Velera has introduced a new Risk Mitigation Ecosystem, designed as a cloud-based, multi-layered strategy to combat fraud and detection.
This ecosystem is tailored to safeguard credit unions and their members from diverse fraud threats, including emerging issues such as consumer-engaged fraud and scams. The solution addresses these challenges by integrating data across various touchpoints, such as payments, digital banking, and customer service interactions, thereby forming a holistic view of member behavior.
Addressing Financial Crimes
The global financial crime landscape witnessed a staggering theft of $1.3 trillion in 2024. Modern fraudsters are employing innovative tactics, ranging from card-not-present (CNP) scams to fake identification and account takeovers. With the rise of artificial intelligence expected to escalate these threats, Velera’s new ecosystem stands out as a critical tool for protection.
Through advanced AI models applied to extensive data sets, Velera’s system can pinpoint irregularities with greater precision and speed than conventional systems. The integration of sophisticated technology, data consolidation, and expert risk consultancy provides a seamless yet robust defense against fraud while ensuring members have an easy experience.
The ecosystem features multi-channel data aggregation, which merges interaction data from all platforms to form a cohesive risk assessment profile. It also includes AI and machine learning capabilities for real-time transaction pattern analysis, context interpretation, information summarization, and adaptive responses. These technologies are particularly effective in identifying sophisticated fraud schemes, including cases where conventional systems fall short.
Velera’s solution also offers customized case management tools to help credit unions develop specialized platforms for handling new types of fraud. This allows them to respond swiftly and accurately to emerging threats. The ecosystem addresses the rise of application (APP) scams and consumer-engaged fraud, thereby protecting members and reducing financial losses. Velera remains dedicated to delivering secure, straightforward, and compliant member experiences while assisting credit unions in proactively managing risks.
