Aimed at financial institutions that face mounting pressures from sophisticated digital fraud–particularly deepfakes and phishing scams – Velera (formerly PSCU/Co-op Solutions) has launched a tiered fraud mitigation service model specifically tailored to North American credit unions risk profiles.
Announced at the VeleraLIVE event in Denver, the model offers three service levels – Essential, Premier, and Enhanced – ranging from foundational 24/7 fraud support to full-service risk consulting. This allows the framework to be flexible and adapt to individual institutions’ risk tolerances without requiring significant changes to their existing systems. Karen Postma, SVP of Risk Solutions at Velera, impressed upon the urgency of tailored defenses as fraud continues to gain ground and outpace classic fraud prevention methods.
Velera’s approach seeks to strike a balance between proactive protection and operational efficiency, offering scalable support that reflects the shifting fraud landscape. Current clients will remain on their existing service tier unless a change is requested.
Financial Technology Frontiers (FTF)’s own research in fraud mitigation space finds that Valera’s fraud service model aligns with Deloitte’s predictions in their May 2024 report on the risk of deepfakes and other fraud in banking. The Deloitte report warns that deepfake–driven fraud, including voice and video impersonation poses a growing risk to banks and credit unions, threatening both internal operations and customer trust.
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Research& Insights: Narasimham Nittala
