DENVER–Velera has introduced new, tiered fraud service model approach it said is designed to meet credit unions “where they are in their risk mitigation journey.”

The announcement was made at the company’s VeleraLIVE event, taking place this week in Denver.

“Designed to meet the diverse needs of credit unions, Velera’s Risk Mitigation Service Model is rooted in offering flexibility with each engagement – whether through frequent, hands-on contact or an informed as-needed approach in which Velera handles fraud mitigation and involves the credit union as necessary,” the company said. “This enhancement aligns the CUSO’s service with credit unions’ unique risk tolerances and needs – without changing existing products or risk solutions – while also streamlining service delivery and maintaining support.”

Three Tiers

According to Velera, the new Risk Mitigation Model consists of three tiers: Essential, Premier and Enhanced Risk Mitigation Services, each of which build upon the offerings of the previous tier.

• Essential is the foundation of Velera’s fraud services offering, providing an organization with 365-coverage, insight on fraud trends and daily support according to financial institution needs. This level also features the establishment of global rules, along with testing, deployment and ongoing optimizations, the company said.
• Premier adds a layer of elevated fraud prevention to the Essential level, featuring an assigned analyst to collaborate on fraud trends and rule suggestions specific to the goals and needs of the credit union. Daily review of fraud cases, rules and recurring touch bases are also available with Premier, according to Velera.
• Enhanced (formerly known as Enhanced Fraud Services) features the support of all elements of Essential and Premier programs, in addition to a dedicated, tenured risk consultant to manage the credit union’s entire fraud experience, providing best-in-class service for the credit union and its members.

Need for Adaptability

“As fraud and risk concerns escalate and evolve in the digital landscape, driven by sophisticated phishing scams and consumer-engaged fraud, financial institutions require adaptable, customized solutions to address their needs,” SVP-Risk Solutions Karen Postma said in a statement. “Our new tiered approach empowers credit unions with flexible service offerings to engage with the Velera Risk Solutions team at a level that matches their organization’s current and future needs as their tolerance shifts or changes in response to evolving fraud trends and threats.”

Additional Info

According to Velera, credit unions with existing Velera fraud services will not need to take any action unless a service level change is desired. For more information on the Velera Risk Mitigation Service Model, visit the solutions page.