Digital fraud prevention solution FiVerity, multi-cloud security company Fortanix and Intel Corporation have all teamed up to bring confidential computing to financial services.
Their goal is to address identity fraud. Following the agreement, FiVerity’s fraud defence platform will now leverage data privacy technology to improve digital fraud defences among banks and financial institutions. This will give users a new level of security and control over personally identifiable information (PII) used to analyse and detect fraud.
The companies claim securing identities through protecting PII is crucial to prevent fraud. A recent study from Identity Theft Resource Centet found that 1.5 billion PII elements were exposed in the past three years alone. These compromised identities end up on the dark web and in the hands of criminals.
While protocols exist to protect data moving across network connections and in storage, only confidential computing addresses critical data security by encrypting data in use. Sensitive data is processed in fortified hardware memory called enclaves.
Intel’s Software Guard Extensions powers the FiVerity platform, which protects sensitive customer data and offers greater control over access. Fortanix will provide FiVerity with the capacity to run within Confidential Computing environments, verifies the integrity of those environments, and manages the SGX application lifecycle.
Through the combined platform, financial institutions can analyse intelligence on fraud activity without exposing PII.
FiVerity CEO and founder Greg Woolf said, “To effectively fight digital fraud, the financial services industry needs to embrace better data privacy protocols.
“We believe Confidential Computing’s success in industries such as healthcare can be successfully replicated, protecting private information while enabling improved digital fraud detection and prevention. We’re proud to team with Intel and Fortanix to bring this capability to market.”
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