Data Masking for GDPR Compliance in Financial Transactions

Abstract

Projecting future trends in financial technology, this paper will draw on insights and experiences from Wells Fargo to outline potential developments in the field. It will discuss emerging technologies, anticipated challenges, and strategic approaches for leveraging technology to drive innovation in banking. The paper will also reflect on the author's contributions to the field and outline future research and development directions. The GDPR mandates stringent measures to protect personal data, imposing obligations on organizations to ensure the lawful and transparent processing of such information. Within the financial realm, where transactions involve a plethora of sensitive data points, adhering to GDPR regulations becomes paramount. Data masking serves as a vital mechanism in this endeavor, facilitating the anonymization or pseudonymization of sensitive data elements while preserving their utility and integrity. By anonymizing or pseudonymizing sensitive information, data masking mitigates the risk of unauthorized access or disclosure, thus safeguarding customer privacy. This proactive approach not only aligns with GDPR principles but also fosters trust and confidence among stakeholders. Moreover, data masking enables organizations to strike a delicate balance between regulatory compliance and operational efficiency, ensuring that essential business functions remain unhindered.