Fighting Fraud In Financial Services

Fighting Fraud In Financial Services

Intel, FiVerity and Fortanix to jointly develop AI-powered fraud detection platform.

FiVerity’s anti-fraud platform relies on artificial intelligence (AI) to detect fraud and incorporates the latest data protection technologies. FiVerity will rely on Intel Software Guard Extensions to protect data and control access, while Fortanix will provide the confidential computing environment for FiVerity’s fraud detection models and financial institutions’ transaction data.

Financial institutions would be able to analyse information about fraud activity without disclosing personally identifiable information, allowing banks to comply with security and privacy requirements and reduce their vulnerability to digital fraud, the three companies said in a joint statement.

Confidential computing

Currently, data is often encrypted when stored and transmitted over the network, but not while in storage. In addition, the ability to protect data and code while in use is limited in traditional computing infrastructures. Organisations that handle sensitive data, financial data or health information must defend against threats that target the confidentiality and integrity of the application or data in system storage.

Confidential computing protects data in use by performing computations in a hardware-based trusted execution environment (TEE). These secure and isolated environments prevent unauthorised access or modification of applications and data during use, increasing security guarantees for organisations managing sensitive and regulated data. This allows organisations to run sensitive applications in public clouds or other hosted environments without worrying about the possibility of data exposure.