State Bank of India-backed online payments processor and aggregator, Cashfree, has announced a significant milestone for its Secure ID solution, an end-to-end tool designed for identity verification, risk assessment, and fraud prevention. Secure ID has now surpassed 100 crore verifications and has successfully prevented fraud worth over Rs 50 crore for businesses across various sectors.
Secure ID leverages advanced artificial intelligence (AI) and large language models (LLMs) to seamlessly integrate into existing business workflows, ensuring a smooth user experience during onboarding, user data verification, and fraud detection processes. This sophisticated solution enhances the security landscape for businesses by reliably identifying suspicious activities, detecting anomalies, and recognizing patterns indicative of fraudulent behaviour.
In addition to its fraud detection capabilities, Secure ID provides data-driven risk scoring, empowering businesses to make informed decisions and monitor potential risks throughout a user’s journey. This proactive approach to risk management has attracted a diverse clientele, including major players like Kotak Life Insurance, Bajaj Finance, Tata AIG, Cred, BookMyForex, Meesho, and Acko General Insurance Limited.
Cashfree offers a wide array of payment services to merchants, including payment collection, auto collection, recurring payments, and verification services tailored for banks. Recently, the company received the final license for payment aggregation from the Reserve Bank of India (RBI), further solidifying its position in the financial ecosystem. With this license, Cashfree is now authorized to onboard new merchants, a move that has already seen 8,000 merchants complete their KYC formalities and prepare to go live on the platform. This development is expected to significantly boost Cashfree’s revenue in the current financial year.
As Cashfree continues to expand its offerings and client base, Secure ID stands as a testament to the company’s commitment to providing secure and reliable payment solutions that safeguard businesses against the ever-evolving threat of fraud.
