Cashfree Payments, India’s premier payments and API banking solutions provider launched Secure ID at the Global Fintech Fest in Mumbai in the presence of former RBI Executive Director G Padmanabhan. Secure ID is a comprehensive solution for verifying identities, assessing risks, and preventing fraud. Cashfree Payments touts over 100 crore verifications and has averted fraud of INR 50 crore+ for businesses.
Talking about the launch and this milestone, 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 uses cutting-edge AI and LLMs to easily integrate into enterprises’ existing workflows, guaranteeing a smooth user experience throughout onboarding, user data verification, and detecting user-level fraud. The AI-powered fraud detection system provides unrivalled dependability by detecting suspicious behaviours, abnormalities, and trends suggestive of fraudulent behaviour. SecureID also offers data-driven risk rating to help users make informed decisions and monitor potential dangers along their journey.
Addressing the technological excellence behind this platform, Ramkumar Venkatesan, CTO, Cashfree Payments, said, “I’m proud to highlight how Secure ID leverages advanced technologies to offer a comprehensive solution. It includes NLP-based OCR, selfie verification with liveliness checks, and device intelligence. By integrating AI and ML, Secure ID provides sophisticated features such as bank statement analysis and risk scoring, delivering resilient and adaptive solutions tailored to diverse industry requirements. Built with a focus on the interconnectedness of identity verification, risk assessment, and fraud prevention, Secure ID enables us to capitalise on the momentum of innovation, advancing our technology strategy and ensuring Cashfree Payments remains at the forefront of the evolving payments industry.”
Also Read: Mastercard Launches Global Payment Passkey Service in India, Revolutionising Secure Online Shopping
With Secure ID, Cashfree Payments has integrated all of its verification products into a single suite, increasing operational efficiency. This comprises Aadhaar, PAN, DL, Voter ID, Passport, Face Match, Liveness Detection, GeoLocation Check, Bank Account, and UPI ID verification.
Secure ID’s portfolio includes leading companies such as Kotak Life Insurance, Bajaj Finance, Tata AIG, Cred, BookMyForex, Meesho, and Acko General Insurance Limited, demonstrating the platform’s widespread industry usage.
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