"As one of the largest payment service providers, it's our responsibility to make the ecosystem safer and more secure for Indian businesses," stated Akash Sinha, CEO and co-founder of Cashfree Payments. To help merchants strengthen their defenses against fraudulent transactions, we developed "RiskShield." After years of study and analysis of high-risk transactions, Cashfree Payments has produced this product, which is a suite of tools that merchants can utilize as a comprehensive risk management solution to reduce cybercrime. We think RiskShield would completely change the way that online transactions are secure in India, providing merchants with unmatched security and comfort."

According to estimates, the Reserve Bank of India (RBI) recorded bank frauds of about INR 30,000 crore in FY 2023. Due to the increase in fraudulent activities resulting from digital transactions, there is a serious risk to security. Businesses may face serious problems like blocked working capital, direct revenue loss, bank account debit freezes, operational difficulties, increased legal costs, and the possibility of account termination due to excessive chargebacks. RiskShield from Cashfree Payments reduces the risk of fraud, minimizes lawsuits, enhances transactional experiences, and cultivates a favorable rapport with clients to create a secure corporate environment. Additionally, businesses can easily integrate RiskShield to stop fraudulent transactions on numerous Payment aggregators by utilizing Cashfree Payments' orchestration platform, FlowWise.

RiskShield protects merchants from significant potential losses and legal risks by utilizing cutting-edge artificial intelligence and machine learning algorithms throughout their merchant network to spot fraudulent transaction trends. Furthermore, this solution gives the merchant extensive freedom over the definition of very specialized rules that are unique to their particular business situation. It's amazing how easily all of this integration can be completed without requiring any engineering work with their current system.

"This launch demonstrates the company's commitment to prioritizing safety and security led by tech-first innovations," stated Ramkumar Venkatesan, CTO of Cashfree Payments. Companies either don't invest anything at all in risk and fraud detection technologies, or if they do, they don't have real-time payment blocking capabilities and recommended implementation guidelines. Furthermore, companies would need to obtain particular certifications, such as a PCI DSS certificate, in order to provide risk solutions. To close these operational gaps, RiskShield offers these companies a full solution based on AI & ML algorithms and a rule engine. RiskShield will be a priceless tool for companies in the financial services, e-commerce, travel, and other industries that frequently experience chargebacks and frauds.