Cashfree’ Secure ID prevents fraud worth Rs 50 Cr for businesses

State Bank of India-backed online payments processor and aggregator Cashfree  has announced that Secure ID- it’s end-to-end solution for identity verification, risk assessment, and fraud prevention has crossed over 100 crore verifications and has prevented fraud worth Rs 50 crore for businesses.

Secure ID uses AI and LLMs to easily integrate into existing workflows for businesses, ensuring a smooth user experience across onboarding, user data verification and identifying user-level fraud. 

According to Cashfree, its fraud detection solution offers reliability by identifying suspicious activities, anomalies, and patterns indicative of fraudulent behaviour. Additionally, SecureID provides data-driven risk scoring for informed decision-making and monitoring for potential risks in the user’s journey.

Secure ID’s clients include Kotak Life Insurance, Bajaj Finance, Tata AIG, Cred, BookMyForex, Meesho, and Acko General Insurance Limited. 

Cashfree offers a bouquet of payment services to merchants such as payment collection services, auto collect, recurring payments, and verification services to banks.

Recently, the firm received the final license for payment aggregator from the Reserve Bank of India (RBI). Moreover, the apex banking body has also allowed it to onboard new merchants. As per Cashfree, 8,000 merchants have completed their KYC formalities and are ready to go live on the platform. The move is likely to help Cashfree increase its revenue significantly in the ongoing financial year.

According to data intelligence platform, The Kredible, Cashfree’s revenue from operations grew to Rs 614 crore in the fiscal year ending March 2023 from Rs 350 crore in FY22.