Zest AI to Deliver First Seamless AI Application Fraud Detection for MeridianLink Clients

Core Insights - Zest AI has expanded its partnership with MeridianLink to enhance fraud protection for financial institutions through the introduction of Zest Protect, an AI-powered fraud detection tool [1][3][4] - The partnership aims to address the significant rise in consumer fraud, which exceeded $10 billion in losses in 2023, with credit unions and community banks experiencing a 69% increase in fraud cases [2][3] Company Overview - Zest AI focuses on using AI technology to improve lending processes and broaden access to equitable lending, having been recognized in the Forbes Fintech 50 [5] - MeridianLink provides modern software platforms for financial institutions, enabling efficient growth through cloud-based solutions for digital lending and data verification [6][7] Partnership Details - The collaboration allows MeridianLink's over 2,000 customers to utilize Zest Protect, which integrates seamlessly with existing fraud review processes, enhancing the speed and accuracy of fraud detection [1][3] - Zest Protect is customizable, allowing financial institutions to adjust risk thresholds based on various factors, thereby improving their fraud prevention strategies [3][4] Industry Context - The financial sector is facing escalating challenges related to fraud, with every dollar lost to fraud costing institutions four times that amount in expenses and lost time [4] - The partnership is positioned as a proactive measure to combat increasingly sophisticated fraud, including threats from AI-generated fraud [4]