/C O R R E C T I O N -- Alloy/
In the news release, Alloy Launches AI-Powered Fraud Attack Radar Providing Real-Time Actionable Intelligence to Fight Fraud, issued 10-Mar-2025 by Alloy over PR Newswire, we are advised by the company that a quote attributed to Jacob Salkovitz was inadvertently omitted, directly above the "Key benefits of the Fraud Attack Radar include" section. The complete, corrected release follows:
Alloy Launches AI-Powered Fraud Attack Radar Providing Real-Time Actionable Intelligence to Fight FraudThe newest solution from Alloy includes actionable AI to show financial institutions and fintechs where attacks are coming from and how to stop them
NEW YORK, March 10, 2025 /PRNewswire/ -- Alloy, a leading identity and fraud prevention platform provider, today announced the launch of Fraud Attack Radar, a machine learning-powered solution that provides financial institutions (FIs) and fintechs with actionable intelligence on fraud threats targeting new account creation. The new solution helps organizations address rising fraud risks by alerting in real-time when a suspected fraud attack is happening, with actionable insights in the Alloy platform to contain, triage and investigate threats, giving FIs the ability to proactively fight fraud without impeding growth.
According to Alloy's 2025 State of Fraud report, 60% of FIs reported an increase in fraud events last year, and only 33% of FIs detected fraud events at onboarding, meaning organizations are leaning too heavily on transaction monitoring controls to catch fraud. With Fraud Attack Radar's instant alerts, Alloy clients can move to a proactive approach to detection, enabling FIs to stop fraud before money has left their organization. Earlier detection at the point of account opening also enables organizations to save time and resources, minimizing the need for manual clerical work to rectify fraud-related issues.
"Many financial institutions are already using AI to prevent fraud," said Parilee Wang, Chief Product Officer at Alloy. "What sets Alloy apart is that we use AI not just to alert our clients to fraud attacks, but also to provide them with actionable guidance on how to respond. With the Alloy platform, a fraud attack very quickly goes from being a terrifying problem to a contained threat."
Fraud Attack Radar is a data model developed leveraging Alloy's unique insights into both common and emerging fraud attack strategies targeting the financial services industry. The new solution helps predict the likelihood that a financial institution is undergoing a fraud attack - that is, a coordinated attack by bad actors to create fraudulent accounts using specific fraud attack patterns or strategies. When suspicious activity is detected, clients receive real-time alerts with digestible insights and can instantly deploy more conservative policies to stop the bleeding while keeping their funnel open for low-risk applicants, and reducing overhead for manual review teams. Alloy also streamlines clean-up efforts by providing details on the entities involved to enable further investigation and provides recommendations on how to reopen their funnels over time.
"Alloy's Fraud Attack Radar gives us the ability to tap into intelligence across Alloy's broad network to help us identify fraud attack patterns," said Jacob Salkovitz, VP, Consumer Product Team Leader at Cambridge Savings Bank. "Not only will these notifications allow us to take quick action to contain potential risk, they'll help us save time and resources in the long term so our teams can focus on having a unified and holistic view of identity within the Alloy platform, which will enable us to unlock a level of proactivity."
Key benefits of the Fraud Attack Radar include:
- Actionable insights: whether it's deploying 'safe mode' policies, conducting further due diligence on impacted applications or initiating an investigation, take immediate action within a single platform.
- Industry-wide onboarding intelligence: a model is only as good as the data you feed it. Alloy's model is trained on high-velocity attack patterns seen across the financial services industry to improve model accuracy.
- Portfolio-level insights:Fraud Attack Radar is designed to work at a portfolio level, identifying trends across an entire population of applications. This gives organizations a holistic view of identity risk in addition to the individual/applicant view available within the Alloy platform.
- Seamless implementation: Existing Alloy clients simply need to opt into using Fraud Attack Radar to adopt it and begin seeing benefits. There are no complex configurations or additional setups needed.
Fraud Attack Radar is the latest tool in Alloy's suite of actionable AI capabilities. While other solutions typically only inform clients when suspicious activity is identified, all signals from Alloy's models enable them to take immediate action, whether that is conducting an investigation or triggering a more conservative policy. Insights that are gathered throughout the customer journey will continually feed into Alloy's machine learning models to compute the risk profile of clients – both at a portfolio level (Fraud Attack Radar) and also at an entity level (Entity Fraud Model) – so FIs and fintechs can always stay on top of their risk.
Fraud Attack Radar is available immediately to all Alloy clients using the Alloy platform for account origination in the United States. For more information, visit www.alloy.com.
About Alloy
Alloy 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. Learn more at https://www.alloy.com/
Media Contact
Kylee Sibilia
kylee@alloy.com
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SOURCE Alloy