FiVerity, Inc., Fortanix Inc. and Intel Corporation have
brought Confidential Computing to financial services to address digital
identity fraud, one of the biggest problems facing the industry today.
FiVerity’s holistic fraud defense platform will now employ
the latest in data privacy technology to revolutionize digital fraud defenses
among banks and financial institutions, giving users a new level of security
and control over the personally identifiable information (PII) used to analyze
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
Center, 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. 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 analyze intelligence
on fraud activity without exposing PII, keeping banks in compliance with
security and privacy requirements and reducing their exposure to digital fraud.
“Confidential Computing is an initiative that requires leaders across the
hardware and software industries in order to be successful,” added Mike
Blalock, General Manager, Financial Services Industry at Intel. “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.”
“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,” said Ambuj Kumar, CEO of Fortanix. “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.”
“To effectively fight digital fraud, the financial services industry needs to
embrace better data privacy protocols,” said Greg Woolf, CEO and Founder of
FiVerity. “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.”
