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Cashfree launches risk management and fraud prevention tool RiskShield 

Bengaluru-based payment aggregator Cashfree Payments has introduced a new tool named ‘RiskShield‘ to manage risks instantly. The company asserts that this solution can slash fraudulent activities by 40%.

This online payment platform is tailored for merchants. It empowers users to block transactions associated with certain mobile numbers, email addresses, IP addresses, Card BIN, UPI handles, and card numbers. This enhances risk management and ensures compliance with fraud prevention standards.

Merchants can also set limits on how often and how much a customer can transact within certain time frames. 

“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,” chief executive officer Akash Sinha said. 

This system harnesses the power of artificial intelligence (AI) and machine learning algorithms throughout its merchant network. By recognizing suspicious transaction patterns, it shields merchants from financial losses and legal entanglements. Moreover, it aids businesses in reducing chargebacks and disputes.

Ramkumar Venkatesan, chief technology officer, Cashfree Payments said, “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.” 

As per the company’s statement, merchants who utilize Cashfree Payments’ FlowWise platform introduced last year can seamlessly integrate RiskShield. This integration aids in preventing fraudulent transactions across different payment aggregators.

The company, supported by Y Combinator and State Bank of India, observed a substantial growth in its operational revenue, marking a 75% increase to Rs 614 crore in FY23. However, its recorded loss surged to Rs 133 crore in FY23, a significant leap from Rs 3 crore in the previous year.

Cashfree derives its revenue from processing fees levied on its payment gateway services rendered to online merchants.

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