Cashfree Payments’ Secure ID Surpasses 100 Crore Verifications, Averts Rs 50 Crore in Fraud

Cashfree Payments, a prominent leader in India’s payments and API banking industry, has achieved a remarkable milestone with its Secure ID platform. This comprehensive solution, designed for identity verification, risk assessment, and fraud prevention, has now surpassed a staggering 100 crore verifications. This milestone underscores Secure ID’s significant role in enhancing the security and efficiency of transactions across various sectors.

By effectively thwarting fraudulent activities worth Rs 50 crore, Secure ID has demonstrated its crucial impact on protecting businesses from financial losses and security breaches. The platform’s success reflects its robust capabilities in leveraging advanced technology to manage and mitigate risks, thereby providing businesses with reliable tools for fraud prevention and compliance. As Secure ID continues to grow, its ability to safeguard against fraud and ensure secure transactions remains a cornerstone of its value proposition in the payments and financial technology landscape.

Innovations in Secure ID

Akash Sinha, CEO and Co-founder of Cashfree Payments, highlighted the core mission behind Secure ID. He stated, "Ensuring secure, scalable, and risk-free solutions for businesses is the cornerstone of our work at Cashfree Payments." The Secure ID platform is a testament to this mission, integrating state-of-the-art technology with a robust infrastructure for verification and risk management. This integration supports merchants in adhering to regulatory requirements while protecting against fraud. The platform is designed to meet the unique needs and regulations of diverse industries, delivering exceptional efficiency and reliability.

Advanced Technology for Seamless Integration

Secure ID employs advanced artificial intelligence (AI) and large language models (LLMs) to enhance its functionality. These technologies enable seamless integration into existing business workflows, ensuring a smooth experience for users during onboarding and verification processes. The AI-driven fraud detection solution offers high reliability by identifying suspicious activities, anomalies, and patterns indicative of fraudulent behavior. Additionally, Secure ID provides data-driven risk scoring to aid informed decision-making and monitor potential risks throughout the user’s journey.

Comprehensive Features and Functionalities

Ramkumar Venkatesan, CTO of Cashfree Payments, detailed the sophisticated features of Secure ID. "It includes NLP-based OCR, selfie verification with liveliness checks, and device intelligence," he explained. The platform utilizes AI and machine learning (ML) to perform advanced functions such as bank statement analysis and risk scoring. This comprehensive approach ensures resilient and adaptable solutions tailored to the diverse requirements of various industries.

Consolidated Verification Suite

Secure ID consolidates a wide range of verification services into a single suite, enhancing operational efficiency. This includes Aadhaar, PAN, driving license, voter ID, passport verifications, face match, liveness detection, geolocation check, bank account, and UPI ID verifications. This integration simplifies the verification process for businesses, making it more streamlined and effective.

Industry Adoption and Performance Metrics

Secure ID is already trusted by leading brands, including Kotak Life Insurance, Bajaj Finance, Tata AIG, Cred, BookMyForex, Meesho, and Acko General Insurance Limited. The platform processes over 10 crore verifications daily, maintaining an impressive success rate of over 99% and 100% uptime. Secure ID is designed to reduce operational costs by up to 75%, minimize fraud losses by up to 70%, and achieve higher conversion rates by up to 50%. The platform also integrates seamlessly with various data aggregators, such as banks, account aggregators, credit bureaus, and Digilocker.

Addressing Diverse Business Needs

Secure ID addresses a wide range of business needs, including digital onboarding, disbursals, digital KYC (Know Your Customer), managed KYC, KYB (Know Your Business), risk profiling, and risk monitoring. Its advanced capabilities, powered by AI and LLM models, include facial recognition, OCR for Aadhaar and PAN, fraud detection, and risk scoring. This makes Secure ID a versatile solution adaptable to various industry requirements.

Industry-Agnostic Solution for Regulatory Compliance

In today’s digital-first landscape, regulatory compliance is crucial for reducing losses and fostering growth. Cashfree Payments' Secure ID leverages cutting-edge technology to cater to the specific needs and regulations of different industries. It scales effortlessly with a business’s user base, offering comprehensive coverage throughout the user journey. This industry-agnostic approach positions Secure ID as a foundational tool for enhancing financial inclusion and securing accessible financial services.

The Future of Identity Verification in India

The Indian identity verification market, as evidenced by UIDAI’s record of 1.96 billion Aadhaar authentications in April 2023, is poised for substantial growth. With projections suggesting the market could exceed 100 billion verifications annually, Secure ID is well-positioned to support this expansion. By combining identity verification, risk assessment, and fraud prevention, Secure ID lays the groundwork for broader financial inclusion and secure financial services.

Cashfree Payments' Global Presence

Cashfree Payments continues to redefine digital payments, verification, and payouts through its innovative tech offerings. Trusted by over 6,00,000 businesses in India for various financial transactions, the company processes transactions worth over $80 billion annually. Its expansion into international markets, including the US, Canada, and the UAE, underscores its commitment to delivering advanced financial solutions globally.