Brightwell launches ARDEN, that identifies and prevents financial fraud

By Edlyn Cardoza

Brightwell, a payments technology company that builds financial products to send money securely anywhere globally, recently announced the launch of ARDEN, an AI-powered, risk-detection engine helping FinTechs protect their financial assets and cardholders.

As FinTech platforms expand access to financial services, fraud instances have similarly soared, increasing by 70% in 2021. Notably, enumeration attacks or Bank Identity Number (BIN) attacks, which rely on brute-force tactics to access user accounts, have become more prevalent as fraudsters look to exploit financial services companies and online merchants who lack adequate authentication and security protocols.

Today’s fraudsters are taking advantage of these insecure processes with frightening rapidity, leveraging stolen card data that they can quickly validate and exploit—stealing large sums of money in seconds.

“ARDEN has significantly reduced fraud on our own platform, allowing us to drastically outperform industry standards while recouping fraud losses,” said Larry Hipp, Brightwell’s chief executive officer. “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.”

ARDEN disrupts this practice by detecting malicious patterns in transactions and automatically stopping fraud attacks before they impact user accounts or company assets. At the same time, ARDEN enhances account visibility, allowing customers to centralise transaction monitoring into one platform. They can easily toggle between merchant and card views to evaluate the alerts and any suspicious activity that ARDEN detects. With real-time fraud alerts, actionable insights, and easy integration, ARDEN is a powerful tool for fighting financial services fraud.

“Account security is a serious concern for many people,” said Ernie Moran, Brightwell’s senior vice president of risk. “Experiencing a BIN attack firsthand 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.”