Mastercard Teams Up With Alloy for Cutting-Edge Fraud Prevention System
In a significant move for the financial services sector, Mastercard has announced a collaboration with Alloy, a leader in identity and fraud prevention, aimed at revolutionizing the onboarding experience for financial institutions and fintechs. The new joint solution will capitalize on Mastercard’s robust identity verification and open finance innovations, providing a seamless onboarding process that addresses rising fraud concerns.
As reported in Alloy's 2025 State of Fraud Report, the threat of fraud continues to escalate, with a staggering 60% of financial organizations reporting increased fraudulent activities in the past year. These challenges have prompted 93% of financial entities to prioritize investments in fraud prevention solutions, with a notable 64% intending to adopt identity risk methodologies in 2025. This rising tide of fraud highlights the urgency for comprehensive and effective measures in customer onboarding.
The Mastercard and Alloy joint onboarding solution is designed to create a standardized identity risk strategy and a consistent onboarding experience across various channels. By integrating Mastercard's top-tier global digital identity verification abilities with Alloy’s complete suite of open finance solutions, the collaboration aims to bolster fraud management and identity risk mitigation throughout the customer lifecycle. Financial institutions can smoothly deploy an all-encompassing approach to account funding and risk management, supported by an extensive library of over 200 risk and identity solutions offered by Alloy.
Dennis Gamiello, EVP and Global Head of Identity at Mastercard, emphasized the critical nature of preventing fraud in today’s financial landscape. He stated, "Fraud continues to be a significant challenge for financial institutions and consumers alike, underscoring the urgent need for robust fraud prevention measures. This joint onboarding solution will be a game-changer in the fight to reduce fraud and deliver a seamless and secure customer experience."
For fintechs and financial institutions alike, adopting such comprehensive identity verification practices is not simply advantageous; it’s crucial for fostering trust and confidence among their customers. Parilee Wang, Chief Product Officer at Alloy, echoed these sentiments, highlighting the necessity of a holistic approach to identity evaluation. He stated, "Successful fraud prevention starts with a holistic approach to understanding identity. Our partnership with Mastercard will allow more financial institutions and fintechs to evaluate customer identities holistically. The end result will be a better digital experience and less fraud risk, allowing their businesses to grow effectively."
This innovative solution stands out by integrating pre-built connections to Mastercard's extensive product offerings, allowing for a swift and efficient implementation within Alloy’s platform. It enables financial organizations to minimize manual oversight, thereby enhancing customer conversion rates and streamlining onboarding processes.
Alloy, established in 2015, functions as a pivotal identity and fraud prevention platform that empowers major financial institutions and fintechs to confidently manage identity risk while providing better services to their customers. Serving more than 700 clients globally, Alloy offers actionable intelligence and a diverse array of data sources to stay ahead of fraudulent activities, credit pitfalls, and compliance challenges.
As the landscape of financial services continues to evolve, partnerships like that of Mastercard and Alloy highlight the critical need for security and efficiency in customer onboarding. By adopting cutting-edge technologies and strategies, financial institutions can not only protect themselves from illicit activities but also enhance the overall customer experience. This collaborative effort not only signifies a step forward in combating fraud but also sets a new standard for the onboarding processes within the financial sector. For further details about Alloy and their offerings, please visit their official website at Alloy.
As reported in Alloy's 2025 State of Fraud Report, the threat of fraud continues to escalate, with a staggering 60% of financial organizations reporting increased fraudulent activities in the past year. These challenges have prompted 93% of financial entities to prioritize investments in fraud prevention solutions, with a notable 64% intending to adopt identity risk methodologies in 2025. This rising tide of fraud highlights the urgency for comprehensive and effective measures in customer onboarding.
The Mastercard and Alloy joint onboarding solution is designed to create a standardized identity risk strategy and a consistent onboarding experience across various channels. By integrating Mastercard's top-tier global digital identity verification abilities with Alloy’s complete suite of open finance solutions, the collaboration aims to bolster fraud management and identity risk mitigation throughout the customer lifecycle. Financial institutions can smoothly deploy an all-encompassing approach to account funding and risk management, supported by an extensive library of over 200 risk and identity solutions offered by Alloy.
Dennis Gamiello, EVP and Global Head of Identity at Mastercard, emphasized the critical nature of preventing fraud in today’s financial landscape. He stated, "Fraud continues to be a significant challenge for financial institutions and consumers alike, underscoring the urgent need for robust fraud prevention measures. This joint onboarding solution will be a game-changer in the fight to reduce fraud and deliver a seamless and secure customer experience."
For fintechs and financial institutions alike, adopting such comprehensive identity verification practices is not simply advantageous; it’s crucial for fostering trust and confidence among their customers. Parilee Wang, Chief Product Officer at Alloy, echoed these sentiments, highlighting the necessity of a holistic approach to identity evaluation. He stated, "Successful fraud prevention starts with a holistic approach to understanding identity. Our partnership with Mastercard will allow more financial institutions and fintechs to evaluate customer identities holistically. The end result will be a better digital experience and less fraud risk, allowing their businesses to grow effectively."
This innovative solution stands out by integrating pre-built connections to Mastercard's extensive product offerings, allowing for a swift and efficient implementation within Alloy’s platform. It enables financial organizations to minimize manual oversight, thereby enhancing customer conversion rates and streamlining onboarding processes.
Alloy, established in 2015, functions as a pivotal identity and fraud prevention platform that empowers major financial institutions and fintechs to confidently manage identity risk while providing better services to their customers. Serving more than 700 clients globally, Alloy offers actionable intelligence and a diverse array of data sources to stay ahead of fraudulent activities, credit pitfalls, and compliance challenges.
As the landscape of financial services continues to evolve, partnerships like that of Mastercard and Alloy highlight the critical need for security and efficiency in customer onboarding. By adopting cutting-edge technologies and strategies, financial institutions can not only protect themselves from illicit activities but also enhance the overall customer experience. This collaborative effort not only signifies a step forward in combating fraud but also sets a new standard for the onboarding processes within the financial sector. For further details about Alloy and their offerings, please visit their official website at Alloy.
Topics Financial Services & Investing）
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