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

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:

Simplici 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