India-based Cashfree Payments has announced the launch of its RiskShield product, to offer merchants the possibility to curb cyber payment frauds in real-time. Following this announcement, Cashfree Payments’ launch of RiskShield is expected to reduce fraudulent activities by up to 40%, the product being designed as a real-time risk management solution for payment gateways.

India-based businesses and enterprises will be enabled to reduce chargebacks and disputes, as well as provide customers with the needed tools for combating fraudulent transactions. In addition, the process will take place with precision and will secure financial stability by meeting the needs, preferences, and demands of clients in an ever-evolving market. More information on the product launch As fraudulent activities pose a significant threat to security due to digital transactions, both businesses and customers have to face multiple challenges, such as direct revenue loss, working capital blockages, bank account debit freeze, legal expenses, operational complexities, and the threat of account termination due to high chargebacks.

Cashfree Payments’ RiskShield is expected to provide a secure business environment for both clients and financial institutions by mitigating fraud, improving transaction experiences, fostering positive customer relationships, as well as minimising litigation risks. At the same time, merchants that are leveraging the orchestration platform of the company, FlowWise, will be enabled to integrate RiskShield in order to block fraud transactions on multiple Payment aggregators. RiskShield was developed to use artificial intelligence (AI) and machine learning (ML) algorithms across their trader's network, aiming to identify fraudulent transaction patterns and safeguard the business from huge potential losses or litigation risks.

In addition, RiskShield will also focus on offering merchants the possibility to access wide controls to define particular rules that are applicable only to their overall business scenario. The integration of RiskShield can be done with their existing systems, with no additional engineering effort. RiskShield will include Shield Pro (which employs automated machine learning-based features in order to block fraudulent accounts by leveraging the company’s collective intelligence to identify and restrict fraudsters), Smart Limits (a tool that enables merchants to add limits on the frequency and cumulative sum of the overall amount of a single client/payment instrument that is allowed to pay to them), as well as My Blacklists (which currently allows businesses to block transactions from specific individuals).

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