Cashfree Unveils RiskShield To Curb Cyber Payment Frauds

Cashfree Payments has unveiled 'RiskShield', a risk management solution for payment gateways aimed at minimizing fraudulent activities.

This solution will also assist Indian businesses in reducing chargebacks and disputes, thereby empowering them with strategically designed tools to combat fraudulent transactions with precision and secure financial stability.

Akash Sinha, chief executive officer (CEO) and Co-founder, Cashfree Payments said, “We built ‘RiskShield' to empower merchants to fortify their defence against fraudulent transactions."

According to reports, in the financial year 2022-23 (FY23), the Reserve Bank of India (RBI) documented bank frauds close to Rs 30,000 crore. This surge in fraudulent activities due to digital transactions poses a significant threat to security, causing critical issues for businesses such as direct revenue loss, freeze of bank account debits, blockages in working capital, operational complexities, legal expenses, and the looming threat of account termination due to high chargebacks.

Ramkumar Venkatesan, chief technology officer (CTO), 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. Additionally, to build risk solutions, businesses would require specific certifications like PCI DSS certificate etc. RiskShield provides such businesses with a comprehensive solution built on AI & ML algorithms and a rule engine to address these operational gaps.”