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NEW YORK, October 21, 2025 – With criminals increasingly using AI to develop more convincing scams, consumers also expect their banks to use the most advanced AI tools to protect them from bad actors, according to the 2025 State of Scams Report from Alloy, a leading identity and fraud prevention platform provider. 85% of Americans worry that AI technology makes scams harder to detect; topping their concerns are AI-driven bank impersonations (28%), voice cloning phone calls (21%) and synthetic identity fraud (18%). While consumers report fears of AI being used against them, the majority also expect financial institutions to use AI to help fight fraud. Two-thirds (66%) of consumers say they are more likely to choose a financial institution that uses AI security measures to protect them. And 97% of customers indicated that fraud prevention and security measures are the most important factor when selecting a financial institution.The report, based on a Harris Poll survey of 2,000 American consumers, found that scams have become deeply personal:62% of respondents report they have been victims of a scam themselves or know someone who hasOver a quarter (28%) of respondents reported losing money as a result of a financial scam. Of those victims, 21% reported losing $5,000 or more.Consumers ranked emotional distress (29%) as the worst consequence of being scammed"The data confirms what we're seeing on the ground: AI hasn't made fraudsters more sophisticated, it's made them more efficient," said Sara Seguin, Alloy. "A single criminal can now launch thousands of personalized attacks in minutes. But here's what's fascinating: consumers get it. They're demanding banks use the same AI technologies to protect them." The report comes at a time when financial scams are pervasive. Another recent report from the Aspen Institute’s National Task Force on Fraud and Scam Prevention found that a majority of Americans say they get scam calls, emails, and texts at least weekly, and more than 50 million U.S. adults have lost money to an online scam or attack. Additional findings from the 2025 State of Scams Report include: Consumers hold banks responsible: Two-thirds (67%) of consumers said that financial institutions should reimburse lost money for scams even when the transaction was personally authorized. At 73%, Gen Z and Millennials were even more likely to expect reimbursement from their financial institution, compared to 62% of Gen X and Boomers. Privacy takes a backseat to protection: 69% of Americans are willing to trade some privacy for AI-powered scam protection Trust hangs in the balance: 87% would lose trust in their financial institution if it failed to notify them about attempted scams “As fraudsters’ use of AI tools accelerates, the scope and scale of authorized payment scams edge closer to a tipping point that threatens to upend the trust relationship across the whole financial system,” said Trace Fooshée, Strategic Advisor at Datos Insights. “As this stark reality settles in, financial institutions are racing to adjust their standards of care and investment priorities to amplify their use of AI tools and to reinvent a more deliberate and collaborative approach to managing and improving customer safety.”The full 2025 State of Scams Report is available here. About Alloy Alloy provides an identity and fraud prevention platform that enables global financial institutions and fintechs to manage identity risk so they can grow with confidence. Over 700 of the world's largest financial institutions and fintechs turn to Alloy's end-to-end platform to access actionable intelligence and the broadest network of data sources across the industry, as well as stay ahead of fraud, credit, and compliance risks. Founded in 2015, Alloy is powering the delivery of great financial products to more customers around the world. Learn more at alloy.com.
In this eBook, we explore how using multiple data source providers in your identity verification process can not only help you mitigate fraud risks, but also bring on more good customers.
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LONDON, September 23, 2025 -- Alloy, a leading identity and fraud prevention platform provider, today announced the launch of a perpetual Know Your Customer (pKYC) solution enhanced by AI insights. The pKYC solution will enable financial institutions and fintechs in the UK, Europe, and beyond to improve the customer experience and grow their business, while simultaneously meeting evolving regulatory requirements. Alloy enables UK banks, fintechs, and payments companies like Flagstone, IG Group, and Liberis to increase customer conversions and scale into new geographies while also preventing financial crime.When it comes to pKYC, many financial institutions in the UK and Europe still rely on pre-scheduled periodic reviews, which can leave gaps in visibility and delay responses to financial crime. Alloy’s pKYC solution raises that standard by pairing scheduled refreshes with real-time reactivity to both third-party and first-party data. Underpinning the solution is a dynamic customer risk assessment (CRA) that can be re-run in the event that a user carries out a suspicious activity or has a suspicious change to their personally identifiable information (PII). Alloy also partners with agentic AI providers Parcha and Greenlite to automate and accelerate ongoing financial compliance, including customer reviews. With Alloy’s pKYC solution, compliance teams can act more quickly, increase their straight-through-processing (STP) rates, and protect their customers from financial crime at scale.“Across the industry, the fight against financial crime is shifting from periodic checks to continuous intelligence,” said Francesco Fulcoli, Chief Compliance & Risk Officer at Flagstone. “Static, point-in-time KYC is giving way to dynamic monitoring, where customer behaviour is analysed in real time, and risk assessments evolve automatically. At Flagstone, we see AI and technology as the catalyst for this change: enabling financial institutions to detect anomalies earlier, respond faster, and reduce friction for genuine clients. This is the direction of travel for the market, smarter AML compliance that is always on, adaptive, and customer-centric.”With regulatory frameworks in the UK, Europe, and beyond becoming increasingly complex, compliance is a top priority for financial institutions and fintechs. Alloy’s 2025 State of UK Fraud Report found that 93% of UK fintech leaders ranked regulatory penalties and reputational damage as their most concerning consequences of fraud. European regulators expect KYC checks to be applied dynamically—not only at onboarding but also throughout the customer lifecycle—requiring per-country and per-product policies that must also adapt as new regulations emerge.“For fintechs operating in Europe, meeting ambitious growth goals while staying compliant across multiple markets is a daily challenge,” said Jason Ioannides, VP, Global Fintech and Sponsor Banking at Alloy. “Implementing dynamic pKYC ensures that institutions aren’t just assessing risk at onboarding but also continuously throughout the customer lifecycle.”To help compliance teams automate responses to high-risk KYC checks, Alloy also now offers electronic ID (eID) verification as a new digital authentication method across multiple geographies. With more EU regulators beginning to mandate acceptance of digital identity wallets, Alloy clients can seamlessly integrate eID as a step-up into their KYC workflows—unlocking expansion opportunities in new European and global markets where the ability to verify eIDs may be required. Verifying via eID is also faster and simpler for customers than manual methods such as uploading documents or selfies, enabling financial institutions and fintechs to increase their customer conversions.About AlloyAlloy provides an identity and fraud prevention platform that enables global financial institutions and fintechs to manage identity risk so they can grow with confidence. Over 700 of the world’s largest financial institutions and fintechs turn to Alloy’s end-to-end platform to access actionable intelligence and the broadest network of data sources across the industry, as well as stay ahead of fraud, credit, and compliance risks. Founded in 2015, Alloy is powering the delivery of great financial products to more customers around the world. Learn more at alloy.com.
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NEW YORK, August 25, 2025 – Alloy, a leading identity and fraud prevention platform provider, announced today that its solution for Sponsor Banks, Alloy for Embedded Finance, was named Best Know Your Customer/Business (KYC/KYB) innovation by Datos Insights as part of its 2025 Fraud & AML Impact Awards. “Embedded finance presents a massive growth opportunity for both financial institutions and fintechs, but it’s also an area where regulatory expectations are constantly evolving” said Jason Ioannides, Vice President, Global Fintech & Sponsor Banking at Alloy. “Alloy for Embedded Finance allows our clients to automate the fraud and compliance piece of bank/fintech partnerships so that they can focus on driving business growth.Alloy for Embedded Finance enables Sponsor Banks like Grasshopper Bank to enforce compliance and risk controls at scale across their partner portfolios on a fully auditable platform, while enabling fintechs to build on those requirements to create better customer experiences. The product leverages the strength of Alloy's platform and includes a parent/child account configuration. Sponsor banks (or 'parent accounts') have the ability to designate different levels of autonomy and guardrails for each of their fintech partners (or 'child accounts'), depending on how mature the fintech is, how much of the process the fintech wishes to own, and the risk appetites of both parties. Alloy for Embedded Finance was recognized due to the customizability of policies per fintech it enables, its scalability for growing fintech partner portfolios, and its unified platform to manage compliance across the portfolio.“As the embedded finance sector continues to expand, the regulatory scrutiny and compliance challenges facing sponsor banks have intensified,” said Chuck Subrt, Research Director, Fraud & AML Practice at Datos Insights. “By offering flexible control mechanisms that can accommodate different partnership models and risk tolerances, Alloy for Embedded Finance provides a scalable solution that can grow with institutions’ needs. It enables banks to create a unified compliance framework that can scale across multiple partnerships and accommodate different risk tolerances and business models.”Datos Insights is the leading research and advisory partner to the banking, insurance, and securities industries—both the financial services firms and the technology providers who serve them. The Datos Insights Impact Awards are designed to recognize and celebrate innovation achieved by financial institutions and insurers globally, and to share across the industries what the best business impact looks like now.About AlloyAlloy provides an identity and fraud prevention platform that enables global financial institutions and fintechs to manage identity risk so they can grow with confidence. Over 700 of the world’s largest financial institutions and fintechs turn to Alloy’s end-to-end platform to access actionable intelligence and the broadest network of data sources across the industry, as well as stay ahead of fraud, credit, and compliance risks. Founded in 2015, Alloy is powering the delivery of great financial products to more customers around the world. Learn more at alloy.com.
NEW YORK (AUGUST 20, 2025) – Alloy, a leading identity and fraud prevention platform provider, has announced a new global partnership with Mastercard to launch an enhanced customer onboarding solution for financial institutions and fintechs. The new Mastercard Alloy joint onboarding solution will leverage identity verification and open finance to streamline the end-to-end onboarding process while combatting fraud.According to Alloy’s 2025 State of Fraud Report, fraud rates continue to rise, with 60% of financial institutions and fintechs reporting an increase in 2024. As a result, 93% of financial organizations reported plans to invest in ongoing fraud prevention measures in 2025, with 64% planning to implement an identity risk solution.The Mastercard Alloy joint onboarding solution provides a consistent identity risk strategy and onboarding experience across channels. Alloy intends to leverage Mastercard’s best-in-class global digital identity verification capabilities and suite of open finance-powered account opening solutions to help financial institutions and fintechs manage fraud and identity risk and secure account funding throughout the customer lifecycle. Mastercard products will be integrated and pre-configured in Alloy for seamless deployment. In addition to pre-built integrations to Mastercard products, customers will receive access to over 200 risk and identity solutions available through Alloy, helping to improve customer conversion rates, reducing manual reviews, and ensuring comprehensive end-to-end coverage. “Fraud continues to be a significant challenge for financial institutions and consumers alike, underscoring the urgent need for robust fraud prevention measures,” said Dennis Gamiello, EVP, Global Head of Identity at Mastercard. “This joint onboarding solution will be a game-changer in the fight to reduce fraud and deliver a seamless and secure customer experience.”“Successful fraud prevention starts with a holistic approach to understanding identity. Our partnership with Mastercard will allow more financial institutions and fintechs to evaluate customer identities holistically. The end result for those companies will be a better digital experience and less fraud risk, allowing their businesses to grow effectively,” said Parilee Wang, Chief Product Officer at Alloy.To learn more about Alloy, visit http://alloy.comAbout AlloyAlloy provides an identity and fraud prevention platform that enables global financial institutions and fintechs to manage identity risk so they can grow with confidence. Over 700 of the world's largest financial institutions and fintechs turn to Alloy's end-to-end platform to access actionable intelligence and the broadest network of data sources across the industry, as well as stay ahead of fraud, credit, and compliance risks. Founded in 2015, Alloy is powering the delivery of great financial products to more customers around the world.
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