Simplici Defense: 99.9% Effective Peer-to-Peer Payment Fraud Solution

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Feb 15, 2024, 08:02 ET

HOUSTON, Feb. 15, 2024 /PRNewswire/ -- Today, Simplici.io, a leading innovator in financial security solutions, is proud to announce the launch of Simplici Defense, a cutting-edge fraud prevention platform designed specifically for peer-to-peer payment fraud.

With the rise of peer-to-peer imposter payment fraud surging to $2.6 billion in losses in 2022 and climbing ever higher in 2023, Simplici Defense stands as a powerful safeguard by utilizing advanced biometric verification to authenticate both the sender and receiver. This revolutionary technology aims to put an end to the majority of peer-to-peer payment fraud incidents by stopping them before they occur.

Key Features of Simplici Defense:

Reduce Fraud: Simplici Defense employs real-time biometric verification and a liveness test for both the authorized sender and the receiver. This extra layer of protection allows users to reject a transaction if the liveness test fails, effectively preventing fraud at the source.
Protect Customers: Simplici Defense addresses a common vulnerability where authorized users unwittingly transfer funds to fraudsters. The biometric verification and liveness test offer customers an unprecedented level of protection, enhancing their confidence in the security of their transactions.
Mitigate Fraud, Streamline Compliance: Banks utilizing Simplici have access to crucial information such as photos, location, and device details of both the sender and receiver. This not only protects the bank but also streamlines compliance with easy one-click transaction downloads and reporting.
Raise Limits: With Peer-to-Peer fraud mitigated, financial institutions can confidently raise transaction limits, a need their customers often have. This empowers customers to confidently make larger payments through peer-to-peer platforms.
Build Loyalty: By providing customers with a secure, fast, and effortless experience, banks using Simplici Defense can build trust and loyalty. Customers who trust their bank as the central source for secure financial transactions are less likely to explore alternative options.

"Simplici Defense is a game-changer in the fight against User Authorized Fraud. This software empowers banks to take proactive measures to protect their customers and significantly enhance their overall banking experience." Austin Trombley, CEO of Simplici, said.

To learn more about how your bank can implement Simplici Defense to drastically reduce Peer-to-Peer payment fraud and improve customer satisfaction, visit Simplici.io.

About Simplici.io:

Simplici.io is a wholly-owned subsidiary of Satschel, Inc., a leading-edge technology company focused on enhancing liquidity and combating friction and fraud in the financial services industry utilizing blockchain, biometrics, and AI.

Simplici.io revolutionizes account origination and transaction security by combining biometrics and AI to offer advanced multi-factor identity verification and fraud mitigation solutions. Additionally, Simplici.io includes compliance management features, ensuring adherence to regulatory standards while reducing friction and enhancing security at a competitive cost.

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SOURCE Simplici.io