November 4, 2022, BANGALORE, India /PRNewswire/ — ZestMoney, India’s top and fastest-growing digital EMI/checkout finance platform, announced today that it is expanding its in-house fraud detection technology with SHIELD’s Device Intelligence. The solution is anticipated to work in conjunction with ZestMoney’s unique stack to identify and proactively patch any potential security holes, enhancing client safety and confidence.
The need to take preventative measures in detecting and responding to fraud attacks has arisen as vulnerabilities are being exploited in increasingly sophisticated ways, including evolving techniques like using social engineering tactics to obtain users’ credentials, facilitating account takeovers, or getting around common security measures like 2FA (two-factor authentication).
ZestMoney has been utilising its own device intelligence for many years by integrating its own machine learning-based device fingerprinting technologies in its decision engine, employing its own internally developed technology and artificial intelligence to detect fraud/risk tendencies. Despite the low level of fraud, ZestMoney opted to add an additional security layer powered by SHIELD’s Device Intelligence to keep up with the rapid development of new technologies and to improve its current risk intelligence capabilities.
The Trust Indicators offered by SHIELD will support ZestMoney’s efforts to provide a more thorough risk profiling and enhance the decision-making procedure for credit approval. This relates to ZestMoney’s mission to open credit to new clients, especially those without established or sufficient credit histories. The most recent addition is anticipated to support ZestMoney’s ongoing efforts as it employs thousands of data points and their combinations, a strategy the company has always used for internal decisions based on artificial intelligence that analyse thousands of signals to identify fraud/risk patterns.
Chief Data Officer of ZestMoney Natalia Lyarskaya stated, “The security of our users is of the utmost priority to us. Although we already have a strong internal tech stack and infrastructure, SHIELD’s Device Intelligence supports our efforts to expand and drive credit inclusion in a safe and secure way.
The founder and CEO of SHIELD, Justin Lie, continued, “Trust will be the key to attracting a larger segment of the populace and promoting the adoption of such services in the rapidly growing digital EMI industry. We are grateful that ZestMoney has chosen to work with us to strengthen its initiatives to promote financial inclusiveness and empower consumer access to credit through a reliable and secure platform.
