Brightwell’s ARDEN Proficiently Stops Financial Fraud

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.”

 Read: Mastercard and Interos to Form Alliance for Better Risk Analysis

Singicat to Acquire Sphonic, UK-Based Anti-Fraud Company

Signicat will be acquiring Sphonic with a mission to widen its presence in Europe. Being a pioneer in digital identity and electronic signature solutions, acquisition of Sphonic will enable it to increase the number of its existing services catering to many more industries profoundly.

Asger Hattel, CEO, Signicat, commented, “With digital fraud continuing to rise globally, it has become critical to know that your customers are who they claim to be. With Sphonic’s leading team of professionals and their data orchestration and decisioning platform, we will be able to offer a more extensive range of onboarding services with highly flexible risk and compliance solutions, all of which can keep international customers safe from fraud.” 

Signicat has manifolded its presence in the last few years, coherently and by acquiring companies. The team of the digital identity company looks driven to become the only name when it comes to anti-financial crime lifecycle and digital identity throughout Europe. This target comprises e-signing, authentication, risk management and fraud management, as well as identity authorization for customer enrolment. In the last 3 years, Singicat has made acquisitions of five organizations, chiefly Encap, Dokobit, and IDentification. The majority of them are into electronic signing and fraud management.

Sphonic is known to help organizations like financial institutions, gaming operators, and FinTechs. Signicat with this acquisition is going to use its services like, know your business (KYB), anti-money laundering (AML), and know your customer (KYC).

Andy Lee, Founder and General Manager, Sphonic, stated, “We are excited to become part of the Signicat family. For the past 10 years, we have built industry-leading solutions that solve some of the most complex onboarding and compliance challenges in heavily regulated industries for global digital payments, crypto, gaming and lending brands requiring rapid onboarding for their high-volume client base. With Signicat, there was a great complementary fit. Now we are ready to accelerate our ambitions in new markets and verticals and create a compelling joint global solution.”

Read: A Basic Introduction About Anti-Money Laundering (AML)

ACI Worldwide and Prolific Banking to Operate Digital Banking

The alliance of Prolific Banking Inc. and ACI Worldwide will pre-integrate On-Ramp solution of Prolific into ACI Universal Online Banker and supports Enrollment-as-a-Service (EaaS). ACI Worldwide, a real-time payments software pioneer offers the Digital Business Banking solution which has empowered this partnership.

On-Ramp service of Prolific leverages ACI APIs successfully for offering enrolment of commercial bank digital consumers and services to ACI Universal Online Banker automatically. On-Ramp service is based on the Open Digital Cloud platform of Prolific.

Prolific Banking incepted in 2020 and is located in Atlanta, USA. Prolific brings its Open Digital Platform which has been created to offer a complete consumer-driven enrolment model and advanced digital services throughout new-age delivery platforms. Prolific Banking is on the mission to digitalize the commercial banking space.

Scott Graf, Prolific Banking President and Founder, stated, “Our goal for Prolific Open Digital platform and the On-Ramp automated enrolment service is to provide a truly open solution with maximum value. Integration is key to providing that value and we applaud ACI for developing APIs in support of commercial digital services.”

On the other side, ACI Worldwide is a pioneer in the real-time payments software world. It provides scalable and secure software products that allow FinTechs, brokers and other financial institutions to process and manage online payments, as well as empowers Omni-commerce payments along with fraud and risk management. ACI Worldwide merges its global presence with its local footprint to enable the digital transformation of commerce and payments in real-time.

Jim Gillespie, Vice President, Digital Channels, ACI Worldwide, said, “This is an example of the extensibility of ACI Universal Online Banker APIs for ease of use by fintech innovators on behalf of our mutual bank customers. Prolific Banking’s On-Ramp will add significant value for banks by automating the digital platform enrolment and provisioning process.”

 

Read: DSK Bank to Join Hands with Backbase to Enhance Digital Banking