Brightwell, a payment technology organization has recently launched ARDEN, an AI-Based risk-detecting engine to enable FinTechs to keep their financial products and cardholders protected. The organization is known to create financial products sending money securely across the world.
Larry Hipp, Chief Executive Officer, Brightwell, stated, “ARDEN has significantly reduced fraud on our own platform, allowing us to drastically outperform industry standards while recouping fraud losses. This sophisticated software has allowed us to remain agile in the face of a rapidly shifting threat landscape, and we are committed to helping our customers and other companies keep their financial assets safe from fraud.”
With the rise in the number of financial services offered by FinTech companies, incidents of fraud have also surged, notably 70% in 2021. Most fraud instances include Bank Identity Number (BIN) attacks or enumeration attacks, and these attacks use strong breaching tactics to enter user accounts. These fraud activities have soared as hackers try to take advantage of financial services organizations and online entrepreneurs who don’t have proper authentication and security provisions.
Nowadays hackers exploit these unprotected processes, swaying hacked card data they can swiftly validate and steal huge money in no time.
ARDEN effectively destroy all fraudster activities as it detects malicious transaction patterns and prevents frauds on the go before, they steal data or money from individual or company accounts. Also, ARDEN increases account visibility, enabling consumers to accommodate monitoring and tracking of transactions on one platform. Consumers can easily connect to service providers and card views to assess the alert or any malicious action that ARDEN finds. The tool has real-time fraud alerts, easy to integrate ability, and decision-making insights, and all these features make it suitable to protect against financial fraud.
Ernie Moran, Senior Vice President of Risk, Brightwell, added, “Account security is a serious concern for many people. Experiencing a BIN attack first-hand inspired us to develop the tools to take the fight to the fraudsters, eroding their capacities to exploit people’s hard-earned money for their benefit.”