Zest AI to Deliver First Seamless AI Application Fraud Detection for MeridianLink Clients
MeridianLink (NYSE: MLNK) and Zest AI announced an expanded partnership to provide AI-powered fraud detection to MeridianLink's 2,000+ financial institution customers. The collaboration will integrate Zest Protect, an AI-powered fraud detection tool, into MeridianLink's platform to combat rising fraud threats.
The partnership addresses significant fraud concerns, as consumer fraud losses exceeded $10 billion in 2023, with 69% of credit unions and community banks reporting increased fraud cases. 79% of these institutions reported direct fraud losses exceeding $500K. Zest Protect offers protection against compromised identities, first and third-party fraud, and misreported income, while maintaining quick application processing.
The solution is customizable, allowing financial institutions to adjust risk thresholds by fraud type and portfolio. It integrates seamlessly with MeridianLink's loan origination system and evaluates all applications without per-application costs, helping institutions combat various fraud types, including AI-generated fraud.
MeridianLink (NYSE: MLNK) e Zest AI hanno annunciato un ampliamento della loro partnership per fornire rilevamento delle frodi potenziato dall'IA ai più di 2.000 clienti istituzionali di MeridianLink. La collaborazione integrerà Zest Protect, uno strumento di rilevamento delle frodi alimentato dall'IA, nella piattaforma di MeridianLink per affrontare l'aumento delle minacce fraudolente.
La partnership risponde a significative preoccupazioni riguardo alle frodi, poiché le perdite per frodi ai consumatori hanno superato i 10 miliardi di dollari nel 2023, con il 69% delle cooperative di credito e delle banche comunitarie che riportano un aumento dei casi di frode. Il 79% di queste istituzioni ha segnalato perdite dirette per frodi superiori a $500K. Zest Protect offre protezione contro le identità compromesse, frodi di primo e terzo livello, e reddito riportato in modo errato, mantenendo un rapido processo di applicazione.
La soluzione è personalizzabile, consentendo alle istituzioni finanziarie di regolare le soglie di rischio in base al tipo di frode e al portafoglio. Si integra senza soluzione di continuità con il sistema di originazione prestiti di MeridianLink e valuta tutte le applicazioni senza costi per applicazione, aiutando le istituzioni a combattere vari tipi di frode, comprese le frodi generate dall'IA.
MeridianLink (NYSE: MLNK) y Zest AI anunciaron una asociación ampliada para proporcionar detección de fraudes impulsada por IA a los más de 2,000 clientes de instituciones financieras de MeridianLink. La colaboración integrará Zest Protect, una herramienta de detección de fraudes impulsada por IA, en la plataforma de MeridianLink para combatir las crecientes amenazas de fraude.
La asociación aborda preocupaciones significativas sobre el fraude, ya que las pérdidas por fraude al consumidor superaron los 10 mil millones de dólares en 2023, con el 69% de las cooperativas de crédito y bancos comunitarios reportando un aumento en los casos de fraude. El 79% de estas instituciones reportaron pérdidas directas por fraude que superan los $500K. Zest Protect ofrece protección contra identidades comprometidas, fraude de primer y tercer partido, y ingresos reportados incorrectamente, mientras mantiene un procesamiento rápido de aplicaciones.
La solución es personalizable, lo que permite a las instituciones financieras ajustar los umbrales de riesgo según el tipo de fraude y la cartera. Se integra sin problemas con el sistema de origen de préstamos de MeridianLink y evalúa todas las aplicaciones sin costos por aplicación, ayudando a las instituciones a combatir varios tipos de fraude, incluido el fraude generado por IA.
MeridianLink (NYSE: MLNK)와 Zest AI는 MeridianLink의 2,000개 이상의 금융기관 고객에게 AI 기반의 사기 탐지를 제공하기 위한 파트너십 확대를 발표했습니다. 이 협력은 증가하는 사기 위협에 맞서기 위해 Zest Protect라는 AI 기반 사기 탐지 도구를 MeridianLink 플랫폼에 통합합니다.
이 파트너십은 2023년 소비자 사기 손실이 100억 달러를 초과하고, 69%의 신용 조합 및 지역 은행들이 사기 사건 증가를 보고한 중요한 사기 우려를 다룹니다. 이들 기관의 79%는 50만 달러를 초과하는 직접 사기 손실을 보고했습니다. Zest Protect는 손상된 신원, 제1자 및 제3자 사기, 잘못 보고된 소득에 대한 보호를 제공하면서도 신속한 신청 처리 속도를 유지합니다.
이 솔루션은 맞춤 설정이 가능하여 금융기관이 사기 유형 및 포트폴리오에 따라 위험 임계값을 조정할 수 있습니다. MeridianLink의 대출 원활 시스템과 매끄럽게 통합되며, 모든 신청서를 추가 비용 없이 평가하여 기관이 AI 생성 사기를 포함한 다양한 종류의 사전에 맞서 싸우는 데 도움을 줍니다.
MeridianLink (NYSE: MLNK) et Zest AI ont annoncé un partenariat élargi pour fournir une détection de fraude alimentée par l'IA aux plus de 2 000 clients d'institutions financières de MeridianLink. La collaboration intégrera Zest Protect, un outil de détection de fraude basé sur l'IA, dans la plateforme de MeridianLink pour lutter contre les menaces croissantes de fraude.
Ce partenariat aborde des préoccupations considérables en matière de fraude, les pertes liées à la fraude des consommateurs ayant dépassé 10 milliards de dollars en 2023, 69 % des coopératives de crédit et des banques communautaires signalant une augmentation des cas de fraude. 79 % de ces institutions ont signalé des pertes directes liées à la fraude dépassant 500 000 $. Zest Protect offre une protection contre les identités compromises, la fraude de premier et de troisième niveau et les revenus mal déclarés, tout en maintenant un traitement rapide des demandes.
La solution est personnalisable, permettant aux institutions financières d'ajuster les seuils de risque selon le type de fraude et le portefeuille. Elle s'intègre parfaitement au système d'origine de prêts de MeridianLink et évalue toutes les demandes sans coûts par demande, aidant les institutions à lutter contre divers types de fraude, y compris la fraude générée par l'IA.
MeridianLink (NYSE: MLNK) und Zest AI haben eine erweiterte Partnerschaft angekündigt, um KI-gestützte Betrugserkennung für über 2.000 Finanzinstitution-Kunden von MeridianLink bereitzustellen. Die Zusammenarbeit wird Zest Protect, ein KI-gestütztes Betrugserkennungstool, in die MeridianLink-Plattform integrieren, um den zunehmenden Betrugsbedrohungen entgegenzuwirken.
Die Partnerschaft thematisiert erhebliche Betrugsbedenken, da die Verluste durch Verbraucherbetrug 2023 über 10 Milliarden US-Dollar überschritten und 69% der Kreditgenossenschaften und kommunalen Banken einen Anstieg der Betrugsfälle meldeten. 79% dieser Institutionen berichteten von direkten Betrugsverlusten von über 500.000 US-Dollar. Zest Protect bietet Schutz gegen kompromittierte Identitäten, Betrug durch Dritte und falsch gemeldetes Einkommen, während es eine schnelle Antragbearbeitung aufrechterhält.
Die Lösung ist anpassbar, sodass Finanzinstitute Risikoschwellen nach Betrugsart und Portfolio anpassen können. Sie integriert sich nahtlos in das Kreditvergabesystem von MeridianLink und bewertet alle Anträge ohne Antragskosten und hilft Institutionen, verschiedene Betrugsarten, einschließlich KI-generiertem Betrug, zu bekämpfen.
- Integration provides fraud protection to 2,000+ financial institutions
- No per-application costs for fraud detection
- Customizable risk thresholds for different fraud types and portfolios
- Seamless integration with existing loan origination systems
- None.
Insights
This strategic partnership marks a pivotal advancement in MeridianLink's service offering, addressing a critical market need as financial fraud reaches unprecedented levels. The integration of Zest Protect into MeridianLink's platform represents a significant value proposition, particularly considering that 79% of credit unions and community banks reported fraud losses exceeding $500,000.
The partnership's strategic value lies in three key aspects:
- Zero per-application costs, enabling comprehensive fraud screening across all applications, which differentiates it from traditional pay-per-use models
- Seamless integration with existing loan origination systems, reducing implementation barriers and operational friction
- Customizable risk thresholds that allow financial institutions to adapt to regional fraud patterns and specific community needs
For MeridianLink shareholders, this partnership could drive revenue growth through increased platform adoption and customer retention. The company's ability to offer advanced AI-powered fraud detection without disrupting existing workflows positions it favorably against competitors in the financial software space. The endorsement from VyStar Credit Union, a significant player in the credit union sector, adds credibility to the solution's effectiveness.
The timing of this partnership is particularly strategic, coinciding with the rising threat of AI-generated fraud. By addressing emerging fraud vectors while maintaining operational efficiency, MeridianLink demonstrates forward-thinking product development that could translate into sustained competitive advantage in the financial technology sector.
Expanded partnership to provide financial institutions with smarter, simplified fraud protection
The Federal Trade Commission estimates that consumer fraud losses in 2023 exceeded
To tackle this issue, Zest Protect offers robust layers of protection against compromised identities, first and third-party fraud, as well as misreported income, fully integrated with lenders' existing fraud review processes. This partnership allows MeridianLink customers to maintain their application processes with confidence, providing borrowers with a modern, speedy experience, with the goal of also significantly reducing their fraud losses. Zest Protect is also highly configurable and customizable, giving financial partners the ability to finely tune the risk thresholds by fraud type, portfolio, and more, in one unified solution.
"Zest AI has been a trusted partner delivering proven value to our customer base, and we're excited to expand on that success with Zest Protect to combat rising and more sophisticated fraud in today's ever-changing lending landscape," said Megan Pulliam, SVP of MeridianLink® Marketplace. "The technology will be a game changer as it seamlessly integrates with our loan origination system to cover all application fraud, while streamlining automation workflows, and can be customized for our customers by specific regions and communities."
"Fraud is an escalating challenge for lenders, and we're hearing it directly from our more than 100 shared customers. Every dollar lost to fraud costs financial institutions four times that much in expenses and lost time," said Zest AI Head of Strategic Partnerships José Valentin. "Expanding our partnership with MeridianLink extends the reach of Zest Protect to provide a unified solution for application fraud with no per-application cost - so every application can be evaluated. Our team is dedicated to staying on top of emerging threats, making sure the tool can more accurately detect all types of fraud, including the growing threat of AI-generated fraud. Zest AI's growing partner network will help more lenders outsmart complex fraud now and in the future for quicker, more accurate decisioning."
"Zest AI has become an integral part of our lending process, giving us the confidence to make smarter decisions while tackling the growing issue of fraud head-on. We trust Zest AI for its precision and reliability in underwriting and its innovative approach to fraud detection. This partnership between Zest AI and MeridianLink strengthens our ability to protect our institution and members from fraud, and we're proud to continue working together to stay ahead of evolving threats," said Joel Swanson, CLO, VyStar Credit Union.
About Zest AI
Zest AI is a tech company on a mission to broaden access to equitable lending. Since 2009, we've worked with financial institutions to use AI lending technology to better serve their borrowers. Today, we work with all types of lenders as a catalyst for economic equity by helping them leverage AI's potential for good. Most recently, we were named in the Forbes Fintech 50. Learn more at Zest AI and connect with us on LinkedIn.
About MeridianLink
MeridianLink® (NYSE: MLNK) empowers financial institutions and consumer reporting agencies to drive efficient growth. MeridianLink's cloud-based digital lending, account opening, background screening, and data verification solutions leverage shared intelligence from a unified data platform, MeridianLink® One, to enable customers of all sizes to identify growth opportunities, effectively scale up, and support compliance efforts, all while powering an enhanced experience for staff and consumers alike.
For more than 25 years, MeridianLink has prioritized the democratization of lending for consumers, businesses, and communities. Learn more at www.meridianlink.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/zest-ai-to-deliver-first-seamless-ai-application-fraud-detection-for-meridianlink-clients-302361803.html
SOURCE Zest AI
FAQ
What is the impact of MeridianLink's (MLNK) partnership with Zest AI on fraud detection?
How much did consumer fraud losses amount to in 2023 according to MLNK's announcement?
What percentage of credit unions and community banks reported increased fraud cases?
What types of fraud does the new MLNK-Zest AI partnership protect against?
How many financial institutions will benefit from MLNK's Zest AI fraud detection integration?
