Velera has launched its new Risk Mitigation Ecosystem, a cloud-based, multi-layered approach to fraud prevention and detection.
Velera’s Risk Mitigation Ecosystem was created to protect credit unions and their members from a complex landscape of fraud, including emerging threats like consumer-engaged fraud and scams. It responds to challenges by leveraging data sets across various consumer touchpoints, such as payments, digital banking, and contact centre interactions, building an understanding of member behaviour.
Combating financial crimes
Criminals stole USD 1.3 trillion in 2024, making fraudsters today explore new strategies, from CNP scams to fake ID fraud and account takeover. Experts warn that the growth of AI will only increase fraud threats in the coming years, reflecting the need for new solutions that help institutions. By applying advanced AI models to the multi-dimensional data sets, Velera’s solution can identify unusual patterns and anomalies with greater accuracy and speed than traditional systems.
Combining advanced technology, data integration and risk consultants, it provides a fully integrated system that prevents and combats fraud while ensuring a simple member experience. Key features of the Risk Mitigation Ecosystem include multi-channel data integration, as it unifies data from all member interactions and creates a single, comprehensive risk profile, and AI and machine learning capabilities that analyse structured transaction patterns in real-time and interpret context, summarise information and adapt responses. This supports the detection of complex fraud scenarios, including first-party fraud and scams missed by conventional systems.
Another capability of the solution is customised case management, which offers credit unions the tools they need to automate custom case management platforms for new fraud types, allowing them to respond faster and with greater precision to threats. Additionally, users can target the rise of APP scams and consumer-involved fraud, protect members and mitigate financial losses. The solution reflects Velera’s commitment to offering secure, simple, and compliant member experiences while helping credit unions stay ahead of risks and threats.
