SUMMARY
- Cashfree’s Secure ID solution has prevented fraud worth ₹50 crore and completed over 100 crore verifications.
- Secure ID uses AI and LLMs to enhance fraud detection and provide a seamless user experience for businesses.
- Cashfree’s operational revenue grew to ₹614 crore in FY23, supported by its expanding service portfolio and new RBI license approval.
Cashfree, a State Bank of India-backed online payments processor and aggregator, announced that its identity verification and fraud prevention solution, Secure ID, has crossed over 100 crore verifications and prevented fraud worth ₹50 crore for businesses. Secure ID is an end-to-end solution that combines identity verification, risk assessment, and fraud detection to protect businesses against fraudulent activities.
The solution leverages artificial intelligence (AI) and large language models (LLMs) to seamlessly integrate with existing workflows, providing a smooth experience for onboarding, user data verification, and fraud detection at the user level. Secure ID enhances fraud prevention by identifying suspicious activities, anomalies, and patterns indicative of fraudulent behavior. It also offers data-driven risk scoring to facilitate informed decision-making and monitors potential risks throughout the user’s journey.
Secure ID’s client portfolio includes prominent names like Kotak Life Insurance, Bajaj Finance, Tata AIG, Cred, BookMyForex, Meesho, and Acko General Insurance Limited. The solution has positioned Cashfree as a reliable partner in safeguarding digital transactions for various businesses.
Cashfree provides a wide range of payment services, including payment collection, auto collect, recurring payments, and verification services for banks. Recently, the company secured the final license for payment aggregation from the Reserve Bank of India (RBI) and received approval to onboard new merchants. As of now, 8,000 merchants have completed their KYC formalities and are ready to go live on the platform, which is expected to drive significant revenue growth in the current fiscal year.
According to The Kredible, a data intelligence platform, Cashfree’s revenue from operations surged to ₹614 crore in the fiscal year ending March 2023, up from ₹350 crore in FY22, reflecting strong growth in its financial performance.
