Friday, 31 March 2017

WhatsApp Encryption is also used to cheat on Wall Street

WhatsApp Encryption is also used to cheat on Wall Street

Governments are putting the cry in the sky by encryption that offer solutions like WhatsApp or Signal: for them these messaging applications are the perfect resource for coordinating terrorist attacks.

Whether or not it is used in such cases, it is true that this protection of communications is also being used in many other ways. As for example, for Wall Street brokers to filter confidential information between them.

This blow will self-destruct in five seconds
Yesterday a former employee of Jefferies Group LLC was fined € 43,500 for sharing a customer's confidential data through WhatsApp. Basically he gave a blow to a friend about an operation that would benefit him, something that is totally prohibited in financial markets where the regulation on insider protection is especially harsh.

Encryption systems such as WhatsApp or Signal are making control of such leaks have become much more complex, and various anonymous sources from the industry have confirmed that these types of blows are occurring thanks to the privacy and anonymity that It is possible to achieve with these applications.

Stock traders thus avoid everything they do that are logged and analyzed to analyze their performance and operations, and they have the ability to use applications that not only encrypt end-to-end messages but automatically erase them after being Read, as with Dust, Confide or Signal.

Controlling such covert communications is possible through tools that accurately detect strange behavior, but for experts like Erik Gordon of the University of Michigan Business School, this practice is becoming part of the stock market game: "Are (financial) firms actually making efforts to stop these practices? Or are they just winking at one another?" Difficult to know.

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