Velera’s new tiered Risk Mitigation Service Model aims to provide credit unions with tailored offerings that accommodate their individual needs. The new model was introduced in response to the escalation in fraud and risk concerns in the digital landscape, as sophisticated phishing scams and consumer-engaged fraud raise significant challenges for financial institutions.
The new Risk Mitigation Service Model features three tiers: Essential, Premier, and Enhanced, with each of them building upon the offerings of the previous one.
Essential: provides 365-coverage of insights and fraud trends, as well as daily support per a financial institution’s needs. Moreover, this level includes the establishment of global rules, testing, deployment, as well as ongoing optimisations.
Premier: takes the first tier a step further and includes a layer of increased fraud prevention. This level provides credit unions with an assigned analyst to collaborate on fraud trends as well as rule suggestions in line with the needs and goals of the organisation.
Enhanced: previously known as Enhanced Fraud Services, this final tier brings together all the elements of the Essential and Premier levels, alongside the addition of a tenured risk consultant to manage the credit union’s entire fraud experience.
The credit unions already using Velera’s fraud services do not have to take any additional action unless they want to opt for a different level.
According to a recent study, 2024 saw a 25% rise in fraud losses reported by consumers and companies, reaching USD 12.5 billion. According to the source, 67% of the banks and credit unions surveyed emphasised the need for additional fraud prevention measures and expressed their willingness to take steps to improve their cybersecurity defences.
The same study revealed that 77% of the financial institutions surveyed expected to see a record number of fraud cases in 2025.
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