Intel, Fiverity and Fortanix join forces to stop digital fraud

Immediately, digital fraud prevention answer supplier Fiverity .Inc, Fortanix and Intel introduced a partnership to launch Fiverity’s holistic fraud protection platform, which includes confidential computing alongside AI-driven fraud detection. 

Fiverity’s fraud protection platform makes use of AI to detect fraud, establish pretend buyer profiles and routinely notify regulators about breaches. As well as, the Fortanix-delivered confidential computing capabilities present safe entry to aggregated fraud-detection fashions that may analyze encrypted knowledge from a number of banks. 

Utilizing confidential computing allows organizations to investigate data on fraudulent exercise whereas retaining buyer knowledge nameless, encrypting it throughout processing or runtime, in order that it’s not unnecessarily uncovered to exterior risk actors. 

Combating fraud and defending PII 

The announcement comes as fraud prices have frequently elevated, rising 15% from 2020-2021 with each $1 of fraud costing US retail and commerce retailers $3.60, in comparison with $3.13 in 2019. 

One of many key causes for the excessive value of fraud is that conventional fraud-protection defenses have restricted effectiveness at securing the personally identifiable data (PII) that makes up buyer’s identities. 

The truth is that organizations must safe all PII in the event that they need to defend buyer identities from being harvested by fraudsters. 

“By using Fortanix confidential computing, Fiverity focuses on the problem of securing personal data, whereas it’s in use, throughout digital fraud detection. The Fiverity answer depends on Intel Software program Guard Extensions (Intel SGX), to offer monetary establishments with a brand new stage of safety for delicate buyer knowledge, and improved management over its entry,” mentioned CEO and founding father of Fiverity, Greg Woolf.

By including encryption to guard PII from unauthorized entities, and utilizing AI to detect fraudulent transactions, FiVerity hopes to cut back the possibility of id theft going unnoticed, whereas routinely notifying regulators if any fraudsters do handle to sidestep the defenses. 

“This mixed platform allows monetary establishments to investigate intelligence on fraud exercise with out exposing PII, retaining banks in compliance with safety and privateness necessities and lowering their publicity to digital fraud,” Woolf mentioned. 

Fraud detection and prevention market 

Fiverity is getting into a fraud detection and prevention market that researchers worth at $24.8 billion final 12 months and anticipate will attain a valuation of $65.8 billion by 2026 as extra establishments try and familiarize yourself with id theft and fraud that skyrocketed in the course of the Covid-19 pandemic. 

Certainly one of Fiverity’s essential opponents is NICE which final 12 months introduced $515 million in revenue, and provides an answer referred to as Actimize, which provides fraud authentication administration, investigation and case administration, and knowledge intelligence capabilities. 

One other competitor is LexisNexis Risk Solutions, a danger intelligence answer platform that gives monetary companies organizations with knowledge analytics to make sense of the dangers they’re uncovered to, which DNB estimates generates $466.64 million in gross sales yearly. 

Nevertheless, Woolf argues that Fiverity is a extra complete anti-fraud answer in the marketplace. 

“Fiverity provides a holistic strategy that integrates with a number of options and knowledge units, and leverages machine studying to detect the newest fraud methods. With the usage of confidential computing, Fiverity allows monetary establishments to share intelligence on fraud exercise with out exposing delicate aggressive knowledge or personally identifiable data,” Woolf mentioned.