Cashfree Payments launches Secure ID at Global Fintech Fest

By Gloria Methri

Cashfree Payments, a digital payments and API banking solutions company, has launched Secure ID at the Global Fintech Fest in Mumbai. Secure ID is an end-to-end solution for identity verification, risk assessment, and fraud prevention. Cashfree Payments boasts of crossing 100Cr+ verifications and has prevented fraud worth INR 50Cr+ for businesses.

Talking about the launch and this milestone, Akash Sinha, CEO and Co-Founder of 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 leverages AI and LLMs to seamlessly integrate into businesses’ existing workflows, ensuring a smooth user experience during onboarding, user data verification and user-level fraud detection.

The AI-powered fraud detection solution offers unparalleled reliability by identifying suspicious activities, anomalies, and patterns indicative of fraudulent behaviour. Additionally, SecureID provides data-driven risk scoring for informed decision-making and monitoring for potential risks in the user’s journey.

Ramkumar Venkatesan, CTO of Cashfree Payments, said, “I am 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.”

With Secure ID, Cashfree Payments has consolidated all its verification offerings into a single suite, boosting operational efficiency. This includes Aadhaar, PAN, DL, Voter ID, Passport verifications, Face Match, Liveness Detection, GeoLocation Check, Bank Account, and UPI ID verifications.

Leading brands like Kotak Life Insurance, Bajaj Finance, Tata AIG, Cred, BookMyForex, Meesho, and Acko General Insurance Limited are part of the Secure ID portfolio, showcasing the widespread industry adoption of this platform.