PayPal has bought fraud detection and risk management company Simility for $ 120 million , its fourth acquisition in the past year . Simility uses AI and machine learning to detect new account fraud , securities fraud and money laundering and is to accelerate plans to develop customers tools to fight fraud . PayPal is building a complete financial offering through its Venmo mobile payment platform and has already acquired iZettle , visa , Jetlore and Swift Financial .
PayPal has bought fraud prevention and risk management company Simility for $120m, its fourth acquisition in the past year. Simility uses AI and machine learning to detect new account fraud, wire fraud and money laundering and is to accelerate plans to offer customers tools to fight fraud. PayPal is building a complete financial offering through its Venmo mobile payment service and has already acquired iZettle, Hyperwallet, Jetlore and Swift Financial.