Financial Services Provider Defends Fintechs Against Fraud with Cutting-Edge Prevention Capabilities in Response to Escalating Threats
ATLANTE, May 2, 2022 /PRNewswire/ — Brightwella payments technology company that designs financial products to securely send money around the world, today announced the launch of ARDEN, an AI-powered risk detection engine that helps fintechs to protect their financial assets and their cardholders.
As fintech platforms expand access to financial services, cases of fraud have also increased, increase by 70% in 2021. In particular, enumeration attacks or bank identification number (BIN) attacks, which rely on brute force tactics to gain access to user accounts, have become more widespread as fraudsters seek to exploit financial services companies and online merchants that lack adequate authentication and security protocols.
Today’s fraudsters take advantage of these insecure processes with frightening speed, exploiting stolen card data that they can quickly validate and exploit, stealing large sums of money in seconds.
“ARDEN has dramatically reduced fraud on our own platform, allowing us to significantly outperform industry standards while recouping fraud losses,” said larry hipp, CEO of Brightwell. “This sophisticated software has allowed us to remain agile in the face of a rapidly changing threat landscape, and we are committed to helping our customers and other businesses protect their financial assets from fraud.”
ARDEN disrupts this practice by detecting malicious patterns in transactions and automatically stopping fraudulent attacks before they impact user accounts or company assets. At the same time, ARDEN improves account visibility, allowing clients to centralize transaction monitoring on a single platform. They can easily switch between merchant and card views to assess alerts and any suspicious activity detected by ARDEN.
Combined with real-time fraud alerts, actionable insights, and easy integration, ARDEN is a powerful tool in the fight against financial services fraud.
“Account security is a serious concern for many people,” said Ernie Moran, senior vice president of risk at Brightwell. “The direct experience of a BIN attack inspired us to develop the tools to fight fraudsters, eroding their abilities to exploit people’s hard-earned money for their own profit.”
Brightwell offers a risk-free 60-day trial of ARDEN. To learn more about how ARDEN can help you fight fraud, visit getarden.com
Brightwell is a Atlantaa payments-based payment technology company that provides financial products for securely sending money around the world. Businesses of all sizes use their software and APIs to increase revenue, mitigate risk, and reduce costs. Brightwell offers an easy-to-integrate funds transfer platform using SDKs or APIs, and an AI risk detection engine to help stay ahead of fraud attacks . Brightwell’s premier mobile platform for paying global workers is another suite of financial tools that help simplify personal finance for communities that have traditionally been underserved in the marketplace. Driven by a passion for financial inclusion and empowerment, Brightwell lives its mission to create products that help people around the world feel more connected and in control of their money. For more information, visit www.brightwell.com.