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Keeping Up With Fraud Trends

According to Alloy’s 2024 State of Fraud Benchmark Report, 54% of banks and fintechs incurred more than $500K in direct fraud losses last year. The rise in fraud comes alongside a corresponding rise in digital banking, giving fraudsters an additional entry point for stealing money. To combat the trend, Alloy CEO Tommy Nicholas spoke with Kiah Haslett on the Reinventing Banking podcast, sharing why the industry needs to refocus on confirming fraudsters’ identities, rather than primarily tracking the money they are stealing.

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It’s a common understanding to think that fraud can be perfectly detected and prevented. What you can do perfect is making fraud so expensive and painful that nobody will do it.

Tommy Nicholas, CEO & Co-founder at Alloy

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The Fintech 50

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