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
Watch a conversation and demo to see how banks and credit unions can use machine learning models to stay ahead of fraud risk and deliver friction-right experiences.
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.
As Hispanic Heritage Month comes to a close, Lianna Santiago — Manager of Alloy's Implementations Team — reflects on what it's like being a Latina in tech and shares how Alloy's Hispanic/Latine employee resource group celebrated the month.
Banks and fintechs need faster loan origination processes, but different types of credit risk complicate underwriting workflows and create more complexity. An Identity Risk Solution can help.
We chat with Rachel Sapers, Carta's Vice President and Chief Compliance Officer for AML, on how they came to work in risk management, their role at Carta, and their views on the role of risk management in driving business growth.
Alloy Onboarding and NeuroID help Jovia refine their strategic approach to stopping fraud surges
As we get ready for this year's Women in Fintech Money20/20 event, we caught up with some prominent women in fintech who will be attending the event to learn about their experiences and ask them what they are excited about this year at the event.
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.
What started as a simple piece of technology has evolved to help banks and fintechs stay ahead of ever-changing fraud risks.
You don’t want to get caught in a fraud attack and then have to scramble to figure out how to respond, build new workflows and integrate with new data providers. We share some tips on how you can stay one step ahead of fraudsters.
Alloy Onboarding helps Elements meet member expectations and stop more fraud at origination.
Our Employee Experience Manager, Ted Lord, breaks down what makes Alloy's culture unique.
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You may not know your KYB from your KBA just yet, but don’t worry; we have your back. Here’s Alloy’s cheat sheet to common terms you’ll hear when focusing on AML compliance.
Keep bad customers out and let the good ones in while bolstering an identity-focused fraud prevention model. What you need is a thorough, automated step-up verification process. Learn more.
Lending decisions have relied heavily on credit scores since they were first introduced in the late-1950s. However, some FIs have recently started incorporating alternative sources of data into their lending decisions. After more than 60 years of trusting credit scores, what is prompting our industry to rethink them?
NEW YORK, Aug. 15, 2023 -- Alloy, the identity risk management company, today released a report that found 60% of fintechs surveyed report paying at least $250,000 in compliance fines, with one-third paying over $500,000. The report also found larger fintechs were more likely to report higher compliance fines—37% of fintechs with 1,000+ employees reported paying over $500K in compliance fines last year. The State of Compliance Benchmark Report surveyed over 200 compliance decision-makers working at financial technology companies in the U.S. The survey ran from June 6-12, 2023, and included respondents from small (1-500 employees), medium (501-1000 employees) and large (1000+ employees) organizations. The report was conducted on behalf of Alloy by Qualtrics, a leading survey platform that powers +1B surveys every year. Nearly all fintechs (93%) reported that bank secrecy act (BSA) compliance requirements—including anti-money laundering (AML) and know your customer (KYC) requirements—were challenging to meet. Even so, most fintechs (80%) are doing more than the minimum amount of risk management required to meet these compliance requirements—suggesting a robust compliance program requires labor beyond even what is mandated by the U.S. government. "Because fintechs enable people to manage their money and make financial decisions, there's no wiggle room when it comes to compliance," said Gizelle Barany, General Counsel at Alloy. "In addition, the pace of bad actors is often faster than regulators are able to keep up with, so it's not surprising that many fintechs are doing more than the minimum to prevent financial crime." When it comes to the consequences of mismanaging compliance, while fintechs are concerned with fines, they are even more concerned about customer confidence in their ability to properly handle operations. According to 34% of fintechs, customer confidence had the greatest impact on their BSA compliance decisions, followed by reputational damage at 25%. Under the Bank Secrecy Act (BSA), financial institutions are required to assist U.S. government agencies in detecting and preventing money laundering, and report suspicious activity that might signal criminal activity (e.g., money laundering, tax evasion or human trafficking). Writing and filing suspicious activity reports (SARs), suspicious transaction reports (STRs), and currency transaction reports (CTRs) is a key part of compliance professionals' responsibilities, with 34% ranking it as the most time-consuming part of their work. More than one-third (36%) of fintechs filed anywhere from 5-10k SARs per year, with large organizations more likely to file 10-50k SARs. No matter an organization's size, SAR writing and filing is time-consuming: 25% of fintechs said that filing a SAR takes 1-2 weeks. For more insights, read the full report here. About Alloy Alloy solves the identity risk problem for companies that offer financial products. Today, nearly 500 banks 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.
Many financial institutions are still using a “Day-2” fraud review process. We explain why Day-2 reviews should be a last resort and how FIs can catch fraud in real-time instead.
One of the leaders of Alloy's LGBTQ+ employee resource group (ERG), Ariana Longoria, reflects on her experience as a lesbian employee at Alloy and shares how Alloy celebrates Pride yearlong.
Many banks and fintechs are turning to AI as their choice tool to combat the widespread rise in fraud. Meanwhile, fraudsters are leveraging AI to outsmart banks and fintechs. We take a look at the new double-edged sword in fraud-fighting.
What is first-party fraud? Let’s look at some examples, identify key challenges, and find out how to fight back with automated fraud processes, KYC, and ongoing monitoring.
SAN FRANCISCO, June 13, 2023 -- Astra, a leading provider of infrastructure for faster payments, today announced a partnership with Alloy, the identity risk management company, to streamline the onboarding process for existing Alloy customers to leverage Astra’s advanced transfer technology in their applications. “Astra and Alloy both aim to make the business of building fintech products and integrating faster, secure payments easier. By working together, we can improve the overall developer experience and help enterprises accelerate their time to market,” said Gil Akos, CEO and co-founder of Astra. “With Alloy’s identity risk solutions, businesses can confidently onboard verified customers. Paired with Astra’s best-in-class payment technology, more product owners and consumers can leverage accelerated settlement of funds.” Debit transfers are a convenient and secure way for businesses to send money to their customers. Yet, many organizations face overwhelming and unnecessary complexities in successfully facilitating them. With Astra’s platform, businesses can effortlessly create and send debit transfers to their customers’ bank accounts. Astra also offers a variety of features that make it simple for businesses to manage the lifecycle of payments, including a dashboard where they can track payment status and monitor transfer activity. “We’re thrilled to partner with Astra to help businesses offer faster payments,” said Brian Bender, VP of Strategic Alliances at Alloy. “Alloy’s identity risk management platform will help businesses quickly and safely onboard genuine customers and start offering debit transfers, without taking on additional risk.” As a result of this partnership, more businesses can now offer debit transfers and Visa Direct payments, improving customer experience and the growth of their business by freeing up critical developer time and resources. About Astra Astra offers advanced payment infrastructure, powering faster transfers for fintech products, financial institutions, and enterprises. Astra’s proprietary, vertically-integrated API enables developers to offer instant payments and accelerated bank transfers, with built-in optimizations to reduce risk. For more information, visit https://astrafi.com About Alloy Alloy solves the identity risk problem for companies that offer financial products. Today, nearly 500 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.
Learn more about recent fraud trends and how these predictions can help you make a better business case for proactive fraud prevention and the anti-fraud tools you need.
May marked Asian American & Pacific Islander (AAPI) Heritage Month. AAPI @ Alloy did not disappoint by planning some special programming to help the Alloy community celebrate.
Paintbrush founder & CEO Stephen Walter talks about founding a fintech, finding a sponsor bank, and staying compliant as regulatory attention on bank/fintech partnerships intensifies.
Many members of the underbanked population have no or thin credit files — which, in a classic case of what comes first, the chicken or the egg — makes it even harder for them to acquire a credit card. But how can organizations safely verify and underwrite these populations? I asked experts from Alloy, Equifax, Nova Credit, Zest AI, and Ocrolus to find out.
