen  ,
  • c Erjon Zoto  
  • a , b, c The Norwegian University of Science and Technology (NTNU)
Cite as
Lopez-Rojas E.A., Gultemen D., Zoto E. (2018). On the GDPR introduction in EU and its impact on financial fraud research. Proceedings of the 30th European Modeling & Simulation Symposium (EMSS 2018), pp. 150-156. DOI: https://doi.org/10.46354/i3m.2018.emss.021

Abstract

With the introduction of GDPR in the European Union (EU) in May 2018, personal data contained within financial records will become even more restricted to researchers due to the strict organisations’ internal policies. This is mainly a consequence of the huge fines that will potentially receive the financial institutions that does not comply with GDPR. As a consequence of this, researchers will suffer from getting access to necessary data to develop and implement proper controls and prevention mechanism for fraud in the financial domain. This paper aims to analyse the impact of GDPR from the financial services perspective regarding the handling of personal data. We argue that the impact for researchers with the introduction of GDPR can be reduced by using simulation of financial transactions as a valid approach that prevent the risk of possessing personal data when doing research with financial data and address, among others, the GDPR article 89(1) on the safeguards for processing or archiving personal data with scientific purposes.

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