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Velera has launched a next-generation Risk Mitigation Ecosystem, a cloud-based, multi-layered fraud prevention and detection platform designed to help credit unions combat increasingly sophisticated financial crimes.
Announced Oct. 7, the new system represents the next evolution of Velera’s risk platform hub and responds to a global surge in fraud, which reached an unprecedented $1.03 trillion in losses in 2024. Fraudsters are increasingly deploying tactics like synthetic identity theft, account takeovers, card-not-present scams and consumer-engaged fraud; these are trends expected to accelerate with the rise of artificial intelligence.
Velera’s solution unifies data across payments, digital banking and contact centers to build a holistic risk profile of each member. By applying advanced machine learning and generative AI, the system can spot unusual behaviors and adapt to new fraud patterns faster than traditional rules-based approaches.
Key features include multi-channel data integration, customizable case management and dedicated tools to detect scams like authorized push payment fraud. Unlike standalone tools, Velera’s ecosystem integrates technology, data and human expertise through its risk consultants.
“The nature of financial crime is changing rapidly,” Karen Postma, Velera’s SVP of risk solutions, said. “We’re moving beyond a reactive approach to one that can predict and prevent fraud before it impacts our clients and their members.”
Velera said the launch reinforces its commitment to helping credit unions stay ahead of evolving threats while maintaining seamless member experiences.
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