ZestMoney, India’s leading and fastest-growing digital EMI/checkout finance platform, said that it is adding SHIELD’s Device Intelligence to supplement its proprietary fraud detection system. The solution is expected to complement ZestMoney’s proprietary stack to detect and preemptively plug any potential security vulnerabilities, bolstering customer safeguards and trust.
As vulnerabilities are being exploited in increasingly sophisticated ways – including evolving techniques such as deploying social engineering tactics to get consumers’ credentials, facilitating account takeovers, or bypassing typical security measures such as 2FA (two-factor authentication) – there is a need to take pre-emptive measures in detecting and dealing with fraud attacks.
ZestMoney has, for many years, been leveraging its in-house device intelligence by incorporating its own Machine Learning based device fingerprinting technologies in its decision engine, using its tech built in-house and Artificial Intelligence to assess fraud/risk patterns. Keeping pace with the rapid emergence of new technologies, ZestMoney proactively decided to add a supplementary security layer powered by SHIELD’s Device Intelligence to enhance its existing risk intelligence capabilities despite instances of fraud being in check.
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The Trust Indicators provided by SHIELD will further supplement ZestMoney efforts to enable a more comprehensive risk profiling and also improve the credit approval decision-making process. This ties back to ZestMoney’s vision of making credit accessible to new customers particularly those without a prior or adequate credit history. The latest addition is expected to complement ZestMoney’s ongoing efforts as it uses thousands of data points and their combinations – an approach that ZestMoney has always taken for its internal decisions based on Artificial Intelligence using thousands of signals to assess fraud/risk patterns.
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Natalia Lyarskaya, Chief Data Officer of ZestMoney, said, “The security of our users is of paramount importance to us. While we have a solid in-house infrastructure and tech stack, SHIELD’s Device Intelligence complements our efforts to further drive and scale credit inclusion in a safe and secure manner.”
Justin Lie, Founder and CEO of SHIELD, added, “For the burgeoning digital EMI market, trust will be the key to winning over a wider proportion of the population and encouraging the adoption of such services. We are honored that ZestMoney chose us to enhance its efforts in driving financial inclusivity and empowering consumer access to credit through a secure and trustworthy platform.”
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