Hire Custom Application Software Development Services to Help Mitigate Financial Fraud

By: Sean Cummings

April 4, 2022

Hire Custom Application Software Development Services to Help Mitigate Financial Fraud

What Do Custom Software Development Services Entail?

Custom software development involves designing, coding, deploying, and maintaining software for a specific set of users and functions within all types of organizations. Compared with commercial off-the-shelf software (COTS), custom software development can better achieve more specific sets of requirements.

As companies are moving past the pandemic, they’re working to transcend traditional fraud prevention systems by adopting more customized software to combat hackers and their sophisticated fraud methodologies. Let’s examine further how custom software development services can help mitigate financial fraud in your business.

What Are Some Ways Custom Application Development Can Reduce Fraud?

Custom application development can provide companies with the capability to safeguard their interactions and optimize their growth with real-time machine learning. This software can work on a wide range of systems, covering anything from chargeback reduction, to transaction fraud protection, spam protection, to account takeover defense.

When companies need built-in verification, custom development can tie company systems together for all types of industries. Software suites can be integrated with systems for things like fingerprint verification, adding more security to prevent fraudulent activity and unauthorized access to private data. What are some other possibilities?

Technology to Prevent Unauthorized Access

When companies need improving cybersecurity, artificial intelligence (AI) applications can more effectively track online activity to ensure company funds and the systems that secure them are locked down tight.

AI is unbeatable when you need efficient processing of financial data, with lightning-fast pattern detection that continuously improves on its own by calculating the data it receives over time. These kinds of automated processes make it far easier to keep track of huge volumes of data to catch anomalies.

One example is using custom AI software to monitor all of the login activity within a banking application. By monitoring these actions over time, the software can detect potentially malicious activity and determine which customer accounts are most at risk by analyzing trends.

Anti Money Laundering Compliance

When your business needs an integrated solution for anti-money laundering (AML) compliance and fraud prevention that’s easy and cost-effective, software development from Laminar can deliver.

Developing custom software that works with existing systems helps leverage risk intelligence data and machine learning algorithms to reduce the overall financial crime risk for companies like banks, MSBs, fintech companies, and insurance firms. Rather than shelling out huge fees for investigations and cost-recovery services, custom software can get the job done at a higher frequency for less.

Leveraging Machine Learning to Reveal Hidden Connections

Another solution that helps organizations fight fraud is machine learning software. This versatile solution rapidly analyzes massive sets of data to help companies manage and mitigate fraud. By incorporating these types of advanced features into existing processes, hiring a company like Laminar for custom-developed software can help you better detect complex typologies and visualize hidden relationships between transactions.

How Can Custom Application Development Help You?

By combining the power of AI and blockchain technology through custom application development, companies have the ability to set up automatic transactions and tracking systems that can intercept fraud in ways that don’t rely on human intervention, saving time and the possibility of errors. Contact Laminar Consulting today to learn more about custom software development to mitigate fraud and increase security in your business.

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