Financial Cryptography '97

February 24-28 1997, Anguilla, BWI

General Information:

Financial Cryptography '97 (FC97) is a new conference on the security of digital financial transactions. The first meeting will be held on the island of Anguilla in the British West Indies on February 24-28, 1997. FC97 aims to bring together persons involved in both the financial and data security fields to foster cooperation and exchange of ideas.

Original papers were solicited on all aspects of financial data security and digital commerce in general.

Program Committee:

Matthew Franklin, AT&T Laboratories--Research, Murray Hill, NJ, USA
Michael Froomkin, U. Miami School of Law, Coral Gables, FL, USA
Rafael Hirschfeld (Program Chair), CWI, Amsterdam, The Netherlands
Arjen Lenstra, Citibank, New York, NY, USA
Mark Manasse, Digital Equipment Corporation, Palo Alto, CA, USA
Kevin McCurley, Sandia Laboratories, Albuquerque, NM, USA
Charles Merrill, McCarter & English, Newark, NJ, USA
Clifford Neuman, Information Sciences Institute, Marina del Rey, CA, USA
Sholom Rosen, Citibank, New York, NY, USA
Israel Sendrovic, Federal Reserve Bank of New York, New York, NY, USA

Conference Program for FC97:

Monday 24 February 1997

 800 --  820

 820 --  830

 830 --  905
    Anonymity Control in E-Cash Systems
    George Davida (University of Wisconsin, Milwaukee, WI, USA),
    Yair Frankel (Sandia National Laboratories, Albuquerque, NM, USA),
    Yiannis Tsiounis (Northeastern University, Boston, MA, USA),
    Moti Yung (CertCo, New York, NY, USA)

 905 --  940
    How to Make Personalized Web Browsing Simple, Secure, and Anonymous
    Eran Gabber, Phil Gibbons, Yossi Matias, Alain Mayer
        (Bell Laboratories, Lucent Technologies)

 940 -- 1015
    Anonymous Networking and Virtual Intranets: Tools for Anonymous
    Jim McCoy (Electric Communities, Cupertino, CA, USA)

1015 -- 1045
    Coffee Break

1045 -- 1120
    Unlinkable Serial Transactions
    Paul F. Syverson (Naval Research Laboratory, Washington, DC, USA),
    Stuart G. Stubblebine (AT&T Labs--Research, Murray Hill, NJ, USA),
    David M. Goldschlag (Naval Research Laboratory, Washington, DC, USA)

1120 -- 1155
    Efficient Electronic Cash with Restricted Privacy
    Cristian Radu, Rene Govaerts, Joos Vandewalle
        (Katholieke Universiteit Leuven, Leuven, Belgium)

1155 -- 1230
    The SPEED Cipher
    Yuliang Zheng (Monash University, Melbourne, Australia)

1230 -- 1330

1800 -- 1930
    Cocktail Reception (at Mariners Hotel)

Tuesday 25 February 1997

 800 --  830

 830 --  930
    Invited Speaker
    Evaluating the Security of Electronic Money;
        the View of a European Central Bank
    Simon L. Lelieveldt (De Nederlandsche Bank, Amsterdam, Netherlands)

 930 -- 1005
    Smart Cards and Superhighways
        The Technology-Driven Denationalisation of Money
    David G.W. Birch, Neil A. McEvoy (Hyperion, Surrey, England)

1005 -- 1045
    Coffee Break

1045 -- 1120
    Fault Induction Attacks, Tamper Resistance, and Hostile Reverse
        Engineering in Perspective
    David P. Maher (AT&T Labs--Research, Murray Hill, NJ, USA)

1120 -- 1155
    Some Critical Remarks on "Dynamic Data Authentication" as
        Specified in EMV '96
    Louis C. Guillou (CCETT, Cesson-Sevigne, France)

1155 -- 1230
    Single-chip Implementation of a Cryptosystem for Financial
    Nikolaus Lange (SICAN Braunschweig GmbH, Braunschweig, Germany)

1230 -- 1330

Wednesday 26 February 1997

 800 --  830

 830 --  930
    Invited Speaker
    Perspectives on Financial Cryptography
    Ronald Rivest (MIT Lab for Computer Science, Cambridge, MA, USA)

 930 -- 1005
    Auditable Metering with Lightweight Security
    Matthew K. Franklin, Dahlia Malkhi
        (AT&T Labs--Research, Murray Hill, NJ, USA)

1005 -- 1045
    Coffee Break

1045 -- 1120
    SVP: a Flexible Micropayment Scheme
    Jacques Stern, Serge Vaudenay (Ecole Normale Superieure, Paris, France)

1120 -- 1155
    An Efficient Micropayment System Based on Probabilistic Polling
    Stanislaw Jarecki (MIT Lab for Computer Science, Cambridge, MA, USA),
    Andrew Odlyzko (AT&T Labs--Research, Murray Hill, NJ, USA)

1155 -- 1230
    On the Continuum Between On-line and Off-line E-cash Systems - I
    Yacov Yacobi (Microsoft, Redmond, WA, USA)

1230 -- 1330

Thursday 27 February 1997

 800 --  830

 830 --  905
    Towards Multiple-Payment Schemes for Digital Money
    H. Pagnia, R. Jansen (University of Darmstadt, Darmstadt, Germany)

 905 --  940
    Applying Anti-Trust Policies to Increase Trust in a Versatile
        E-Money System
    Markus Jakobsson (UCSD, La Jolla, CA, USA),
    Moti Yung (BTEC/CertCo, New York, NY, USA)

 940 -- 1015
    Cyberbanking and Privacy: The Contracts Model
    Peter P. Swire (Ohio State University, Columbus, OH, USA)

1015 -- 1045
    Coffee Break

1045 -- 1120
    Legal Issues in Cryptography
    Edward J. Radlo (Fenwick & West LLP, Palo Alto, CA, USA)

1120 -- 1230
    Panel Discussion
    Legal Issues of Digital Signatures:
        is Cryptography Necessary for Electronic Commerce?
    Michael Froomkin (U. of Miami School of Law, Coral Gables, FL, USA),
    Charles Merrill (McCarter & English, Newark, NJ, USA),
    Benjamin Wright (Dallas, TX, USA)

1230 -- 1330

1330 -- 1500
    Anguilla Financial Services Association presentation

1930 -- 2015
    Invited Speaker
    Money Laundering: Yesterday, Today and Tomorrow
    Peter Wayner (Baltimore, MD, USA)

2015 -- 2200
    Rump Session

Friday 28 February 1997

 800 --  830

 830 --  905
    Strategic Tasks for Government in the Information Age
    Paul Lampru (Verifone, Atlanta, GA, USA)

 905 --  940
    Using Markets to Achieve Efficient Task Distribution
    Ian Grigg, Christopher C. Petro (Systemics, Amsterdam, Netherlands)

 940 -- 1015
    The Gateway Security Model in the Java Electronic Commerce Framework
    Theodore Goldstein (Sun Microsystems Laboratories/Javasoft)

1015 -- 1045
    Coffee Break

1045 -- 1120
    Highly Scalable On-line Payments Via Task Decoupling
    David William Kravitz (CertCo LLC, Albuquerque, NM, USA)

1120 -- 1155
    GUMP; Grand Unified Meta-Protocols
        Recipes for Simple, Standards-based Financial Cryptography
    Barbara Fox, Brian Beckman (Microsoft, Redmond, WA, USA)

1155 -- 1230
    Secure Network Communications and Secure Store & Forward Mechanisms
        with SAP R/3
    Bernhard Esslinger (SAP AG, Walldorf, Germany)

1230 -- 1330
The conference schedule and additional information is available at the URL

The conference will run from 8:30 AM to 12:30 PM for five days, February 24-28 1997. Breakfast and lunch are provided at the conference. The conference organizers have left the afternoons and evenings open for corporate sponsored events, for networking, and for recreational activities on the resort island of Anguilla. Participants are encouraged to bring their families.


A 40-hour workshop, intended for anyone with commercial software development experience who wants hands-on familiarity with the issues and technology of financial cryptography, is planned in conjunction with FC97, to be held during the week preceding the conference.

For more information on the workshop, please see the URL

For workshop registration, see the URL


The InterIsland Hotel is a small 14-room guest house and a large, comfortable 150 seat conference facility with additional space for a small 10-booth exhibition. The Inter-Island is on Road Bay, near Sandy Ground Village, in the South Hill section of Anguilla. The conference, workshop, and exhibition will have TCP/IP internet access. The rooms at the InterIsland itself have sold out, but there are many other hotels and guest houses on Anguilla, and shuttle service to the conference will be available.

Air Transportation and Hotels:

Air travel to Anguilla is typically done through either San Juan or St. Thomas for US flights, or St. Maarten/Martin for flights from Europe and the US.

Anguillan import duties are not imposed on hardware or software which will leave the island again. There are no other taxes--or cryptography import/export restrictions--on Anguilla.

Hotels range from spartan to luxurious, and more information about hotels on Anguilla can be obtained from your travel agent, or at the URL

General Chairs:

Robert Hettinga, Shipwright/e$, Boston, MA, USA;
Vincent Cate, Offshore Information Services, Anguilla, BWI;

Conference, Exhibits, and Sponsorship Manager:

Julie Rackliffe, Boston, MA, USA;

Workshop Leader:

Ian Goldberg, Berkeley, CA, USA;


You can register and pay for conference admission via the World Wide Web at the URL

The cost of the FC97 Conference is US$1,000.

Booths for the exhibition start at US$5,000 and include two conference tickets. For more information about exhibit space, contact Julie Rackliffe, Sponsorship opportunities for FC97 are still available.

The cost of the workshop is US$5000, and includes meals but not lodging. You can register for the workshop, which runs the week prior to the conference, at the URL

Financial Cryptography '97 is held in cooperation with the International Association for Cryptologic Research.

It is sponsored by:

The Financial Cryptography '97 Home Page