FiVerity, Fortanix and Intel Corporation have teamed up to provide secure, end-to-end data protection, to help financial services companies securely collaborate in fraud prevention.
According to a statement from the companies, the three plain to bring Confidential Computing to financial services to address digital identity fraud, one of the biggest problems facing the industry today.
FiVerity states its holistic fraud defence platform will now employ the latest in data privacy technology to revolutionise digital fraud defences among banks and financial institutions, giving users a new level of security and control over the personally identifiable information (PII) used to analyse and detect fraud.
Securing identities through the protection of PII is critical for fraud prevention. According to a recent study by the Identity Theft Resource Centre, 1.5 billion PII elements were exposed in the past three years alone. These compromised identities then end up on the dark web and in the hands of fraudsters.
Though protocols exist to protect data in transit (moving over a network connection) and at rest (in storage and databases), only Confidential Computing addresses critical data security by encrypting data in use - during processing or runtime, the companies state.
Sensitive data is processed in fortified hardware memory, called 'enclaves', reducing its exposure to attacks and potential data breaches.
By employing Confidential Computing, FiVerity focuses on the challenge of securing private information while it is in use during digital fraud detection.
The FiVerity solution relies on Intel Software Guard Extensions (Intel SGX), to provide financial institutions with a new level of protection for sensitive customer data, and improved control over its access.
Fortanix enables FiVerity's platform to run within Confidential Computing environments, verifies the integrity of those environments and manages the SGX application lifecycle.
This combined platform enables financial institutions to analyse intelligence on fraud activity without exposing PII, keeping banks in compliance with security and privacy requirements and reducing their exposure to digital fraud.
Intel general manager financial services industry Mike Blalock says, “Confidential Computing is an initiative that requires leaders across the hardware and software industries in order to be successful.
"We're proud that Intel SGX has become a crucial component for Confidential Computing initiatives across so many Fortune 500 companies, and are excited to work with FiVerity and Fortanix to bring this capability to the fight against digital fraud in the financial services industry.
Fortanix CEO Ambuj Kumar says, “We're excited to work with FiVerity and Intel to expand Confidential Computing in the financial services industry, where the need is compelling in a variety of use cases.
"With Fortanix, FiVerity was able to incorporate Confidential Computing into its platform quickly to further protect customer identities. We believe that digital fraud detection is a particularly important and timely challenge for the industry which can be addressed with this technology.
FiVerity CEO and founder Greg Woolf says, “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.