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.
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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.
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7th largest credit union in the U.S. drives growth by keeping members safe
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AUSTIN, TX (JANUARY 22, 2025)— Q2 Holdings Inc. (NYSE: QTWO), a leading provider of digital transformation solutions for financial services, today announced a strategic partnership with Alloy, a leading identity and fraud prevention platform provider, to deliver a joint ongoing fraud monitoring solution for Q2 Digital Banking customers. Powered by Alloy’s centralized identity decision engine for fraud detection and prevention, this new solution addresses the growing need for financial institutions to take control of their fraud monitoring efforts while maintaining an engaging user experience and growing their business.Through this partnership, Q2 and Alloy will deliver a solution that addresses ongoing fraud risks, such as account takeover and peer-to-peer (P2P) payment fraud, that continuously threaten financial institutions. According to Alloy’s upcoming 2025 State of Fraud Benchmark Report one in three financial institutions lost over $1 million to fraud last year. Additionally, account takeover fraud was the most common fraud type by case volume identified by mid-market banks and credit unions in 2024. “The joint solution Q2 and Alloy are offering will go a long way towards enabling financial institutions to prevent fraud without hindering customer experiences, which is a very difficult thing to do,” said Matt Quale, President of Digital Banking at Forbright Bank. “I’m excited about this partnership’s ability to facilitate business growth and mitigate fraud losses for banks and credit unions.” Alloy will serve as the centralized identity decision engine, integrating Q2’s digital banking data, Q2 Innovation Studio, and Alloy’s robust data partner network to help financial institutions prevent more fraud. The ongoing fraud monitoring offering will be the first solution to actively ingest user activity signals coupled with fraud signals from multiple third-party data sources with the ability to interdict in real time on risky activities that may occur within the Q2 Digital Banking platform. “We believe that successful fraud prevention starts with a holistic approach to understanding identity,” said Parilee Wang, Chief Product Officer at Alloy. “That means not just tracking the suspicious movement of money, but also separating out the identities of fraudsters from those of genuine customers. Our joint solution with Q2 brings together the various data sources financial institutions need to more clearly understand their customer so they can better reduce criminal activity throughout the customer lifecycle.” By bringing together events in Q2 digital banking with industry-leading third-party data vendors in Alloy's identity-centric decisioning platform, the joint solution will provide real-time digital banking user action risk assessments and ongoing monitoring. The partnership will also help distinguish genuine customers from the risky ones ensuring that genuine customers benefit from a seamless digital banking experience while strategically introducing healthy friction for riskier customers.Additionally, it will improve operational efficiency via centralized decisioning and streamlined case management.“This strategic partnership between Q2 and Alloy represents an evolution in fraud prevention for financial institutions who leverage Q2’s digital banking platform," said Jim Mortensen, Strategic Advisor at Datos Insights. "By combining Q2's digital banking platform with Alloy's identity-centric fraud prevention and orchestration capabilities, Q2’s clients can leverage a more dynamic approach to fraud detection. What makes this partnership particularly compelling is the real-time risk assessment and interdiction capabilities coupled with the ability for client FIs to make timely modifications to their fraud detection processes rapidly. This approach should help Q2 clients strike that crucial balance between strong fraud prevention and maintaining the seamless digital experience consumers expect."“Banks and credit unions need scalable fraud solutions to combat growing fraud threats while maintaining an engaging customer experience,” said Jeff Scott, VP of fraudtech solutions at Q2. “Our partnership with Alloy will enhance existing native fraud monitoring capabilities within Q2 Digital Banking, providing a scalable, flexible, and identity-centric approach to fraud monitoring across digital channels. We are committed to continuously empowering our customers to help them fight against fraud and protect their account holders.”To learn more about Alloy and Q2’s new solution, please visit this link.About Q2 Holdings, Inc. Q2 is a leading provider of digital transformation solutions for financial services, serving banks, credit unions, alternative finance companies, and fintechs in the U.S. and internationally. Q2 enables its financial institution and fintech customers to provide comprehensive, data-driven digital engagement solutions for consumers, small businesses and corporate clients. Headquartered in Austin, Texas, Q2 has offices worldwide and is publicly traded on the NYSE under the stock symbol QTWO. To learn more, please visit Q2.com. Follow us on LinkedIn and X to stay up to date. About AlloyAlloy provides an Identity and Fraud Prevention Platform that enables global financial institutions and fintechs to manage identity risk so they can grow with confidence. Over 600 of the world’s largest financial institutions and fintechs turn to Alloy’s end-to-end platform to access actionable intelligence and the broadest network of data sources across the industry, as well as stay ahead of fraud, credit, and compliance risks. Founded in 2015, Alloy is powering the delivery of great financial products to more customers around the world. Media Contact Maria Gari Q2 Holdings, Inc. [email protected] 315-657-0041 AlloyLarissa Padden202-841-4419 [email protected]
2024 was a wild ride. Let’s take a look back at the past year.
Whether fraudsters were gaming loopholes in PPP relief programs or sharing their tips and tricks on TikTok, 2024 kept fraud fighters on their toes. Let’s look back at what we believe were the five biggest fraud news stories of 2024.
Jessica Dennis, the head of bank risk and operations at FNBO, talked to Alloy about how she manages risk and helps the bank grow.
Most fraud prevention models no longer keep up with current threats because they focus on transactions instead of identity.
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.
Learn how real-time payment fraud is increasing risk and how to protect against threats in instant payment systems.
Alloy’s real-time risk assessments helps IncredibleBank create a holistic risk profile for each applicant.
LONDON, 21 November, 2024 -- 10x Banking, the cloud-native core banking platform, has partnered with Alloy, a leading identity and fraud prevention platform, to deliver a next-generation customer onboarding, perpetual KYC and KYB monitoring, and credit decisioning platform for financial institutions globally.The partnership combines 10x’s pioneering meta core platform with Alloy’s leading solutions for managing identity risk throughout the customer lifecycle. 10x’s solution powers major financial institutions globally, including Chase UK and Westpac, and provides banks with the fastest, most cost-effective path to cloud-native transformation. Alloy’s platform is trusted by over 600 of the world's most prominent financial institutions and fintechs, including Sonovate, Liberis, Ent Credit Union, Shopify, and Clear Street. Alloy has pre-built integrations to one of the broadest networks of data products in the industry, with over 200 fraud, compliance, and identity data sources including Onfido, ComplyAdvantage, GBG and others covering 195 markets worldwide. On top of this, Alloy leverages its data orchestration capabilities to synthesise all of the data points and automate decision-making for clients, allowing clients to better solve for fraud, credit, and compliance risk, and grow with confidence. This partnership sees Alloy’s data network seamlessly integrated with 10x’s core banking platform, enabling financial institutions to make lending and account opening decisions with increased agility and precision from the core, delivering faster, better business decisions in a market that demands real-time capabilities. The modular decisioning solution allows financial institutions, for the first time, to originate, personalize, and manage loans directly within the 10x Banking platform.Keith Kettell, Chief Revenue Officer at Alloy said: “Our partnership with 10x Banking is a testament to our commitment to helping financial institutions in the UK and beyond fight fraud. Our partnership will provide financial institutions all over the world with flexible tools to efficiently manage identity risk, specifically aiding them in enhancing their account opening and in-life risk management processes.”Matt Mills, Chief Revenue Officer at 10x Banking, said, “Our collaboration with Alloy represents a significant step forward in the modernization of risk decisioning. Alloy’s cloud-native approach to identity risk management complements 10x Banking’s cloud-native core banking platform, creating a modern, versatile credit decisioning tool for banks and fintechs seeking to transform their loan origination processes. This partnership, with 10x’s unique meta core approach, enables us to continue our mission to revolutionize banking for the benefit of financial institutions, their customers, and society.”
RICHMOND, VA, November 13, 2024 -- CapTech Ventures, Inc. (CapTech), an award-winning technology consulting firm, announced today a strategic partnership with Alloy, the identity risk management platform behind over 600 of the world’s leading banks, credit unions, and fintechs. This collaboration leverages Alloy's scalable technology platform to enhance CapTech's offerings and delivery of innovative solutions in the financial services industry. "We are thrilled to embark on this partnership with Alloy," said CapTech CEO Andy Sofish. "Alloy’s expertise in identity risk management complements our commitment to providing secure and innovative solutions. This partnership allows us to enhance our offerings and help our clients improve their customer journeys."This partnership will give CapTech’s financial services clients access to Alloy’s comprehensive identity risk management solution alongside CapTech’s integration expertise, providing them with enhanced security, streamlined customer onboarding, and improved fraud prevention capabilities. Together, CapTech and Alloy aim to help banks, credit unions, and fintechs deliver a seamless and secure digital customer experience by ensuring that Alloy’s fraud and compliance solutions are properly integrated into financial institutions’ existing workflows, core systems, and customer management tools.“This partnership is an important tool for financial institutions looking for a seamless, innovative way to better prevent fraud,” said Keith Kettell, Chief Revenue Officer at Alloy. “CapTech’s deep understanding of technology and innovation, alongside Alloy’s extensive expertise in helping financial institutions manage their fraud, credit, and compliance risk, will allow more banks, credit unions, and fintechs to grow with confidence.” About CapTechCapTech is an award-winning consulting firm that empowers clients to achieve what’s possible through the power of technology. At CapTech, we’re passionate about the work we do and the results we achieve for our clients. From the outset, our founders shared a collective passion to create a consultancy centered on strong relationships that would stand the test of time. Today we work alongside clients that include Fortune 100 companies, mid-sized enterprises, and government agencies, a list that spans across the country. Learn more at captechconsulting.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.
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What did sponsor banks have to say about embedded finance compliance in 2024? Get the fast facts as stats.
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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.
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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Banks are in an arms race to catch up to fraudsters' use of gen AI — but should they fight fire with fire?
