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Alloy’s 2024 year-in-review
2024 was a wild ride. Let’s take a look back at the past year.
Beyoncé and Taylor Swift may have kept their hold on the cultural zeitgeist in 2024. However, my favorites of the year were lesser-known popstars Chappell Roan, Sabrina Carpenter, and Charli XCX — mentally, I am still living in Brat Summer.
Speaking of summer, the Summer Olympics brought the world together for some much-needed fun. We cheered on our home teams and laughed at all the meme-able moments, thanks in part to the Australian break dancer and the French pole vaulter.
The Oompa Loompa from the tragic Willy Wonka Experience in Glasgow and Moo Deng weren't the only things to go viral on social media this year. In September, the "infinite money ATM glitch" spread like wildfire on TikTok. The videos glamorized a loophole that allowed amateur fraudsters to commit check fraud at ATMs. The vulnerability was quickly identified and addressed, but the TikTok trend shined a spotlight on new ways bad actors can quickly share their tricks with each other.
Skip ahead to see some fun stats from 2024 in our infographic below
2024's top stories in tech, banking, and fraud
Scams continued to garner a lot of attention in 2024, as GenAI tools made them easier than ever for fraudsters to execute. In October 2024, the UK's Payment Systems Regulator (PSR) introduced new protections against Authorised Push Payment (APP) fraud. The new regulations hold banks responsible for reimbursing customers up to £85,000 if they are scammed. Across the pond, many US financial institutions have been bracing themselves for stronger regulations around financial scams to come as well.
In July, the now infamous CrowdStrike outage took down millions of Windows devices. It was one of the largest IT outages in history, and caused operational inefficiencies at many financial institutions and fintechs around the world. This event highlighted the financial sector's reliance on third-party cybersecurity services and exposed critical vulnerabilities. As a result, many financial institutions have taken proactive steps to build more robust contingency plans, better preparing them for any future outages.
Alloy's 2024 highlights
Client, partner, and product updates
2024 was another big year for Alloy. We signed 185 new clients, added 20 new data partnerships and 35 data products, and powered an average of 25.81 identity and fraud decisions per second.
In February, we launched Alloy for Embedded Finance, a powerful new product that gives sponsor banks comprehensive oversight and control of their fintech partners' compliance policies. The same month, we introduced our Entity Fraud Model, a new machine learning data model that uncovers hidden fraud risks within the first couple of months of onboarding — before clients can identify a behavior profile.
In August, we rolled out our new Workflow Editor that enabled clients to easily make edits to workflows and review and explain workflow logic to managers and auditors. We also released our new Investigations feature that month. The Investigations feature consolidates all alerts into a single dashboard, allowing agents to efficiently review relevant alerts and entity information in one place and file a SAR as needed.
During the year, we made many improvements to our codeless SDK. Improvements included generating QR codes to make it easier for clients to use our step-up authentication services in branches and call centers. We made new connections with CLEAR and LexisNexis ThreatMetrix to give users more ways to verify their identities.
We also had the chance to meet with clients at Alloy-hosted events throughout the year, including our Banking Summit Series and virtual client roundtables. We brought over 150 clients together in closed-door settings to discuss the latest fraud trends, challenges, and strategies to combat today's fraudsters. We look forward to hosting more of these events in 2025!
Team and culture updates
We were honored to be listed on the Forbes Fintech 50, recognizing the top private fintech companies, and Deloitte's Fast 500, recognizing North America's fastest-growing private companies. Meanwhile, Cornerstone Advisors' GonzoBanker Awards named Alloy as one of the top bank technology partners of the year. We also snagged spots on Forbes' America's Best Startup Employers and American Banker's Best Places to Work in Fintech lists.
We hired 60 incredible individuals to join our team, hosted 44 company-wide events — including our popular company-wide retreat in the Poconos and our annual holiday party in Brooklyn — and donated $29.3K to charities through our employee donation match program and donation to Operation Hope on behalf of our clients.
All in all, it was an amazing year, and we couldn't have done it without the entire Alloy team, clients, and partners. Check out some more fun stats down below.
Alloy's year, by the numbers