Alloy

Many banks are facing an expectation gap when it comes to generative AI's role in fraud prevention — especially when it comes to preventing gen AI-powered attacks. Alloy CEO and co-founder Tommy Nicholas breaks down the risks and opportunities of gen AI for banks in this deep dive on the topic in American Banker. https://lnkd.in/dz6n-GBY

🥁…Coming this August: Alloy’s 2024 State of Embedded Finance Report 🏦 ⚡ Embedded finance has had a tough year. Sponsor banks face intensified regulatory scrutiny due to persistent challenges with compliance and fraud. But embedded finance is also a massive revenue opportunity for sponsor banks that can effectively manage their identity risk. To that end, we’re excited to launch this report synthesizing responses from the top U.S. sponsor banks on the embedded finance compliance challenges they’re facing and how they’re responding. Register here for priority access to the report when it launches in August: https://lnkd.in/e_MKpZ7h

Nearly 1 in 4 respondents in Alloy's 2024 State of Fraud Report cited AI-driven fraud as their top concern. 😰 But FIs and fintechs are fighting back with AI tools like machine learning (ML). 🤖💪 Discover how fraud prevention teams are improving upon their fraud risk ML algorithms by leveraging a wide dataset, augmenting fraud workflow rulesets, and ensuring interpretability. Our blog post update has everything you need to learn about data and ML — and revolutionize your fraud prevention strategy at the same time. https://lnkd.in/eExC95sV #FraudPrevention #MachineLearning #ArtificialIntelligence

🔍 Uncover the dark side of AI in our latest blog post co-written with our partners at Inscribe AI. We dive into how fraudsters are leveraging AI with tools like FraudGPT and GenAI and share how your business can stay safe from the next wave of AI-driven threats. https://lnkd.in/dVpMY7S3

Last night, Middesk and Alloy brought together leaders in banking and fintech for an evening of networking and discussion around regulatory changes in small business lending, business fraud, and #KYB and #UBO verification. With the help of partners like Middesk, Alloy enables more than 600 banks, credit unions, and fintechs across the globe to take control of their fraud and compliance risk and grow with confidence.

In our latest edition of Risky Business we cover the rise of elder abuse fraud, dive into why banks are struggling with fraud risks in call centers and branches, and take a closer look at account takeover fraud.

Insightful piece from Carter Pape for American Banker on the rise of fraud in bank branches and call centers. To address things like check fraud, it's critical that banks implement strong controls in branches, just as they do when onboarding customers digitally. "Last year, Laura Spiekerman, the co-founder and president of Alloy, argued in an article for Forbes that in-branch fraud prevention systems are critical among a rise in fraud targeting branches — particularly check fraud." https://lnkd.in/eX6mVVZu

Fraud prevention is crucial as your business grows. Discover practical strategies to effectively scale your fraud prevention efforts with our comprehensive guide. 📈 🔒 🔗 Check it out here: https://lnkd.in/eWJB_xkw

Generative AI is a double-edged sword in the world of fraud prevention. It can be used by fraudsters to create convincing fake identities and forge documents, or leveraged by financial institutions like yours to enhance fraud detection models. 🛡🏆 How can gen AI enhance fraud models? Two words: data augmentation. Visit the link below to learn more about this and other AI processes and how they can be harnessed for fraud prevention. 👇 https://lnkd.in/ekh4sGYV #AIFraud #DataAugmentation

🇬🇧 This week, we were thrilled to host some of our UK clients in London for breakfast, networking, and an insightful discussion of industry trends and top priorities in fraud, compliance, and identity verification, led by our Chief Product Officer Parilee Edison Wang. Alloy is honored to help many of the leading banks and fintechs across the UK take control of fraud, credit, and compliance risk, and grow with the clearest picture of their customers. 💪