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Q2 & Alloy to deliver Fraud Monitoring Solution for Banks & Credit Unions

By Gloria Mathias

January 23, 2025

  • Alloy
  • Banking technology
  • Digital Banking
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Q2 Holdings Inc.Q2, Fintech News, Fintech solutions, Financial Technology, Financial Institutions, Digital banking, Banking Technology, MANTL, Q2 digital Banking Platform, Q2 Marketplace, Rapid Finance, Small Business Solutions, SMB solutions, Lending Solutions, Alloy, Banking Technology,, a provider of digital transformation solutions for financial services, has partnered with Alloy, an identity and fraud prevention platform provider, to deliver a joint ongoing fraud monitoring solution for Q2 Digital Banking customers.

Powered by Alloy’s centralised 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.

Alloy will serve as the centralised 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.

“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 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 customers so they can better reduce criminal activity throughout the customer lifecycle.”

By bringing together events in Q2 digital banking with 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 risky ones, ensuring that genuine customers benefit from a seamless digital banking experience while strategically introducing healthy friction for riskier customers.

 

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