Table of Contents
Cashfree Payments has always been at the forefront of innovation, empowering businesses across India since our launch in 2015. We have also witnessed the incredible growth of the Indian identity verification and risk assessment landscape, and we understand the challenges businesses face in this ever-evolving space.
With the advent of the digital age, entities continue to struggle with reducing user drop-offs while meeting dynamic compliance/risk requirements. Such compromises usually result in losing potential users, whereas fraudsters increasingly use sophisticated techniques to commit fraud.
Moreover, India is ranked first among researched countries worldwide by the number of identity theft cases, with an estimated 27.2 million adult and fraud victims in 2022. If we talk about sectors, most identity theft cases occur in the banking and fintech industries, affecting 94% of organisations
Hence, fraud detection and prevention are more critical than ever.
That’s why we built Cashfree Secure ID, our end-to-end solution for identity verification, risk assessment, and fraud prevention.
Cashfree Secure ID for Seamless Identity Verification, Risk Assessment & Fraud Prevention
Going beyond just identity verification, Cashfree Secure ID caters to end-to-end user verification and risk profiling. Cashfree Secure ID leverages cutting-edge AI and LLM models to position itself at the core of our user trust network.
Cashfree Secure ID seamlessly integrates into the business’s existing workflows, ensuring a smooth user experience across the three critical steps of user identity verification:
1. Capturing User Data During Onboarding
2. Verifying User Data
3. Identifying User-Level Fraud.
Cashfree Secure ID integrates at each step of the user journey
Onboarding
With our onboarding journey orchestrator, an industry-first no-code solution, businesses can create customised onboarding journeys effortlessly through a drag-and-drop interface. This innovative tool allows users to design workflows seamlessly.
- Drag-and-Drop Interface to build onboarding journeys within a few minutes
- Integrated ID Verifications via seamless API integrations, including a range of officially valid documents such as Aadhaar, PAN, and DL, as well as Bank account verifications along with AI/ML-based verifications like selfie verification, biometric with liveliness checks and more.
- Conditional Verification to effortlessly incorporate conditions
- Multiple channels to initiate the KYC process via SDK, API on the platform or direct links to users on Email, SMS or WhatsApp
User Verification
With our comprehensive identity verification suite, businesses can verify identities easily. Cashfree Secure ID offers 20+ identity verification capabilities, like
- Aadhaar via OTP, Digilocker, OCR
- Officially Valid Documents like DL, VoterID, Passport, Vehicle RC
- Employment Verification
- Bank Account and UPI verification with advanced features
Continuous Fraud Detection
Cashfree Secure ID also comes with a powerful AI-driven identity-theft API suite. This comprehensive solution includes multiple layers of verification, which are essential for detecting identity theft and fraud.
- NLP-based OCR, a.k.a Generic OCR, to smartly identify a document type and extract information accordingly. The model utilises Face de-duplication technology and AI-based checks (like forgery checks, deep image analysis, and liveness detection).
- Selfie Verification with Liveliness checks, which can identify a document and match the photograph on the document with a real-time selfie
- Device Intelligence to identify a fraudulent user using the key input from the device used by the user like IP address, VPN, browser type, etc
- Transaction Risk Monitoring to detect or curb potential frauds during payouts, disbursals or other transactions
Cashfree Secure ID as a solution for every industry
Cashfree Secure ID is carefully designed to cater to various industries’ specific needs and regulations. It scales seamlessly with your user base, making it an industry-agnostic solution.
Let’s examine a few use cases to understand how Cashfree Secure ID solves for two major industries prone to identity theft and fraud.
Insurance:
According to industry estimates, insurance frauds cost Indian insurance companies approximately USD 6 billion annually, and insurers lose close to 10 per cent of their overall premium collections to frauds. Companies need to be more stringent in creating risk mitigation procedures.
Moreover, now, as per IRDAI’s guidelines, all classes of Life, General, and health Insurance have to follow KYC procedures as per the Master Guidelines on Anti-Money Laundering/ Counter Financing of Terrorism. According to them, insurers will have to follow Customer identification Procedures while establishing an account/client-based relationship and monitoring every transaction.
Be it Aadhaar-based KYC through Online authentication, Aadhaar-based KYC through Offline authentication, Digital KYC as per PML rules, or CKYC, Cashfree Secure ID caters to all accepted forms of KYC in one go with industry-best performance.
Banking and Financial Services:
According to research by PYMNTS, 88% of banking executives say reducing fraud is critical to maintaining merchant processing revenue, and most are using machine learning and AI. Nearly all – 98% of acquiring banks surveyed – use AI, with 60% using it as their primary weapon. Additionally, 27% say rules-based algorithms are the most important anti-fraud tool to combat various types of bank fraud.
Banks and NBFCs must step up to combat sophisticated fraud and identity theft. Some of the major frauds in this sector are Credit Card Fraud, Money Muling, Account takeovers, and Document tampering/forgery for applications.
With our complete ID verification suite, including PAN and Aadhaar, ML-driven transaction monitoring, and an account aggregator-based bank statement analyser, the firms will be able to reduce fraud by nearly 70%.
How Cashfree Secure ID stands out
Cashfree Secure ID stands out as a comprehensive platform, offering several advantages:
- Unmatched Efficiency for businesses:
- Achieve 50% higher conversion rates.
- Reduce operational costs by 75%.
- Minimise fraud losses by up to 70%.
- Seamless Integration: Cashfree Secure ID integrates effortlessly with various data aggregators, including Banks, Account Aggregators, Credit Bureaus, Digilocker, and more.
- Robust Performance: Our robust systems can process over 10 crore verifications daily while maintaining an exceptional success rate of> 99% and 100% uptime.
- Advanced AI Fraud Detection: Cashfree Secure ID’s AI-powered fraud detection solution offers unparalleled reliability by identifying suspicious activities, anomalies, and patterns indicative of fraudulent behaviour.
- Data-Driven Risk Scoring: Cashfree Secure ID leverages extensive fraud and risk data from over 10 billion PG and PO transactions processed through Cashfree to provide data-driven risk scoring for informed decision-making.
Get Started with Cashfree Secure ID
With Cashfree Secure ID, you can streamline user verification, enhance security, and make data-driven decisions.
Get started today and experience the Cashfree Secure ID difference!
Learn more: Click here
