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.
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.
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.
With Simility, financial institutions can stay ahead of the fraudsters, stopping suspicious account activity in real time.
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’s adaptive fraud-prevention solution is tailored to detect and prevent fraud via mobile remote check deposits.
Business complexity, along with increased regulatory and market scrutiny, is driving organizations to adopt a structured approach to governance, risk, and compliance (GRC).
Simility allows customers to significantly reduce costs by eliminating manual processes while making the review more continuous and near real time.