PayPal Acquires a Fraud Detection Startup For $120 Million
The online payment service PayPal announced on Thursday that it is in the advanced stage of acquiring Simility which is a leading fraud prevention and risk management platform. The acquisition has been adjudicated at an amount of $120 million in cash.
Bill Ready, the chief operating officer of PayPal stated that Simility will assist the company in accelerating its plans and provide its merchants with fraud fighting best-in-class tools. The acquisition will enhance PayPal’s ability to deliver fraud prevention and risk management solutions to merchants and their customers all over the world by helping to reduce fraudulent payment activity and, in some cases, verifying transactions that may have otherwise failed. the company will help to prevent such activities in the process of monitoring...