Founded in 2014, Simility helps businesses prevent fraud in real time with machine learning , big data analytics and data visualization capabilities. Simility’s offerings are supported by the Adaptive Decisioning Platform, built with a first data approach to offer a guarantee of continuous risk. By combining artificial intelligence (AI) and big data analytics, Simility helps banks and financial institutions orchestrate complex decisions to reduce friction, improve trust, and solve complex fraud problems.
Simility has the following capabilities:
New account origination: Data breaches continue to expose personally identifiable information (PII). The integration with Simility allows to generate new accounts for each client that suffers an attack, avoiding the use of synthetic or stolen identity credentials that attackers use to be able to request credits, loans, benefits, and also blocking the cyberattack definitively.
Prevent account theft: Globally connected customers are increasingly using digital channels to access their shopping, banking and more accounts. These accounts are becoming targets for fraudsters. Simility offers a defense system that prevents unauthorized access to user accounts.
Transaction fraud analysis: The platform uses customized machine learning (ML) models and powerful link analysis to help financial institutions assess the risk of each transaction in real time and uncover indicative patterns of complex fraud.
Transfer fraud analysis: Simility helps financial institutions identify and block fraudulent transfers in real time based on various device, session, and behavior parameters.
Fraud analysis for mobile check captures: Simility interprets patterns and analyzes behavioral information along with third-party data to automatically block fraudulent checks and clear good checks to help reduce rejection and return rates.