Case Study: Jovia reduces fraud by 35% with Alloy

Jovia Financial Credit Union decreases daily fraud volume by 35% with Alloy

Jovia Financial Credit Union, an 85-year-old Long Island-based credit union with more than $4.5 billion in assets, faced a sharp rise in daily applications, fraud, and account closures after expanding nationwide. Unable to reliably separate risky applications from genuine ones in real time, Jovia sometimes had to disable its online application form and manually review every application, creating backlogs and slowing onboarding. To address this challenge, Jovia turned to Alloy for KYC and onboarding, including NeuroID for real-time behavioral risk insight.

With Alloy and NeuroID, Jovia improved real-time fraud mitigation and gained deeper visibility into applicant intent and fraud patterns. The solution helped Jovia reduce fraudulent applications by 35% overall, with a 20% drop within weeks of implementation, and catch 1.4% more fraudsters without negatively impacting approval rates. Alloy also helped reduce manual review and compliance burden, while NeuroID revealed abuse of referral codes and bot-driven testing that informed Jovia’s future fraud strategy.

Jovia

Evan Get

Business Systems Analyst