Content Library

Cannabis Compliance: How banks can tap into the budding marijuana industry

In honor of the official/unofficial holiday in celebration of marijuana — lovingly referred to as "4/20" — we take a look at cannabis compliance requirements. Experts from BCB Community Bank and Shield Compliance share their tips for banks and fintechs thinking about opening a cannabis program.

#Compliance

Real-time payments: RTP vs. FedNow

Do faster payments mean faster fraud? We break down real-time payments and what they mean for your fraud controls.

Nearly two-thirds of Americans report concerns about tax fraud

Tax season brings with it new potential for fraud against Americans, and the numbers reveal that they are both aware of this threat and concerned about it. In this blog, we dig into the data around consumer fraud fears and discuss the repercussions for financial institutions.

#Fraud

The digital transformation of in-branch account opening

There’s been a lot of talk about how customers only want to operate online nowadays. In response, businesses are focused on building or improving their digital experience — and they should be. Gen Z and millennials tend to opt for online experiences before in-person ones, but that doesn’t mean you can forget about your in-person experience.

How to stop small business banking fraud

There's no way to sugarcoat it. Banks and fintech companies alike are getting crushed right now by small business account fraud. In this blog, we break down what types of small business banking fraud to look out for and how to prevent it.

When and how to file a Suspicious Activity Report (SAR)

What is a Suspicious Activity Report (SAR)? Who is required to file a SAR? When do you need to file one? How do you file one? — Alloy's Director of Compliance answers all these questions and more.

DEI @ Alloy: March 2023 roundup

Our employee resource groups (ERGs) hosted some amazing events over the past month, and our employees celebrated Black History Month and Women’s History Month.

#Alloy News

How banks and fintechs can prepare for more fraud amid Silicon Valley Bank shutdown

In response to SVB’s shutdown, many businesses are now opening new bank accounts and moving their money into them. As a result, you should expect to see a spike in new business account applications. Here's how to ensure your business onboarding processes are set up to detect and prevent new business account fraud.

Sole proprietorships vs. LLCs: how to verify small businesses

KYC, KYB, and AML laws require financial institutions to verify a company’s (and its beneficial owners’) identity before offering the business financial services or products. We break down the nuances of onboarding sole props vs. LLCs.

Why knowledge-based authentication (KBA) is not effective

Alloy CTO, Charles Hearn, uses his own knowledge-based authentication (KBA) questions to prove why they are an not effective approach to identity verification.

What is ambient fraud?

The most common type of fraud is one you might not have heard of yet. Here’s how to identify and combat ambient fraud.

#Fraud

Eight years of bringing Alloy’s vision, mission, and values to life

Alloy's co-founder and CEO, Tommy Nicholas, reflects on the foundations that help inform everything we do here at Alloy.

DEI @ Alloy: February 2023 roundup

Our DEI committee and employee resource groups (ERGs) are continuing to put together awesome events and volunteer opportunities for Alloy employees. Take a look at what went on over the past 30 days, including Black History Month and Lunar New Year celebrations.

#Alloy News

Why collaboration is key to fighting fraud

Alloy CEO Tommy Nicholas reacts to new State of Fraud Benchmark Report.

How banks are keeping pace with fintech

Alloy Co-founder & President Laura Spiekerman sits down with Hank Word, President of Open Banking at Evolve Bank & Trust, to discuss the future of bank/fintech partnerships.

What is transaction monitoring?

In the age of dating apps, you have to sift through a lot of weird texts and bad first dates before you find your perfect match. Oddly enough, fintech companies and banks follow a similar process when they onboard new customers and monitor their ongoing financial activity.

DEI @ Alloy: January 2023 roundup

Alloy’s LGBTQ+ employee resource group (ERG), Out & About, kicked off the year with a bang 💥— hosting our first ERG event of the year and biggest ERG event to date, a drag competition for charity to benefit Lambda Legal.

#Alloy News

How to stay compliant with sanctions screening obligations

Breaking down sanctions watchlists screening, know-your-counterparties, and more.

Is fraud just another cost of doing business?

Many executives write off fraud as just another cost of operating their financial institution (FI). Fraud is, beyond a doubt, a “cost” all FIs must factor into revenue projections, but is it an inevitable cost that a financial services business must accept and account for—similar to office leases or employee salaries? Or is it something that financial services can actually strive to minimize—and even eliminate?

#Fraud

Alloy’s 2022 year in review

Looking back at the good (Alloy’s global expansion🌎), the bad (crypto crash📉), and the ugly (Taylor Swift ticket-gate🎟)

#Alloy News

Framing fintech: chatting with fintech founder & investor, Aaron Frank, pt 2

Framing Fintech is a blog series where our GM of Fintech, Charley Ma, interviews leaders in the industry. In part two of Charley Ma's conversation with Aaron Frank, Aaron unpacks the key customer lifecycle events for credit cards, areas where credit card companies get it wrong, and types of fraud that credit card companies should be looking out for.

DEI @ Alloy: December 2022 roundup

As we wrapped up the 2022 calendar year, our Employee Resource Groups (ERGs) continued to put on some stellar events. Read on to catch up on how Trail Blazers, Black Alliance, AAPI @ Alloy, and HOLA closed out the year.

#Alloy News

Alloy launches new capabilities to enable clients to accelerate growth

Alloy streamlines global identity management with new features that help clients operating across markets stay compliant with local KYC and AML regulations while preventing fraud.

Why your KYB is only as good as your KYC

While much of the digital KYC (or know-your-customer) process can be automated today, its business counterpart—KYB, or “know your business”—still requires significant manual work for most financial institutions (FIs). We’re here to unpack the delicate relationship between KYC and KYB. A smooth KYC process can keep your team’s KYB workload manageable at scale, even when onboarding businesses of different types and sizes.

#Compliance

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