India's fintech industry is the global leader in digital payments adoption, bringing the masses closer to financial services through accessibility and ease. But such quick growth has also resulted in an exponential surge in digital fraud. Digital payment scams have increased five times, estimated at 14.57 million during the fiscal year ending March 2024, as per the Reserve Bank of India. Identity theft, fraud, and other security threats through cybercrimes are increasingly becoming a threat to consumers and businesses alike. Unless checked, such problems can destroy confidence in the digital infrastructure of the country. India was the number one country in the world in 2022, according to Statista, for identity theft victims, with an estimated 27.2 million adult victims. Criminals tend to take advantage of weaknesses in digital onboarding procedures in apps, websites, and banks to open new accounts using stolen or synthetic identities. In reply to this growth in cyber crime, fintech firms are coming up with out-of-the-box solutions to enable businesses to fight fraud and enhance security. Cashfree Payments, a pioneer in the sector, has launched Secure ID, a complete identity verification, risk management, and compliance solution that enables fintechs and startups to create compliant onboarding procedures swiftly and efficiently, while decreasing fraud and enhancing precision.

New Solutions for Improved Security

Secure ID is the culmination of Cashfree's relentless innovation in the regtech space, built to solve actual problems by providing solutions that enable merchants' fundamental business processes. It is unique because Cashfree piloted Secure ID at scale with its vast merchant network. Having onboarded more than 800,000 merchants, Cashfree has created a strong, frictionless platform that offers best-in-class security, compliance, and efficiency.

Unlike typical Software as a Service (SaaS) offerings, Secure ID provides "Service as Software," not only providing tools but complete compliance solutions managed and maintained, continually updated, and tuned for maximum return. By incorporating AI-powered fraud detection technology, Cashfree is transforming fraud prevention with an artificially intelligent risk-scoring model that enables organizations to detect suspicious behavior early and stop fraud as they grow.

Enabling Businesses with Complete Solutions

Traders today require more than a tool—traders today require a solution that ensures compliance, prevents fraud, and has high conversion rates without diminishing user experience. Secure ID is engineered to assist fintechs and NBFCs with the intricate regulator environment so that compliance and fraud protection are now more manageable. The platform uses insights derived from Cashfree's large network of merchants and offers businesses an active risk management strategy.

Secure ID combines an entire set of identity verification capabilities, such as real-time verification and fraud monitoring capabilities, to simplify compliance and minimize customer drop-offs by up to 50%. It also reduces operational expense by up to 75%, providing companies with a more efficient and cost-effective way to manage compliance and fraud.

AI-Powered Fraud Prevention

Secure ID's application of AI and Large Language Models (LLMs) puts it ahead in the vendor-packed fraud prevention market. These technologies render the platform dynamic and able to learn with the dynamically changing fraud environment. The top features are:

• BharatOCR: Optical Character Recognition (OCR) through AI for effortless document scanning.

• Face Match: Liveness-based selfie authentication to ensure genuineness.

• RiskShield: Device smarts to identify irregularities in user conduct.

• Data-Driven Risk Scoring: Real-time fraud detection and decision-making.

Solutions for All Business Sizes

Secure ID is scalable to serve businesses of any size, from small startups to large enterprises. The platform provides a no-code solution with simple-to-use drag-and-drop interfaces for tailored onboarding workflows. It accommodates a range of identity verification options, such as document verification (Aadhaar, PAN, Voter ID, DL, Vehicle RC), AI-powered biometric verification, device intelligence, and bank account verification.

The platform is also equipped with ongoing fraud detection features, which allow businesses to detect and prevent identity theft and fraud in real-time.

Raising the Bar for Digital Security

With digital growth picking up steam, it's important for companies to possess compliant, secure, and scalable options to deal with compliance and risk. Cashfree's Secure ID enables companies to concentrate on growth while maintaining their operations fraud-free and compliance-free. With more than 15 million verifications conducted, Secure ID has effectively averted more than Rs 500 million in fraud and is relied upon by key players such as Kotak Life Insurance, Bajaj Finance, Tata AIG, Cred, Meesho, and Dream11.

Secure ID's remarkable attributes, such as a 52% year-over-year increase rate, 50% more conversion rates, and as much as 70% fraud loss reduction, all illustrate its strong influence across diverse industries. It verifies more than 100 million monthly with a success rate greater than 99% and 100% uptime, an extremely useful tool for businesses looking for efficient and trustworthy fraud prevention and compliance systems.

Through solving the increasing threats of online fraud and providing a complete solution, Cashfree's Secure ID has redefined the standards of identity verification, fraud protection, and compliance in the digital world.

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