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Velera has announced a revamped Risk Mitigation Service Model tailored to meet the diverse needs of credit unions in combating increasingly sophisticated fraud threats.
The new tiered model, referred to as Essential, Premier and Enhanced Risk Mitigation Services, was introduced during the organization’s VeleraLIVE event in Denver on Tuesday. Each level builds on the last, offering credit unions flexibility and personalization in how they engage with Velera’s fraud services team, without requiring changes to existing products or systems.
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Karen Postma, SVP of Risk Solutions at Velera, said the model is designed to adapt to institutions’ evolving fraud tolerance. “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,” Postma stated.
The Essential tier provides 365-day fraud support and global rule management. Premier adds personalized collaboration with a dedicated analyst for trend tracking and rules development. The Enhanced tier, formerly Enhanced Fraud Services, includes a tenured consultant who manages the credit union’s entire fraud strategy, according to Tuesday’s announcement.
Velera, the payments CUSO, serves more than 4,000 financial institutions across North America, offering services that include payment processing, digital banking and 24/7 support. This new modeling reflects the organization’s continued commitment to innovation and its deep understanding of the credit union movement.
According to the announcement, credit unions currently using Velera’s services will maintain their existing level unless they choose to change.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
