Cashfree Payments, India’s payments and API banking solutions company, announced the launch of Secure ID.
Secure ID is an end-to-end solution “for identity verification, risk assessment, and fraud prevention.”
Cashfree Payments claims to have “crossed 100Cr+ verifications and has prevented fraud worth INR 50Cr+ for businesses.”
Akash Sinha, CEO and Co-Founder, Cashfree Payments, said:
“Ensuring secure, scalable, and risk-free solutions for businesses is the cornerstone of our work at Cashfree Payments. Our Secure ID platform integrates cutting-edge technology with robust verification and risk management infrastructure, empowering merchants to comply with regulations while safeguarding against fraud. By addressing the unique needs and regulations of various industries, Secure ID delivers unparalleled efficiency for businesses across the board.”
Secure ID leverages AI and LLMs to “integrate into existing workflows for businesses, ensuring a smooth user experience across onboarding, user data verification and identifying user-level fraud.”
The AI-powered fraud detection solution “offers unparalleled reliability by identifying suspicious activities, anomalies, and patterns indicative of fraudulent behavior.”
Additionally, SecureID provides data-driven risk scoring “for informed decision-making and monitoring for potential risks in the user’s journey.”
Ramkumar Venkatesan, CTO, Cashfree Payments, said that by using AI and ML, they are providing features such as bank statement analysis and risk scoring.
With Secure ID, Cashfree Payments has consolidated “all its verification offerings into a single suite, boosting operational efficiency.”
This includes Aadhaar, PAN, DL, Voter ID, Passport verifications, Face Match, Liveness Detection, GeoLocation Check, Bank Account, and UPI ID verifications.
Brands like Kotak Life Insurance, Bajaj Finance, Tata AIG, Cred, BookMyForex, Meesho, and Acko General Insurance Limited are “part of the Secure ID portfolio, showcasing the widespread industry adoption of this platform.”
Today, regulatory compliance is paramount “for digital-first businesses to reduce losses and grow. Cashfree Payments’ SecureID leverages cutting-edge technology to cater to various industries’ specific needs and regulations.”
It scales with a business’ user base and “offers comprehensive coverage throughout the user journey, making it an industry-agnostic solution.”
With UIDAI recording 1.96 billion Aadhaar authentications in April 2023, the Indian identity verification market holds immense potential, “poised to exceed 100 billion verifications annually.”
SecureID, through the effective combination of identity verification, risk assessment and fraud prevention, will lay the foundation “for broader financial inclusion by enabling secure and accessible financial services.”