Full-Time
Identity verification and compliance solutions for fintech
$150k - $180k/yr
Senior
New York, NY, USA
Home office stipend for new employees.
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Alloy offers identity verification and compliance solutions for financial institutions, including banks and fintech companies. Their platform integrates with various data sources to help clients meet regulatory requirements like Know Your Customer (KYC) and Anti-Money Laundering (AML) laws, reducing fraud and improving customer onboarding. Alloy stands out from competitors by using machine learning and artificial intelligence for accurate identity verification. The company aims to streamline compliance processes while enhancing security and customer satisfaction.
Company Size
201-500
Company Stage
Late Stage VC
Total Funding
$216.7M
Headquarters
New York City, New York
Founded
2015
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Unlimited PTO
16 weeks of parental leave
Premium medical, dental, vision, HSA, & FSA programs
401k with matching and immediate vesting & eligibility
Commuter, health & wellness benefits
$1,000 annual learning & development stipend
Memorable team events and retreats
NEW YORK, March 24, 2025 /PRNewswire/ -- IncredibleBank, a digital-focused community bank headquartered in Wausau, WI, has partnered with Alloy, a leading identity and fraud prevention platform provider, to provide faster service to improve its account opening process, helping the bank to accelerate growth and reduce manual reviews."Before Alloy, our account opening platform leveraged a single data source and was completely manual," said Phil Suckow, VP of Innovation at IncredibleBank. "Our application volume varied month-to-month, from a few hundred to a few thousand applications, requiring significant back-end resources during spikes. Now, everything is instant."By leveraging Alloy, IncredibleBank significantly improved the bank's digital onboarding process and overall operational efficiency. Application review time was reduced by 88%, and manual reviews were reduced by 90%.IncredibleBank selected Alloy after evaluating several platforms, citing its robust automation capabilities, user-friendly interface, and proven success in mitigating fraud.Alloy's platform has enabled IncredibleBank to:Reduce new account approval times from 2-5 days to instant decisionsCreate holistic risk profiles for applicants by combining five different data sourcesReallocate a full-time employee from application reviews to sales-focused tasksIdentify and mitigate potentially fraudulent applications more effectively"The move to Alloy was strategic, improving our onboarding customer experience and driving business growth without added risk," Phil Suckow, VP of Innovation at IncredibleBank added. "We needed a platform to automate KYC, KYB, and fraud at originations at an enterprise level. Alloy met those requirements and allowed us to leverage its platform across various business units.""We are thrilled to partner with IncredibleBank to enhance their account opening process and drive their growth
IncredibleBank selected Alloy after evaluating several platforms, citing its robust automation capabilities, user-friendly interface, and proven success in mitigating fraud.
Financial services institutions have long relied on machine learning for risk management, but the threat landscape has grown exponentially in the age of generative artificial intelligence (AI), according to executives from Capital One, Visa and Alloy. Fraudsters now have access to AI tools, including synthetic identity generation and real-time phishing attacks, they said. But AI is also arming companies to supercharge their defensive capabilities, since trust and security are the foundation of financial transactions. “Trust is the very foundation of commerce,” said Rajat Taneja, president of technology at Visa. “When two unknown parties are transacting, they have to trust that the transaction will occur correctly, the money will be transferred properly, any dispute will be managed, and there’s someone handling fraud and scams.”
More than two in three UK fintech companies (68%) are reporting higher fraud volumes compared with one year ago, according to new data published today by Alloy, a leading identity and fraud prevention platform provider to over 600 fintechs and financial institutions globally.79% of UK fintechs say they lost at least £500,000 to fraud in the 12 months to October 2024. Strikingly, two in five (38%) fintechs reported losses of between £1m and £5m in that time, and one in ten (9%) lost more than £5m.Alloy’s State of UK Fraud Report identifies three key factors impacting UK fintech’s response to rising fraud:Regulatory compliance weighs more heavily than the risk of financial or customer losses93% of fintech C-Suite leaders ranked regulatory penalties and reputational damage as the most concerning consequences of fraud – ahead of direct financial losses and the loss of clients (both 87%).In late 2024, the UK’s Payments Systems Regulator introduced mandatory reimbursement requirements for victims of APP scams, which require that the sending and receiving organisations each shoulder 50% of the reimbursement cost. As a result, 97% of UK fintechs agreed that it is critical for receiving payment service providers (PSPs) to have robust financial crime controls. Indeed, two-thirds (67%) of UK fintechs say the PSR’s rules are driving overall increased investment in fraud prevention.James Baston-Pitt, Alloy’s Head of Growth UK, EMEA and APAC, comments: “The UK is home to one of the most sophisticated anti-fraud regulatory regimes. However, domestic regulatory innovation can not solve the problem on its own. Fraud is a global, borderless issue
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.