Fraud is rising, onboarding is getting tougher, and fintechs are running out of patience with patchwork solutions. Enter a new alliance: Alloy and Mastercard have teamed up to launch a joint onboarding platform designed to help financial institutions cut fraud while improving customer conversion rates.
Why It Matters
Alloy’s 2025 State of Fraud Report paints a grim picture: 60% of banks and fintechs saw higher fraud rates in 2024, and more than 90% plan to ramp up prevention spending this year. With regulators pressuring institutions to harden defenses without slowing down user growth, the market is hungry for integrated, battle-tested solutions.
That’s what Alloy and Mastercard are betting on. Their new onboarding tool combines Mastercard’s global digital identity verification with Alloy’s orchestration platform, offering banks and fintechs a pre-built, configurable way to verify users, assess risk, and fund accounts—all in one flow.
Inside the Solution
The joint product aims to deliver a consistent identity risk strategy across all channels. Key features include:
- Mastercard’s identity verification integrated directly into Alloy.
- Open finance-powered account opening tools, reducing friction at signup.
- Pre-built access to 200+ identity and fraud solutions via Alloy’s marketplace.
- Automation to cut manual reviews, improving both compliance and customer experience.
The companies say this setup not only curbs fraud but also boosts onboarding conversion rates—long a pain point for digital-first banks.
The Executive Take
Dennis Gamiello, EVP and Global Head of Identity at Mastercard, called the collaboration “a game-changer,” emphasizing that secure onboarding remains one of the industry’s toughest challenges.
Alloy’s Chief Product Officer, Parilee Wang, echoed the sentiment: “Successful fraud prevention starts with a holistic approach to identity. Partnering with Mastercard allows us to give fintechs and banks both a better digital experience and less fraud risk.”
The Bigger Picture
The move reflects a broader trend in fintech: fraud is no longer just a compliance issue—it’s a business survival issue. Rivals like Socure, Onfido, and Trulioo have also expanded into more holistic ID and onboarding tools, but the Alloy–Mastercard partnership brings heavyweight scale and credibility.
For Alloy, which has built its reputation as the “plumbing” of fintech risk management, this deal gives its clients instant access to Mastercard’s global reach. For Mastercard, it’s another push into open finance and digital identity, both areas it has been steadily investing in.
In short: onboarding is becoming the new battleground in fintech infrastructure, and Alloy just brought Mastercard onto its side.
