Online merchant-focused Cashfree stated that this tool will allow customers to ban transactions from specified cell numbers, email addresses, IP addresses, Card BINs, UPI handles, and card numbers. This will result in more effective risk management and fraud compliance.
Cashfree Payments, a payment aggregator located in Bengaluru, has created a real-time risk management solution called ‘RiskShield’, which the business claims can minimize fraudulent activity by up to 40%.
According to the Economic Times, the online merchant-focused payment player will allow customers to ban transactions from specified cell numbers, email addresses, IP addresses, Card BIN, UPI handles, and card numbers, enabling enhanced risk management and fraud compliance, according to a company statement released today.
It will also allow merchants to limit the frequency and total number of transactions per client or payment instrument within specific timeframes.
Cashfree Payments India Private Limited is a payment and banking technology firm. The company offers payment platform built for company payment needs, collects payments, distributes payouts, and manages international payments. Cashfree Payments serves customers all around the world.
“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,” Akash Sinha, the company’s president and chief executive officer, said, as reported by the Economic Times.
It employs artificial intelligence (AI) and machine learning algorithms throughout its merchant network to detect fraudulent transaction patterns, thereby safeguarding businesses from potential losses and legal liabilities. Furthermore, it benefits businesses in reducing chargebacks and disputes.
According to Ramkumar Venkatesan, chief technology officer at Cashfree Payments, “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.”
According to the business, merchants using Cashfree Payments’ orchestration platform, FlowWise, which was introduced last year, can use RiskShield to prevent fraudulent transactions across multiple payment aggregators.
The Y Combinator and State Bank of India-backed company saw its revenue from operations increase 75% year on year to Rs 614 crore in FY23, but it incurred a loss of Rs 133 crore, up from Rs 3 crore the previous year.
Its revenue comes from the processing fees charged for the payment gateway services it provides to internet retailers.
As reported by the Economic Times, on December 20, that Cashfree Payments had gotten approval from the Reserve Bank of India to function as a payment aggregator and had resumed the process of onboarding new merchants after a nearly year-long regulatory restriction.
