Velera Introduces Tiered Fraud Service Model for Credit Unions

Velera has introduced a tiered fraud service model approach that allows credit unions to select a tailored offering that meets their risk mitigation needs.

The new Risk Mitigation Service Model is designed to accommodate credit unions’ unique risk tolerances and needs, allow them to keep their existing products or risk solutions, and streamline service delivery, the credit union service organization (CUSO) formerly known as PSCU/Co-op Solutions said in a Tuesday (April 15) press release.

“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,” Velera Senior Vice President of Risk Solutions Karen Postma said in the release.

The new Risk Mitigation Services Model includes three tiers, with each one building upon the offerings of the previous tier, according to the release.

Essential provides 365 coverage, insight on fraud trends, daily support according to the organization’s needs, and the establishment of global rules, the release said.

Premier includes those offerings and adds a layer of elevated fraud prevention that includes an assigned analyst to collaborate on fraud trends and rule suggestions, and daily review of fraud cases, rules and recurring touch bases, per the release.

The third tier, Enhanced, includes the offerings of the first two tiers and adds a dedicated risk consultant to manage the credit union’s entire fraud experience.

Customers that already have Velera fraud services will not need to take any action unless they want to change their service level.

In a challenging fraud landscape, credit unions are adopting advanced technologies and forming strategic partnerships to protect their assets and educate their members to maintain trust, according to the PYMNTS Intelligence and Velera collaboration, “Scam Surge: How Credit Unions Are Tackling Rising Security Threats.”

The report found that in addition to investing in fraud detection/mitigation technology and educating their members about common scams, credit unions are forming partnerships to strengthen their defenses against fraud.

Forty-two percent of credit unions prioritize fraud reduction when collaborating with FinTech companies, per the report.