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Suncoast Credit Union is turning to artificial intelligence-driven fraud tools as it pursues aggressive membership growth while attempting to control rising digital fraud risks.
The Florida-based credit union announced a partnership with fraud prevention platform Alloy, saying the technology helped reduce fraud losses by more than 35% between 2023 and 2024.
Suncoast, which currently serves more than 1.3 million members and manages $20.7 billion in assets, said it plans to nearly double in size to 2.5 million members by 2030.
Prior to deploying Alloy's identity verification and fraud monitoring systems, the credit union said fraud losses had been rising nearly 30% annually. The platform now supports onboarding, login monitoring and cross-channel fraud detection across digital, mobile and branch banking channels.
In 2024 alone, Suncoast monitored approximately 269 million digital logins through the system, resulting in nearly 12,000 fraud investigations.
"Alloy helps us say 'yes' to growth without compromising our member-first culture," said Eva Coffee, manager of digital strategy at Suncoast.
The credit union said the technology allows it to apply additional authentication steps only when elevated risk is detected, helping reduce friction for legitimate members while targeting suspicious activity.
Credit unions across the country have increasingly invested in AI-powered fraud systems as digital banking activity and cybercrime threats continue rising.
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