The Simility Blog
Recent Report Validates Simility’s Customer First Strategy
Jayan TharayilApril 12, 2019
Fraud is a fast-moving business. Any company hoping to offer true value for its customers in blocking malicious transactions without adding friction for the end user must be constantly looking to evolve its tools and techniques. This is not an easy job, given the speed of innovation by the fraudsters and the growing financial lure for cybercrime gangs to enter the market. However, at Simility, a PayPal service, we’ve always been keenly focused on the needs of our customers — which has kept us motivated over the past four years to always demand more of ourselves.
I’m delighted that this approach is bearing fruit, as witnessed by the glowing review of our platform featured in a leading independent report on machine learning (ML) fraud and AML vendors from market analyst Aite Group. Simility is praised for its best-in-class capabilities that help businesses “reduce friction, improve trust, and solve complex fraud problems.”
No end in sight
There’s no doubt that online fraud is growing across the globe. In the UK, which has the largest digital commerce market in Europe, e-tail fraud jumped 28% year-on-year in 2018, according to banking group UK Finance.1 In fact, retailers are predicted to lose $130 billion in digital CNP (Card-not-Present) fraud globally between 2018 and 2023, according to Juniper Research.2 Most businesses (64%) polled by PwC last year claimed the most disruptive fraud campaigns can cost up to $1m, although for a sizable minority (16%) losses could reach as much as $50m.3
The bad news is there’s no end in sight, thanks to breached identity data continuing to flood onto dark web forums. Fraudsters take this and automated tools like credential stuffing bots, which are readily available on the cybercrime underground, to crack open accounts and commit identity fraud.
At Simility, we understand how difficult it is for fraud and risk teams to mitigate these threats to their business without adding manual checks or extra authentication which could lead to excessive user friction. That’s why we designed a platform to tackle modern fraud threats head on. Our Adaptive Decisioning Platform is built on data-driven innovation, using automatically generated machine learning models applied in a clear-box approach to empower fraud teams to make the right decisions.
While Aite Group provides a detailed and glowing review of these capabilities, it’s been even more rewarding to read the feedback from customers featured in the report. Some of the highlights include high marks from clients such as banks and e-commerce firms for:
- The “overall flexibility of the platform across a variety of financial crime use cases”
- Our ability to combine a huge volume of data from multiple internal and external sources into the ML models
- Simility’s responsiveness and collaborative approach to meeting client needs
- Superior service and support, alongside those leading product features
- The platform’s device identity capabilities, especially in recognising the same device over time which can be difficult in a browser-based environment
- “Surprisingly quick” implementation timeframes of under 30 days in some cases
A bright future
We’re delighted to see that Simility is meeting the needs of its customers with our strong focus on technical innovation and excellence. As part of the PayPal family we’re excited about the future as we look to bring these industry-leading capabilities to an even wider market. As one of just three machine learning vendors accredited as “best-in-class” by Aite Group, we’ll continue to put the ever-evolving needs of these businesses first, driving new product enhancements and features in response to the changing regulatory and threat landscapes.
Stay tuned for more exciting announcements coming soon.
- UK Finance, https://www.ukfinance.org.uk/system/files/Fraud The Facts 2019 – FINAL ONLINE.pdf
- Juniper Research, https://www.juniperresearch.com/press/press-releases/retailers-to-lose-$130bn-globally
- PwC, https://www.pwc.com/gx/en/forensics/global-economic-crime-and-fraud-survey-2018-summary-infographic.pdf