PALO ALTO, CA--(Marketwired - Jan 24, 2017) - Simility, which helps financial services and e-commerce organizations detect fraud, announced today that financial services veteran Robert "Bob" Stock has joined the company as Head of Global Business Development.
"Online fraud is a huge and growing problem that's been vexing financial services and e-commerce companies for years, and has been exacerbated by the move to mobile," said Stock. "What drew me to Simility is the elegance of its approach to fighting even the most sophisticated fraud. Simility is unique in its ability to be the 'connective tissue' enabling enterprises to combine diverse data feeds from across different business units and identify new fraud vectors as they emerge."
Simility was founded by ex-Googlers who were frustrated at the poor-quality tools available for online fraud detection and prevention -- so they built their own. Simility co-founder and CEO Rahul Pangam said, "We know our solution is technically superior, and look forward to working with Bob to help get the word out about the value we bring to banks, financial services companies, payment service providers and e-commerce companies."
Stock was most recently Head of Business Development for CA Technologies' New Business Innovation Division, where he initiated strategic global partnerships while implementing solutions in authentication, mobile payments and security for banks and payment providers globally. He has also held senior management roles at Intuit and Visa USA, where he served as Senior Vice President and Head of Consumer Credit and Commercial Products. Stock has been an independent management consultant to large global banks and technology companies and has served as a board advisor to a number of innovative companies focused on fraud detection, payments and mobile transactions.
Simility launched its fraud detection platform in June 2016 after raising $7.2M in seed funding from top-tier investors including Accel Partners and Trinity Ventures. Simility is processing millions of transactions a day for customers across the globe, and has been proven to reduce fraud for customers by 50-300 percent.
Simility provides a cloud-based fraud detection software solution that combines the power of machine learning and human analysis. Simility's highly scalable platform protects SMBs and enterprise clients from the most sophisticated types of fraud, and empowers fraud analysts to quickly adapt to fraudsters' evolving tactics -- without having to write code. Built "by fraud fighters for fraud fighters," the founding team's combined 27 years of fighting fraud at Google puts them in a uniquely qualified class of fraud detection and prevention experts. Founded in 2014 and headquartered in Palo Alto, Calif., Simility is backed by Accel Partners, Trinity Ventures and The Valley Fund. For more information, visit simility.com or follow @Simility.