Cashfree Payments launches ‘RiskShield’ to empower merchants
Cashfree Payments an API banking company, announced the launch of ‘RiskShield’, India’s first realtime risk management solution for payment gateways. It aims at reducing fraudulent activities by up to 40%. Built inhouse, this solution will also help Indian businesses reduce chargebacks and disputes, thereby empowering them with tools strategically designed to combat fraudulent transactions with precision and securing financial stability.
The surge in fraudulent activities due to digital transactions poses a significant threat to security, causing critical issues for businesses such as direct revenue loss, bank account debit freeze, working capital blockages, operational complexities, legal expenses, and the looming threat of account termination due to high chargebacks.
According to the release, Cashfree Payments’ RiskShield provides a secure business environment by mitigating fraud, minimizing litigation risks, improving transaction experiences, and fostering positive customer relationships. Additionally, merchants using Cashfree Payments’ orchestration platform FlowWise can seamlessly integrate RiskShield to block fraud transactions on multiple Payment aggregators.
RiskShield uses advanced artificial intelligence and machine learning algorithms across their merchant network to identify fraudulent transaction patterns and safeguard the merchants from huge potential losses and litigation risks.
Akash Sinha, CEO and Cofounder, Cashfree Payments said, “We built ‘RiskShield' to empower merchants to fortify their defense against fraudulent transactions.”
“This product is a result of years of Cashfree Payments’ research and analysis of highrisk transactions into a set of tools that merchants can now use as a complete risk management solution through which they can curb cybercrime. We believe RiskShield will redefine the security landscape of online transactions in India, offering merchants unparalleled protection and peace of mind.”