ST. PETERSBURG, Fla.– Velera has released a new Risk Mitigation Ecosystem, which it said is a cloud-based, multilayered approach to fraud prevention and detection.
“Representing the next evolution of Velera’s industry-leading risk platform hub, Velera’s Risk Mitigation Ecosystem is designed to protect credit unions and their members from an increasingly complex landscape of fraud, including new and emerging threats like consumer-engaged fraud and scams,” the company said in a statement.
In announcing the new offering, the company noted that in 2024, criminals stole an “unprecedented $1.03 trillion globally — the largest wealth transfer to fraud in history.”
“Today, fraudsters are exploring strategies ranging from card-not-present (CNP) scams to synthetic ID fraud and account takeover, among others. Industry experts expect that the continued growth of artificial intelligence (AI) will only increase fraud threats in the years to come, highlighting the need for agile solutions that help credit unions stay ahead,” Velera said.
Response to Challenge
Velera said its new Risk Mitigation Ecosystem responds to this challenge by leveraging comprehensive data sets across various consumer touchpoints — including payments, digital banking and contact center interactions — to build a holistic view of member behavior.
“By applying advanced AI models to this multidimensional data, Velera’s solution can identify unusual patterns and anomalies with greater accuracy and speed than traditional systems,” the company said.
It added that unlike standalone fraud tools, Velera’s Risk Mitigation Ecosystem combines advanced technology, robust data integration and dedicated risk consultants to deliver a fully integrated fraud defense — an approach it said not only prevents and combats fraud but also ensures a seamless member experience tailored to the needs of credit unions and financial institutions.
‘Nature of Crime Is Changing’
“The nature of financial crime is changing rapidly. Fraudsters are no longer just targeting stolen cards; they are leveraging social engineering and technology to manipulate consumers into giving away money,” Velera Senior Vice President of Risk Solutions Karen Postma said in a statement. “Our Risk Mitigation Ecosystem addresses this head-on by providing a dynamic, adaptable defense system. We’re moving beyond a reactive approach to one that can predict and prevent fraud before it impacts our clients and their members.”
Key Features
According to Velera, key features of the Risk Mitigation Ecosystem include:
• Multi-channel data integration: Unifies data from all member interactions to create a single, comprehensive risk profile, ensuring no fraudulent activity goes unnoticed across different channels.
• Machine learning (ML) and generative AI: Combines powerful ML models that analyze structured transaction patterns in real time with generative AI capabilities that can interpret context, summarize information and adapt responses — enabling detection of complex fraud scenarios, including consumer-engaged (or first-party) fraud and scams often missed by conventional rules-based systems.
• Customized case management: Equips credit unions with tools to design and automate custom case management platforms for new fraud types, enabling them to respond to threats with agility and precision.
• Scam and consumer-engaged fraud detection: Targets the rise of authorized push payment (APP) scams and consumer-engaged fraud, helping credit unions protect members and mitigate significant financial losses.
Critical Addition
Velera said its Risk Mitigation Ecosystem is a critical addition to its suite of end-to-end financial technology solutions, “reinforcing Velera’s commitment to delivering secure, seamless member experiences while helping credit unions stay ahead of emerging fraud threats.”
For info: velera.com/credit-union-fraud-prevention.
