Financial crime and other forms of online fraud are a pressing concern for many industries. Businesses lose billions of dollars every year to digital payment fraud. The effects of digital fraud can have devastating consequences for both large and small companies. Not only do fraudulent transactions impact company revenue, but for financial institutions they compromise with user trust and lifetime value. That’s why enterprises of today are investing heavily in technology to protect themselves against fraudulent practices by enabling next generation technologies.
Learn how we helped one of our customers to develop an invoice fraud prevention solution.
Our client is a UK-based software company. They wanted to develop an integrated system to identify, monitor and prevent real-time payment frauds for their customers.
Rishabh Software designed and developed a robust platform for the client to go-to-market with. The application can detect potential fraudulent anomalies by utilizing AI functions like Deep Learning and Neural Networks.
We custom developed a web application to detect and prevent invoice fraud. It helps manage customer invoices and supplier verification. The centralized solution included the listed modules;
Safe Pay – Supports seamless & secure integration between ERP/accounting system and bank accounts reducing the need for high-security checks. This helps cut down the risk of losing money and prevent overpayments.
Check Invoice and Supplier – The deep learning algorithms help detect & rectify any instance of uploading false invoices/documents and manipulating supplier verification.
Fraud Check – The system identifies fraud patterns mostly internally by connecting to company accounts to validate invoices and expenses. It helps detect and report anomalies within the structure.
Onboarding – Helps onboard new employees with two-step identification in-line with new regulations by validating individuals’ identity as per their bank account and other required documentation.