Intel, FiVerity, Fortanix Fight Digital Fraud in Financial Services With Confidential Computing

Digital fraud prevention platform FiVerity, multi-cloud security company Fortanix and Intel have teamed up to help financial services companies fight digital identity fraud through confidential computing, according to a joint press release Tuesday (April 19).

Through the partnership, FiVerity will employ data privacy technology at banks and financial institutions to give control over their personally identifiable information (PII). Confidential computing encrypts data in use during processing or runtime.

“Confidential computing is an initiative that requires leaders across the hardware and software industries in order to be successful,” said Mike Blalock, general manager, financial services industry at Intel, in the release.

FiVerity relies on Intel Software Guard Extensions to protect customer data and control who can access it. Fortanix then enables FiVerity’s platform to run within confidential computing environments, verifies the integrity of those environments and manages the SGX application lifecycle.

“With Fortanix, FiVerity was able to incorporate confidential computing into its platform quickly to further protect customer identities,” said Ambuj Kumar, CEO of Fortanix, in the joint press release. “We believe that digital fraud detection is a particularly important and timely challenge for the industry which can be addressed with this technology.”

Greg Woolf, CEO and founder of FiVerity, says other industries will serve as the model.

“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,” he said.

Related: Visa Says It Will Take New Actions to Fight Cybercrime

Earlier, Visa wrote in a blog that digital payments have become more important, with a level of reliability and speed, so the company has taken more of a responsibility to fight fraud and keep transactions secure.

Visa writes that it’s taking new actions against cybercrime, including a two-pronged approach protecting Visa’s assets and providing clients and partners with various layers of “proactive defense and offense.” The company says it’s working with more than 1,000 cybersecurity specialists, using petabytes of data letting them protect the network from malware, zero-day attacks and other threats.