The risk management tool “RiskShield,” which was recently released by Bengaluru-based payment platform Cashfree Payments, is said to be able to cut fraudulent activity by up to 40%.
Improved risk administration and fraud complying will be ensured by the online merchant-focused financial player’s ability to prohibit transactions from particular cellphone numbers, emails, IP addresses, card BINs, UPI handles, and card numbers, as reported by The Economic Times.
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“This product is a result of years of Cashfree Payments’ research and analysis of high-risk transactions into a set of tools that merchants can now use as a complete risk management solution through which they can curb cybercrime,” chief executive officer Akash Sinha said.
Additionally, during predetermined times, retailers will be able to impose limitations on the frequency and total number of transactions made by a particular consumer or payment method.
Ramkumar Venkatesan, chief technology officer, Cashfree Payments said, “Businesses either completely neglect investment in risk and fraud detection tools or even if they have the tools, they lack real-time payment-blocking features and suggested rules for implementation.”
About Cashfree
Cashfree Payments is a payments and banking technology company that enables businesses in India to collect payments online and make payouts. Cashfree Payments enables more than 6,00,000 businesses with payment collections, vendor payouts, wage payouts, instant loan disbursements, e-commerce refunds, insurance claims processing, expense reimbursements, loyalty, and rewards payments.
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