Introducing a framework for measuring the quantitative benefits of privacy enhancing technologies

Ken Isaacson
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Ken Isaacson: Federal Reserve Bank of Cleveland, USA

Journal of Payments Strategy & Systems, 2024, vol. 18, issue 4, 395-405

Abstract: This paper explores the benefits of using privacy-enhancing technologies (PETs) to make traditional payment processes more private. PETs decrease privacy risk by reducing the amount of sensitive information accessible to payment-processing personnel and systems. This paper proposes a framework for quantifying the risk-reduction benefits of PETs. This method can be used to calculate the amount of privacy-risk exposure that may be created by a set of payment activities, estimate the amount by which PETs can decrease that exposure, and compare that quantified benefit against the possible drawbacks associated with PETs. Note that an in in-depth assessment of these drawbacks is outside the scope of this paper.

Keywords: privacy-enhancing technologies; PETs; data; privacy risk; payments; personally identifiable information (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2024:v:18:i:4:p:395-405

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