Get 2026 fraud trends and statistics for financial institutions and fintechs, and benchmark your fraud strategy to elevate your defenses.
See how Alloy's identity and fraud prevention platform uses AI and 270+ data solutions to detect fraud and accelerate growth across the customer lifecycle.
Alloy CEO Tommy Nicholas breaks down the 3 trends keeping fraud and compliance teams up at night: AI-accelerated fraud, agentic users (KYA), and efficiency mandates.
7th largest credit union in the U.S. drives growth by keeping members safe
When authentication and fraud prevention operate in silos, account takeover attacks slip through. Here's what unified detection actually looks like.
Alloy Marketplace unites 270+ partner solutions and a new library of pre-built decisioning logic in one dashboard. Discover, test, and deploy from one place.
Why spend time on tedious manual reviews when AI can do it for you? Learn how agentic AI for KYC and compliance is helping financial orgs optimize efficiency.
7th largest credit union in the U.S. drives growth by keeping members safe
Alloy’s real-time risk assessments helps IncredibleBank create a holistic risk profile for each applicant.
Alloy helps Earnest optimize customer onboarding and underwriting to boost conversion rates
Know Your Agent (KYA) is how financial institutions verify AI agents acting for customers. Learn the core controls and how it differs from KYC.
Learn how actionable AI empowers financial institutions and fintechs to move from detecting fraud to agile prevention.
Banks and fintechs run into challenges that cause customer friction when it comes to AML, KYB, and KYC regulations.
We’re excited to join the celebration of International Credit Union Day. Learn how Alloy helps credit unions stay compliant and fight fraud.
Alloy enriched existing capabilities to offer a more comprehensive testing hub that allows clients to test new policies or changes to their decisioning logic and see projected outcomes, easing the pressure of making changes and going live. This type of agility is critical in an era of growing fraud.
Learn how fraud impacted banks, fintechs, and credit unions in 2024 — and how financial institutions responded — with our infographic.
NEW YORK, October 3, 2024 -- Sonovate, the leading provider of embedded finance and payment solutions for the contingent workforce, today announced that it is implementing Alloy’s identity risk solution to better prevent fraud while also fueling growth.Alloy helps solve the identity risk problem for companies that offer financial products by enabling them to outpace fraud and confidently serve more people around the world. Over 600 banks and fintechs in the US, UK, and beyond turn to Alloy to grow with a clearer picture of their customers. Sonovate will use Alloy’s end-to-end identity risk management platform to stay ahead of rising fraud trends in the UK. A report from UK Finance found that £1.17 billion was lost to financial criminals in 2023. New technologies like generative AI have given bad actors more sophisticated tools to attack financial institutions. With Alloy, Sonovate is poised to stay ahead of this fraud risk while ensuring that genuine customers can efficiently access the company’s products and services.“With its network of data sources, Alloy gives us the power to protect our business and customers from financial crime and the flexibility to make adjustments as needed as our business scales,” said Tom Wilson, Global Head of Risk and Compliance at Sonovate. “We are excited for this next step in our global growth.”Since it was founded in 2014, Sonovate has funded nearly £6 billion ($8 billion) of invoices, supporting 3,300 businesses and 50,000 workers in 44 countries. In pursuit of the company’s global growth, Sonovate recently opened its first overseas office in Amsterdam and announced significant enhancements to its funding technology platform to better serve large, multinational recruitment businesses. Sonovate joins a growing list of UK-based banks and fintechs that use Alloy to solve for identity risk, including Liberis and Flagstone. “We’re excited to support Sonovate in their mission to empower recruitment and consultancy businesses with tailored financial solutions,” said James Baston-Pitt, Head of UK and EMEA at Alloy. “Risk management has always been a core part of Sonovate’s business, and with Alloy, the company will continue to evolve to address growing fraud threats.”About SonovateSonovate is the leading provider of embedded finance and payment solutions for the workforce. Its finance and technology services cater to recruitment businesses, consultancies, and labour marketplaces who place contractors and freelancers around the world. Sonovate’s platform and expert service deliver swift credit decisions, same-day funding, credit insurance and collection services as well as timesheet and workflow automation, empowering companies to concentrate on expanding their business, confident that processes and funds are in place to help meet payment deadlines. Since it was founded in 2014, Sonovate has funded nearly £6 billion ($8 billion) of invoices, supporting 3,300 businesses and 50,000 workers in 44 countries.About AlloyAlloy helps solve the identity risk problem for companies that offer financial products. Over 600 banks, credit unions, and fintechs turn to Alloy’s end-to-end identity risk management platform to take control of fraud, credit, and compliance risks, and grow with confidence. Founded in 2015, Alloy is powering the delivery of great financial products to more customers around the world. Learn more at alloy.com.
BOSTON, October 1, 2024 -- Numerated, the leading AI-driven commercial lending platform, today announced its partnership with Alloy, the identity risk management company trusted by over 600 leading banks, credit unions and fintech companies, to deliver best-in-class fraud checks within commercial lending. This strategic partnership will supercharge Numerated's lending automation capabilities by combining cutting-edge risk management with advanced automation, providing unparalleled security and efficiency to financial institutions.In today’s environment, where fraud is an ever-present threat, this partnership will enable Numerated’s clients to perform robust fraud checks seamlessly within their lending processes. According to Alloy’s State of Fraud Benchmark Report, 100% of fraud decision-makers at banks and fintechs reported experiencing fraud in the last twelve months. Additionally, 96% of these institutions suffered financial losses due to fraud, with 70% reporting losses exceeding $500k during that period. This underscores the critical need for advanced fraud prevention in the financial sector, a need that Alloy’s platform will directly address within Numerated’s commercial lending solutions."Fraud prevention and lending automation are crucial in today's financial landscape," said Dan O’Malley, CEO at Numerated. "By partnering with Alloy, we are ensuring that our platform not only meets but exceeds the expectations of financial institutions looking for secure, scalable lending solutions. This partnership allows us to deliver the best of both worlds—top-tier risk management combined with the efficiency and speed of automation."The partnership will enhance Numerated’s platform in three key ways:Streamlined Onboarding: Automatically prefill customer data to optimize the onboarding process.Strengthened Fraud Prevention: Implement advanced KYC/KYB and AML checks to reduce risk and improve lending performance.Unified Digital Experience: Provide a seamless platform for capturing deposits and offering competitive lending products for SMB and commercial borrowers.“Alloy is excited to partner with Numerated to bring our identity decisioning technology to the commercial lending space,” said Keith Kettell, Chief Revenue Officer at Alloy. “Combining our expertise in fraud prevention with Numerated’s industry-leading lending platform will provide financial institutions with a powerful tool to mitigate risk while automating their lending operations.”This partnership represents a significant step forward in Numerated's mission to modernize business banking. With Alloy's technology, Numerated will continue to lead the industry by offering financial institutions a comprehensive solution that enhances security without sacrificing speed or user experience.About NumeratedNumerated is an AI-driven platform that transforms how financial institutions lend to businesses. By leveraging advanced data and AI, Numerated automates every step of the business lending process, from application to closing, providing lenders with industry-leading efficiency gains. Numerated’s platform is trusted by over 500,000 businesses and 30,000 lenders, processing over $50 billion in loans. Learn more at https://www.numerated.com.About AlloyAlloy helps solve the identity risk problem for companies that offer financial products. Over 600 banks, credit unions, and fintechs turn to Alloy’s end-to-end identity risk management platform to take control of fraud, credit, and compliance risks, and grow with confidence. 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.
Alloy's Product Director, Grace Liu, takes you through the thought process and development of one of our most exciting software features: Journeys.
NEW YORK, September 24, 2024 -- Meridian Credit Union (“Meridian”), Canada’s second largest credit union, today announced that it is partnering with leading identity risk management company Alloy to provide a better user experience for new and prospective members while also reducing fraud risk. The partnership supports Meridian’s rapid growth, building on its years of commitment to serving Canadians and its base of 380,000 members, by providing the credit union with a centralized platform to manage fraud, credit, and compliance risk. Meridian joins the over 600 leading banks, credit unions, and fintech companies around the globe that rely on Alloy to help solve identity risk."Our members are at the heart of everything we do, so when searching for an identity risk platform, finding the most frictionless option was crucial. Alloy's ability to connect to hundreds of data sources allows us to test and select the vendors that will help create the positive Member experience we strive to deliver while minimizing risk, making it an easy decision for us,” said Matthew Seagrim, Chief Digital and Marketing Officer at Meridian. Alloy’s end-to-end identity risk management platform allows Meridian to identify good customers at origination, while preventing bad actors from gaining access to the organization. Using Alloy’s 200+ data products covering 195 markets—including Canada—Meridian can easily test and make changes to their onboarding policies, optimizing them for growth. Alloy also gives Meridian the ability to perform step-up verification on risky applicants, keeping fraud rates low while cutting back on manual reviews. Alloy’s real-time decisioning capabilities allow Meridian to make faster, more informed decisions, augmenting the credit union’s ability to deliver a personalized, top-notch member experience.“Meridian is well known for providing a high-quality user experience to its members,” said Keith Kettell, Chief Revenue Officer at Alloy. “We’re excited to be a part of that experience by giving Meridian the tools to meet KYC and KYB requirements while also onboarding genuine individuals and businesses efficiently.”Meridian joins a growing number of credit unions that use Alloy to help solve for identity risk, including Navy Federal Credit Union, Suncoast Credit Union, and Mountain America Credit Union. About MeridianMeridian is Ontario’s largest credit union, and one of the largest in Canada. Guided by our purpose, “helping you achieve your best life,” Meridian delivers personal, and wealth financial business solutions to over 380,000 Members. Our bold Meridian for Good strategy is aimed at helping people get access to the money and advice they need; plan for a better future that is clean, resilient, and diverse; and be financially confident. Meridian has two operating subsidiaries: Meridian OneCap Credit Corp (“MOCC”) and motusbank. For more information, please visit: meridiancu.ca.We acknowledge the land on which we operate is the traditional territory of many nations including the Mississaugas of the Credit, the Anishinaabe, the Chippewa, the Haudenosaunee and the Wendat peoples and now home to many diverse First Nations, Inuit, and Métis. We also acknowledge that Toronto is covered by Treaty 13 with the Mississaugas of the Credit.About AlloyAlloy helps solve the identity risk problem for companies that offer financial products. Over 600 banks, credit unions, and fintechs turn to Alloy’s end-to-end identity risk management platform to take control of fraud, credit, and compliance risks, and grow with confidence. Founded in 2015, Alloy is powering the delivery of great financial products to more customers around the world. Learn more at alloy.com.
Alloy’s Principal Advisor of Fraud & Identity Risk, Sara Seguin, weighs in on what today’s sponsor banks are saying about risk and compliance.
We interviewed Leslie O’Callaghan, Global Head of Legal at Adyen, about managing risk at a high-growth organization.
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Identity theft is on the rise. Safeguard your financial organization with Alloy’s identity theft mitigation strategies.
Banks are in an arms race to catch up to fraudsters' use of gen AI — but should they fight fire with fire?
NEW YORK, August 21, 2024 -- Alloy, the identity risk management company trusted by over 600 leading banks, credit unions and fintech companies, today released its 2024 State of Embedded Finance Report, a survey of over 50 decision-makers working at U.S.-based sponsor banks. The report found that while embedded finance programs drive significant revenue (over 50%) for sponsor banks, a majority (80%) of respondents reported that meeting embedded finance compliance requirements as a sponsor bank is challenging in the current environment. Alloy’s State of Embedded Finance Report comes at a time when sponsor banks in the U.S. face drastically increased regulatory scrutiny. According to data from Klaros Group, 25.6% of the FDIC’s formal enforcement actions have been directed at sponsor banks since the beginning of 2024. “Running a sponsor bank program is inherently complex because you have banks who are highly regulated working with companies that are often new, fast-growing, and creating entirely new ways for consumers to interact with money,” said Tommy Nicholas, CEO and co-founder of Alloy. “Despite the challenge, we’re already seeing sponsor banks respond to regulatory developments by investing in better controls, training, and adding to their compliance tech stack.”These recent compliance violations have resulted in financial consequences for sponsor banks: Alloy’s report found that 75% of sponsor banks have lost $100k or more due to compliance violations, with 39% reporting losses of $250K or more and 6% reporting losses of $1M or more. However, financial losses are far from the worst consequence of regulatory violations: decision-makers at sponsor banks rank reputational damage as the top consequence of mishandling fintech partners’ compliance. Alloy’s report found that sponsor banks’ top barriers to maintaining a compliant embedded finance program are 1) a lack of control over their fintech partners’ policy controls and 2) a lack of auditability of their fintech partners’ policy controls. Earlier this year, Alloy launched Alloy for Embedded Finance, a product that gives sponsor banks, electronic money institutions, and program managers in the U.S., U.K., and E.U. the ability to oversee the compliance policies of their fintech partners. Alloy for Embedded Finance directly addresses embedded finance providers’ need to have greater control and visibility into their fintech partners’ compliance programs. Today, Alloy also announced a new module within Alloy for Embedded Finance: Audit Access. Tools like Alloy for Embedded Finance are becoming more widely adopted by sponsor banks: Alloy’s report found that sponsor banks’ most likely course of action in response to regulatory scrutiny is investing in new compliance technology. “Using Alloy for Embedded Finance has been a game changer for our team,” said Teddy Gordon, Director of Data at Grasshopper Bank. “We can easily set KYC requirements for our fintech partners and then roll those policies out to our entire program all at once. We ensure we’re compliant across the board, and our fintech partners still get to manage their own risk tolerance.”Alloy’s State of Embedded Finance report was fielded from May 30th to June 5th, 2024 and includes respondents from sponsor banks in the U.S. with at least $2 billion assets under management (AUM). The report was conducted on behalf of Alloy by The Harris Poll, a global consulting and market research firm.For more insights, read the full report here. About AlloyAlloy solves the identity risk problem for companies that offer financial products. Over 600 banks, credit unions, and fintechs turn to Alloy’s end-to-end identity risk management platform to take control of fraud, credit, and compliance risks, and grow with confidence. Founded in 2015, Alloy is powering the delivery of great financial products to more customers around the world. Learn more at alloy.com.
Alloy for Embedded Finance launches complimentary audit-only features for sponsor banks to view their fintech partners’ risk controls.
Limit the number of accounts each individual can apply for. Ensure that one customer can only apply for one account for each of your products.
NEW YORK, July 2, 2024 -- Alloy, the identity risk management platform for companies that offer financial products, announced that Kathryn Cook has joined the company as its new Chief Marketing Officer (CMO) to support the company’s rapid, global growth. Cook joins the company following nine years at nCino (NASDAQ: NCNO), an Alloy partner and leader in cloud banking for the financial services industry. While at nCino, she helped lead the company’s global marketing and communications functions as it grew from an upstart to a leading provider of banking solutions and a publicly traded company. “Over the last few years, Alloy has grown in almost every way possible. We’ve expanded globally, added capabilities with new products, extended both our reach and the strength of our network through strategic partnerships, and seen significant client adoption across banking and fintech,” said Tommy Nicholas, Co-founder and CEO of Alloy. “But in my eyes, we are only just getting started. I couldn’t be more thrilled to welcome Kathryn to the Alloy team as our first CMO and partner with her as we enter our next phase of growth.”Founded in 2015, Alloy is trusted to solve the identity risk problem for over 600 of the world’s top financial services companies, including Stash, Live Oak Bank, Grasshopper Bank, Ally, M&T, Carta, Ramp, and Shopify.Alloy has grown extensively over the last year, adding new solutions, partners, and clients. Recent highlights include: Added over 200 new clients, including 12 of the top 50 U.S. banks; Expanded presence in the U.K. with new hires, clients, and triple-digit revenue growth since launching in the U.K. market in 2022;Saw strong double-digit growth bolstered by newly launched solutions including Ongoing Fraud Monitoring and Alloy for Embedded Finance;Deployed over 50 new data product integrations across more than 30 partners to help clients stay ahead of the pace of fraud, with access to an ecosystem of over 200 data integrations. New partners include Enigma, Quantifind, and TrueBiz; Continued to add new technology partners including Lumin Digital and Origence; Alloy is also integrated with nCino, Narmi, MANTL, Apiture, Prelim, Baker Hill, Blend, and Treasury Prime. “Over the last nine years, Alloy has established itself as a leader in identity risk and fraud prevention solutions for innovative fintechs and financial institutions through its best-in-class products, people, and partnerships,” said Cook. “The pace of fraud continues to increase, and I believe Alloy has a massive opportunity to help organizations of all sizes, worldwide, fight fraud, manage compliance risks, and grow with confidence. I am thrilled to be joining the company at this exciting point in its trajectory, and I look forward to helping further advance Alloy’s bold mission and accelerate its growth.” About AlloyAlloy solves the identity risk problem for companies that offer financial products. Today, over 600 banks and fintechs turn to Alloy’s end-to-end identity risk management platform to take control of fraud, credit, and compliance risk, and grow with confidence. Founded in 2015, Alloy is powering the delivery of great financial products to more customers around the world. Learn more at alloy.com.
A guide for banks, credit unions, and electronic money institutions. By Alloy and Treasury Prime.
Learn how triage, discovery, and remediation comprise an effective fraud response strategy
Whenever a bank collapses, fraudsters emerge from the woodwork, eager to take advantage of the chaos. We give you advice on how to handle it.
From banking branches housed in ancient temples to cryptocurrency’s blockchain, the history of banking has been long, winding, and fraud-littered.
If sponsor banks focus solely on compliance, they ignore the fraud risks lurking in the embedded finance ecosystem. But Alloy has a new solution that tackles both fraud and compliance.
Synthetic identity fraud is the fastest-growing financial crime in the U.S. Learn how fraudsters use AI and stolen PII to commit synthetic identity fraud — and how FIs use Alloy to prevent it.
Examples of check fraud in the US do not apply to the UK. Learn more about how the UK managed to control check fraud and whether that’s led to a decrease in its overall fraud rate.
