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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

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, alerting
    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 reviews 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

Key Benefits for Your Business

Dashboard style reports provide an at-a-glance view into activities

Customized reporting for AML specific transactions

Alert and case management capabilities to document, review, and maintain a comprehensive audit trail

Ability to decide on transactions and initiating custom decisions that integrate with other existing tools and systems

Anti Money Laundering (AML)

Criminals across the globe are using sophisticated methodologies to commit financial crime. Institutions cannot risk damage to reputation, client trust, and market share from this financial abuse and illicit activity. Simility’s AML solution combines the power of standard rules with advanced machine learning techniques and provides customers with a transparent view of the risk via a user friendly, highly optimized workflow.

Simility’s AML solution provides the necessary technology to ensure that customers can comply with the current regulations and guidelines and evolve as the regulations change.

  • Customer profiling across the lifecycle including account origination, login activities, account modification, transactions
  • Ability to integrate feed information from various existing investments to deliver a multi-channel risk profile
  • Comparing transaction and customer data across various global watch-lists including EU, OFAC, UN, etc.
  • Analyze and highlight links between suspicious actors and transactions to other entities and events
  • Transaction risk monitoring to highlight anomalous or risky transaction based on predefined rules and models

Mobile Remote Check Deposit Fraud

With mobile check depositing, 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 institutions 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

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

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.

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

Key Benefits for Your Business

Efficiently detect market abuse, insider trading, and conflicts of interest, dramatically increasing trading abuse catch rates

Automate manual processes, which enables detection thresholds to be increased and more stringent monitoring--greatly improving productivity and efficiency

Go beyond the regulations and detect unlawful and unauthorized scenarios that would never be caught by manual rules

Ingest and integrate real-time data feeds, significantly improving efficiency

Quick, flexible deployment options reduce the time and resources required for implementation

Central case management and a modern, intuitive dashboard improves productivity and investigation effectiveness

Increase compliance visibility of key data through a single, consolidated interface

A scalable platform that supports both your organization’s growth and evolving regulations

Trade Surveillance

In today’s high speed and sophisticated trading environment, market conditions and regulators are increasingly requiring exchanges, broker-dealers, and investment firms to proactively implement advanced trade surveillance tools. Unfortunately, most organizations use legacy systems that don’t easily ingest important new data feeds, and they suffer from hard-to-use rules-based technologies. Perhaps worse, these legacy systems are unable to deal with emerging threats–the unknown unknowns that pose some of the greatest dangers.

Deploying the latest technologies is crucial for organizations to effectively and efficiently detect any breach of internal controls or policies that may lead to unlawful trading.

Simility’s highly adaptive platform uses advanced machine learning, behavioral analytics, and automated data governance to efficiently monitor, detect, and respond to trading violations.

Simility is a highly sophisticated, yet easy to deploy and use analytics platform designed specifically to detect unauthorized transactions. It automatically ingests both structured and unstructured data, transforming and enriching it to help exchanges, brokers-dealers, and investment firms quickly identify and manage potential risks of market abuse. Our real-time approach to monitoring, analytics, alerting, and reporting automates manual processes and helps organizations meet their policy mandates and regulator obligations with confidence.

Simility easily ingests pertinent data from virtually any feed, and seamlessly integrates with your existing monitoring and compliance solutions. Simility helps companies:

  • Integrate both internal trade data and external market data to not only automate compliance but also run advanced machine learning across both
  • Seamlessly augment other compliance or surveillance tools across multiple functions such as workflow, case management, role and entitlement assignment, reporting, and system administration.
  • Establish supervised machine-learning and anomaly detection models to baseline good and bad transactions and activities
  • Automatically score transactions and activities according to company policies and practices
  • Establish configurable alerts
  • Perform flexible and tailored reviews of suspicious behavior
  • Track down entire networks of bad actors via an intuitive workbench that finds related accounts, transactions, and events

Shall We Get Started?

Get your personal demo of Simility today.