India’s first real-time risk management solution for payment gateways that aims at reducing fraudulent activities upto 40%
by Suman Gupta
Bengaluru, March 22, 2024: Cashfree Payments, India’s leading payments and API banking company, announced the launch of ‘RiskShield’, India’s first real-time risk management solution for payment gateways. It aims at reducing fraudulent activities upto 40%. Built in-house, this solution will also help Indian businesses reduce chargebacks and disputes, thereby empowering them with tools strategically designed to combat fraudulent transactions with precision and securing financial stability.
Akash Sinha, CEO and Co-founder, Cashfree Payments said, “As one of the largest payment service providers, it’s our responsibility to make the ecosystem safer and more secure for Indian businesses. We built ‘RiskShield’ to empower merchants to fortify their defense against fraudulent transactions. This product is a result of years of Cashfree Payments’ research and analysis of high risk transactions into a set of tools that merchants can now use as a complete risk management solution through which they can curb cybercrime. We believe RiskShield will redefine the security landscape of online transactions in India, offering merchants unparalleled protection and peace of mind.”
As per reports, in FY 2023, the Reserve Bank of India (RBI) documented bank frauds close to INR 30,000 cr. This surge in fraudulent activities due to digital transactions poses a significant threat to security, causing critical issues for businesses such as direct revenue loss, bank account debit freeze, working capital blockages, operational complexities, legal expenses, and the looming threat of account termination due to high chargebacks. Cashfree Payments’ RiskShield provides a secure business environment by mitigating fraud, minimizing litigation risks, improving transaction experiences, and fostering positive customer relationships. Additionally, merchants using Cashfree Payments’ orchestration platform FlowWise can seamlessly integrate RiskShield to block fraud transactions on multiple Payment aggregators.
RiskShield uses advanced artificial intelligence and machine learning algorithms across their merchant network to identify fraudulent transaction patterns and safeguard the merchants from huge potential losses and litigation risks. Additionally, this solution also empowers the merchant with a wide plethora of controls to define very specific rules that are applicable only to their business scenario. Remarkably, all this integration can be done seamlessly with their existing system with no engineering effort.
Ramkumar Venkatesan, CTO, Cashfree Payments said, “This launch demonstrates the company’s commitment to prioritizing safety and security led by tech-first innovations. Businesses either completely neglect investment in risk and fraud detection tools or even if they have the tools, they lack real-time payment-blocking features and suggested rules for implementation. Additionally, to build risk solutions, businesses would require specific certifications like PCI DSS certificate etc. RiskShield provides such businesses with a comprehensive solution built on AI & ML algorithms and a rule engine to address these operational gaps. RiskShield will be invaluable for businesses facing high chargebacks/frauds, including Financial services, e-commerce, travel and more.”
| Key Features of RiskShield:
Shield Pro : Employs automated machine learning based mechanisms to block fraudulent accounts, utilizing Cashfree Payments’ collective intelligence to identify and restrict fraudsters My Blacklists : Currently allows merchants to block transactions from specific mobile, email, ip address, cities based on ip address, Card BIN, UPI handles and card numbers. Smart Limits : Enables merchants to add limits on frequency and cumulative sum of the amount a single customer or payment instrument is allowed to pay to them per hour/day/week/fortnight/month. |
Cashfree Payments is among the leading payment service providers in India processing transactions worth USD 80+ billion annually and is a trusted choice for over 6,00,000 businesses for digital payment solutions. The company is redefining the way businesses approach digital payments, verification and payouts through its wide range of tech-first offerings. Outside of India, Cashfree Payments is expanding its presence in the UAE region through its acquired partner, Telr.
About Cashfree Payments: Cashfree Payments is India’s leading payments and API banking company. Founded in 2015 by Akash Sinha and Reeju Datta, Cashfree Payments has grown over the years to become a full-stack payments technology company. Licensed by the Reserve Bank of India, Cashfree Payments is among the leading payment service providers in India processing transactions worth USD 80+ billion annually and is a trusted choice for over 6,00,000 businesses in India for payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Cashfree Payments comprehensive tech-driven payment solutions empower businesses in India to accept payments and make payouts via 180+ payment modes – all with simple integration. Headquartered in Bengaluru, Cashfree Payments is a tech-first company fueled by engineering excellence. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI), and was incubated by PayPal.
