FiVerity, Fortanix and Intel launch fraud prevention initiative
Summary
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. According to a recent study by the Identity Theft Resource Centre, 1.5 billion PII elements were exposed in the past three years alone. By employing Confidential Computing, FiVerity focuses on the challenge of securing private information while it is in use during digital fraud detection. "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. 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.
