Cashfree Payments launches ‘RiskShield’ to empower merchants curb cyber payment frauds in real-time
Bengaluru, April 04th, 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 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. We believe RiskShield will redefine the security landscape of online transactions in India, offering merchants unparalleled protection and peace of mind.”
Sinha added that the service enables businesses to block transactions originating from places known for cybercrime and financial fraud. “There might be businesses who may not want to accept payment from a certain state or certain district since they know the risk of fraud is higher from these places. This kind of product gives merchants more control around the kind of payments they want to accept. If they are comfortable, they can also reject the payments which they don’t find safe enough to accept,” added Sinha.
As per reports, in FY 2023, the Reserve Bank of India (RBI) documented bank frauds close to INR 30,000 cr. Cashfree Payments’ ‘RiskShield’ enables merchants to add limits on the frequency and sum of transactions too. The integration of this offering can be done seamlessly with the merchant’s existing system with no engineering effort. 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.
Currently, the company is trusted by 600,000 businesses and processes over USD 80 Billion annually. Also, Cashfree Payments has been launching multiple products for varied payments needs. The company recently launched FlowWise, which offers an end-to-end payments management system. Enterprises can integrate all the payment methods on their platform, including reconciliation, risk management, dispute management, chargeback and customer query.