Velera Empowers Credit Unions to Detect and Block Fraud Instantly
Velera has launched a fully integrated risk mitigation solution designed to enable credit unions to detect and respond to potential fraud events in near-real time.
The new Risk Alert Manager puts credit unions fully in control of their fraud response by unifying data from all cardholder interactions, the credit union service organization said in a Tuesday (July 28) press release emailed to PYMNTS.
The solution is powered by Velera’s unified artificial intelligence-powered risk platform, Atmos Risk, according to the release.
Risk Alert Manager provides near real-time detection of compromised events, and it enables immediate response through actions such as blocking, unblocking, monitoring, card reissuance and account memos, the release said.
The solution also consolidates data from all cardholder interactions to a single application so that no fraudulent activity goes unnoticed; provides audit history reviews, dashboard analytics and reporting tools to support compliance tracking and decision-making; and offers premium alert services, per the release.
The current iteration of Risk Alert Manager is compatible with both Mastercard and Visa cards, is designed to scale with financial institutions’ evolving risk mitigation needs, and will gain additional features and availability through a phased rollout this year, according to the release.
“Fraud is evolving faster than ever, and even a single delay can have costly consequences for both credit unions and their members,” Karen Postma, senior vice president of risk solutions at Velera, said in the release. “Velera’s Risk Alert Manager empowers financial institutions to act instantly at the first sign of suspicious activity — protecting consumers, mitigating losses and staying one step ahead of emerging threats.”
The PYMNTS Intelligence and Velera collaboration “Defending the Member: How Credit Unions Are Responding to a New Fraud Landscape” found that there is a growing need for credit unions to detect and respond to threats in real time.
The need is being driven by AI-powered threats and members’ expectations that credit unions will identify suspicious activity as it occurs and communicate with members quickly and clearly.
“Protecting members now requires moving beyond fragmented controls toward a dynamic, multilayered defense that unifies data across every touchpoint,” Postma said in the report. “By applying advanced AI models to comprehensive, real-time insights, anomalies can be detected earlier and responded to with greater precision, while maintaining the seamless experiences members expect.”
