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Use Cases

SEE HOW BIG DATA, MACHINE LEARNING,
AND PEOPLE CAN DETECT AND PREVENT
EVOLVING FRAUD PRACTICES

Account
Takeover Fraud

Account takeover (ATO) fraud continues to be one of the most challenging fraud types affecting all online businesses. Because it targets real user accounts, ATO is less likely to raise the suspicions of available security solutions. Simility’s state-of-the-art AI-based user profiling system can help you nail this down—all via a simple integration with its intuitive SDK and APIs.

Simility’s advanced fraud detection technology provides proactive protection against account takeover damage.

  • Compute session, device, and behavioral biometrics of the user
  • Build profiles for normal user login behavior using proprietary rules and machine-learning algorithms
  • Assign a fraud score and a decision based on every login attempt with existing behavior profile
  • Find related accounts and events, and act upon entire fraud networks using intuitive workbench and customized decisions
  • Enrich machine-learning models used for profiling, with the manual decisions

Key Benefits for Your Business

Determine identities with confidence

Increased scrutiny for suspicious login attempts while reducing friction for legitimate users

Enhanced protection with cross-channel intelligence

Eliminate chargebacks with trusted transactions

New Account Fraud

Key Benefits for Your Business

Reduced fake account sign up with false or stolen identities

Lowered cost of fraud, customer service, and fraud investigation

Improved customer experience with minimal authentication steps

Confident and improved decision making

New Account Fraud

Data hacks, security breaches, and outright theft have made personally identifiable information (PII) for millions of customers potentially available to identity thieves. Vast numbers of compromised PIIs  along with new EMV-chip-enabled cards have led to the dramatic growth of new account fraud. This not only affects the individuals whose identities are stolen, but also the businesses who suffer losses in money, future business, and consumer goodwill.

Simility uses a multi-layered approach that detects fake IDs used during account registration.

  • Identify fraud patterns using various device and session-related indicators, such as time spent across pages, keyboard patterns, etc.
  • Use data from third-party sources to validate the credibility of user-provided information such as name, social security number, or date of birth
  • Use location match techniques to find fraudster’s actual location
  • Velocity rules flag any abnormal behavior and alerts customers to halt or step-up the scrutiny process
  • Intuitive link analysis flags the network of suspicious entities

Wire Fraud

Wire transfers are the fastest way to move funds to another business, person, or recipient for immediate access, making such transfers an especially attractive target for criminals. Fraud through wire transfers is fairly simple, considering all that’s needed  is an account number and bank routing number. Wire fraud costs organizations money, but perhaps even worse, it can lead to eroding brand reputation and diminished customer loyalty.

Simility’s behavioral and transaction-based fraud-prevention technology provides financial institutions with dual capabilities to identify anomalous wire transfers.

With Simility, financial institutions can stay ahead of the fraudsters, stopping suspicious account activity in real time.

  • Evaluate all wire transfers based on various device, session, and behavioral parameters to identify those not consistent with previously identified patterns
  • Score various event information—payment, password change, account profile change and payee details
  • Establish supervised machine-learning and anomaly detection models to baseline good and bad transactions
  • Flexible and tailored review decisions for suspicious wire transfers
  • Track down entire networks of bad actors via an intuitive workbench that finds related accounts and payment events

Key Benefits for Your Business

Spot and stop potential wire transfer thefts before they happen

Greater clarity about the users and their transactions

Enhanced customer experience with faster available funds and fewer authentication steps

Increased efficiency in fraud detection

Mobile Remote Check Deposit Fraud

Key Benefits for Your Business

Clear good checks for customers in real time while blocking fraudulent checks faster

Automatically mitigate remote-deposit clearance risk and resulting fraud losses

Enhanced customer experience and loyalty

Reduced staffing costs

Mobile Remote Check Deposit Fraud

With mobile check deposit, banks and financial institutions have made it quicker and easier than ever to get money into customer’s accounts.  However, fraudsters are trying to benefit from mobile deposit convenience and check clearance delays, resulting in increased losses for financial institutions.

Simility can help financial institution catch cross-channel check deposit fraud by interpreting patterns and analyzing behavioral information in conjunction with third-party data to clear good checks for customers in real time. 

Simility’s adaptive fraud-prevention solution is tailored to detect and prevent fraud via mobile remote check deposits.

 

  • Evaluate transaction, device, and customer data together in real time
  • Measure accurate risk scores for each mobile remote check deposit transaction
  • Gain greater insights into check fraud across channels for fraud analysts to make faster, more confident decisions

Digital Governance
Risk and Compliance

Business complexity, along with increased regulatory and market scrutiny, is driving organizations to adopt a structured approach to governance, risk, and compliance (GRC).

Simility delivers unique capabilities for financial organizations to meet their risk and compliance needs in a single platform.

Simility allows customers to significantly reduce costs by eliminating manual processes while making the review more continuous and near real time.

  • Take in various transaction feeds—both structured and unstructured—across functional areas such as treasury, retail banking, or insurance
  • Apply audit rules to ensure that local regulatory compliance needs are met
  • Consult a cross-company risk dashboard that summarizes key risk elements, with comprehensive details available at the click of a button
  • For suspicious transactions, investigate all related entries (e.g. banks, brokers, individuals, or firms) through powerful network link analysis
  • Use machine learning to catch unknown anomalies that exceed pre-defined sets of regulatory compliance rules

Key Benefits for Your Business

Better monitoring and control and more effective regulatory compliance

Detect incidents before they get out of control

Improved efficiency and effectiveness while reducing staffing cost

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