DENVER—Velera has introduced a new, tiered fraud service model approach to meet credit unions where they are in their risk mitigation journey, providing them with tailored offerings to accommodate individual needs.
The announcement was made Tuesday at the company’s VeleraLIVE annual conference here at the Gaylord Rockies Resort & Convention Center that has attracted nearly 2,000 attendees.
Designed to meet the diverse needs of credit unions, Velera’s Risk Mitigation Service Model is rooted in offering flexibility with each engagement – whether through frequent, hands-on contact or an informed as-needed approach in which Velera handles fraud mitigation and involves the credit union as necessary, Velera said.
“This enhancement aligns Velera’s service with credit unions’ unique risk tolerances and needs – without changing existing products or risk solutions – while also streamlining service delivery and maintaining support,” Velera said.
The new Risk Mitigation Model consists of three tiers: Essential, Premier and Enhanced Risk Mitigation Services, each of which build upon the offerings of the previous tier. Essential is the foundation of Velera’s fraud services offering, providing an organization with 365-coverage, insight on fraud trends and daily support according to financial institution needs. This level also features the establishment of global rules, along with testing, deployment and ongoing optimizations, Velera explained.
“Premier adds a layer of elevated fraud prevention to the Essential level, featuring an assigned analyst to collaborate on fraud trends and rule suggestions specific to the goals and needs of the credit union. Daily review of fraud cases, rules and recurring touch bases are also available with Premier,” Velera said.
Finally, Velera’s Enhanced offering (formerly known as Enhanced Fraud Services) features the support of all elements of Essential and Premier programs, in addition to a dedicated, tenured risk consultant to manage the credit union’s entire fraud experience, providing best-in-class service for the credit union and its members, Velera said.
“As fraud and risk concerns escalate and evolve in the digital landscape, driven by sophisticated phishing scams and consumer-engaged fraud, financial institutions require adaptable, customized solutions to address their needs,” said Velera Senior Vice President of Risk Solutions Karen Postma. “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.”
Credit unions with existing Velera fraud services will not need to take any action unless a service level change is desired, Velera explained.
For more information on the Velera Risk Mitigation Service Model, visit the Velera solutions page.