Zest AI partners with MeridianLink for fraud detection solution

The collaboration will allow MeridianLink’s over 2,000 customers to leverage Zest AI’s proprietary fraud detection tool to deliver more accurate and quicker identification of fraudulent activity. Moreover, Zest AI’s solution, Zest Protect, is configurable, seamless, and smart by leveraging the power of Artificial Intelligence. 

Why Zest AI’s solution matters

As credit unions and especially banks have reported a surge in fraud cases across consumer accounts, with most banks reporting losses above USD 500,000 in direct fraud, the need for a smart, innovative, and easy-to-use anti-fraud solutions is imperative. 

To cater this need, Zest Protect was specifically designed to offer robust layers of protection against numerous types of fraud, including first or third-party fraud and misreported income.  The partnership between Zest AI and MeridianLink allows the latter’s customers to maintain a smooth application process and to significantly diminish their fraud losses. Moreover, the anti-fraud solution is fully customisable, giving financial partners the ability to tune the risk thresholds by various criteria, including fraud type and portfolio.

The technology developed seamlessly integrates with MeridianLink’s loan origination system to cover all application fraud and streamline automation workflows. Customers can also tailor and train Zest Protect based on specific regions and communities, which, in return, delivers higher fraud prevention and detection rates.

More details about the companies

US-based MeridianLink was formed in 1998 to empower financial institutions and consumer reporting agencies to grow efficiently. Its cloud-based digital lending, background screening, data verification, and account opening solutions benefit from a unified data platform to allow customers of all sizes to quickly identify their growth opportunities and scale-up.