Businesses in all industries are at risk of experiencing financial fraud, especially as it grows in sophistication every year. The best way to protect your business against financial fraud? Custom software development. By employing custom software developers to build software that meets your specific needs, you’ll be able to better defend yourself against data breaches and other malicious activity that can lead to costly financial losses for your company.
Skimmers, tiny devices placed over existing card readers at ATMs and credit card terminals, are a popular tool for identity thieves. While you can’t prevent skimmers from being installed on your ATM, it’s possible to prevent them from being effective. Place custom software on every point of sale terminal and ATM that transmits credit card information to your back-end database.
This makes it easy to monitor all card activity and immediately flag charges that are fraudulent or unusually high. Without custom software, thieves could make hundreds of thousands of rand before you notice anything unusual. If a charge looks odd, you can look at exactly when and where it happened using your system’s logs.
Skimmers, sometimes called a shimmer, are devices used to steal your card’s information without ever touching it. Usually affixed to an ATM with a magnetic strip and embedded camera, these illegal devices are set up to collect your data when you slide your card through. By creating a one-time use code from numbers on your account, thieves have access to everything from bank details and contact information to even credit score!
The skimmers on these ATMs typically contain a camera, which has been recording your PIN as you enter it. Once they have that information, they can empty your bank account and leave you with nothing but debt to show for it. While there are plenty of ways to combat fraud, custom software development is one of the most important tools in your arsenal.
The fake app scam tends to target people who download and use apps on their phones – there are a lot of these out there, so it’s difficult to check every single one before you install. The scammers create an app that steals your credit card information when you enter it into their app. This way, they have all your credit card details and can charge anything they want to your account! Always take steps to validate that an app or game isn’t fraudulent before you download it. To reduce your risk of getting a virus or any other kind of financial scam, use custom software development. This will allow you to build your business apps with absolute security and confidence.
A keystroke logger is a type of malware program that logs (or records) what a user types on his or her keyboard, usually in a text file. A hacker can then obtain these records to obtain sensitive data such as usernames, passwords, credit card numbers and other financial information or confidential business data. Using custom software development for your business’s accounting system can mitigate keystroke logging malware by implementing two-factor authentication via hardware dongles. This means that any time a user attempts to log in, a message will be sent to his or her smartphone containing a one-time passcode (OTP). The user must then enter both his or her username and password, as well as enter their OTP to log in.
The modern business world is filled with hacking vulnerabilities. Ransomware, which holds your data hostage, malware and threats of insider attacks are all common in today’s digital economy. Your company’s digital assets are at risk every single day, so it’s important to protect them in any way you can. If a cyberattack were to ever happen to your business, how would you recover? These risks may seem daunting but they don’t have to be.
Firms specialising in custom software development are ideally suited to help businesses fight financial fraud. They’re able to build security directly into their systems and safeguard your data at all times, creating a much more effective defence against cyberattacks than using off-the-shelf software alone.
This year has been marked by several security breaches. As organisations continue to move data to cloud servers, it’s increasingly important to protect that data from unauthorised access. One of the most effective ways to do so is through custom software development. The most important thing you can do when building out your system is to ensure that you and only you have access to it.
The methods used by financial fraudsters continue to evolve. There’s no guaranteed method of preventing all attacks from affecting your business, but one of your best defences is being aware of potential vulnerabilities in your software. By developing custom software for your business, you can be more proactive about identifying potential security issues in the development and lessen any potential effects of an attack on your business.
Most off-the-shelf software packages are designed to do specific things. If you aren’t using your software in a manner that aligns with its purpose, it could put your business at risk. For example, if you have an eCommerce site and are using a database management system intended for a hospital or other health care facility, it’s possible that your software wasn’t designed to handle financial transactions like credit card payments.
As business owners, we understand that your job isn’t just to run your company but to find a trusted partner who you can grow with. You want someone you can rely on and trust. SovTech has been providing exceptional software development services for a variety of different industries, so if you need help creating custom software applications to meet your unique needs, contact us today!
