St. Petersburg, Fla. (March 3, 2025)<\/strong>\u00a0\u2013\u00a0Velera<\/strong><\/a>\u00a0\u2013 formerly\u00a0PSCU\/Co-op Solutions, the nation\u2019s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider \u2013 today released a guide on consumer-engaged fraud to educate credit unions on the many classifications of one of the industry\u2019s biggest drivers of fraud losses. Through this guide, Velera is helping credit unions understand consumer-engaged fraud patterns and their impact on financial institutions and merchants.<\/p>\n\n\n\n Velera identified the magnitude of consumer-engaged fraud through its Risk Solutions Collective Advisory, a group of credit union industry executives who partner with Velera on risk solutions by providing invaluable insight into the frontlines of day-to-day fraud operations from their positions within their respective credit unions.<\/p>\n\n\n\n Together, in partnership with this advisory group, Velera is aiming to further educate the industry on consumer-engaged fraud and provide resources to help detect and combat these scams with a standardized approach to case management.<\/p>\n\n\n\n \u201cConsumer-engaged fraud is among the fastest growing and most prevalent industry fraud challenges that credit unions are facing today, due in large part to its variety of different classifications \u2013 which make it difficult to define, identify and address,\u201d said Nicole Reyes, vice president of Risk Engagement, Velera.<\/p>\n\n\n\n \u201cThrough our Risk Solutions Collective Advisory, Velera has been able to bring together some of the best minds in the industry to outline and detail the classifications and sub-classifications of consumer-engaged fraud so that we, as an industry, can better detect these scams and defend against them, ultimately protecting credit union assets while enhancing the member experience.\u201d<\/p>\n\n\n\n Velera outlined two types of consumer-engaged fraud in its guide: misuse and persuaded.<\/p>\n\n\n\n Velera\u2019s classification guide further defines both through sub-classifications that will enable credit unions to better understand the patterns and items for which to monitor behind the various fraud schemes.<\/p>\n\n\n\n \u201cConsumer-engaged fraud remains a widespread issue, often linked to financial challenges consumers experience like inflation, high credit card interest rates, and other economic factors,\u201d said Jeff Morris, vice president of Card Services, Nusenda Credit Union (Albuquerque, N.M.). \u201cThe consumer-engaged fraud guide enables us to more effectively tackle these challenges by standardizing our approach to detect and combat this type of fraud and ultimately protect members\u2019 finances.\u201d<\/p>\n\n\n\n Velera and its Risk Solutions Advisory Committees will remain on the forefront of identifying risks facing the industry, sharing its findings and solutions for credit unions to put to use. Velera\u2019s consumer-engaged fraud classification guide is available\u00a0here<\/strong><\/a>.\u00a0<\/p>\n\n\n\n About Velera<\/strong><\/p>\n\n\n\n Velera, formerly PSCU\/Co-op Solutions, is the nation\u2019s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider. With over four decades of industry experience and a commitment to service excellence and innovation, the company serves more than 4,000 financial institutions throughout North America, operating with velocity to help its clients keep pace with the rapid momentum of change and fuel growth in the new era of financial services. Velera leverages its expertise and resources on behalf of credit unions and their members, offering an end-to-end product portfolio that includes payment processing, fraud and risk management, data and analytics, digital banking, instant payments, strategic consulting, collections, ATM and POS networks, shared branching and 24\/7\/365 member support via its contact centers. For more information, visit\u00a0velera.com<\/strong><\/a>.<\/p>\n\n\n\n Fraud\u2019s Rising Tide: The Two Kinds – Fraud\u2019s Rising Tide: The Two Kinds – Fraud\u2019s Rising Tide: The Two Kinds<\/p>\n\n\n\n Fraud\u2019s Rising Tide: The Two Kinds – <\/a>Credit Union Collections \u2013 Credit Union Collectors<\/a> – Lending<\/a> – Fraud<\/a> \u2013<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Velera Defines Consumer-Engaged Fraud in an Effort to Solve One of the Credit Union Industry\u2019s…<\/p>\n","protected":false},"author":650,"featured_media":25093,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1474,1447,1476],"tags":[101,704,112,153,1527,588,159,1659],"class_list":["post-25090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-collections","category-credit-union","category-fraud-editorial","tag-credit-cards","tag-credit-union","tag-credit-union-collections","tag-fraud","tag-fraud-prevention","tag-loans","tag-technology","tag-valera"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/blog.cucollector.com\/wp-json\/wp\/v2\/posts\/25090","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.cucollector.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.cucollector.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.cucollector.com\/wp-json\/wp\/v2\/users\/650"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.cucollector.com\/wp-json\/wp\/v2\/comments?post=25090"}],"version-history":[{"count":2,"href":"https:\/\/blog.cucollector.com\/wp-json\/wp\/v2\/posts\/25090\/revisions"}],"predecessor-version":[{"id":25095,"href":"https:\/\/blog.cucollector.com\/wp-json\/wp\/v2\/posts\/25090\/revisions\/25095"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.cucollector.com\/wp-json\/wp\/v2\/media\/25093"}],"wp:attachment":[{"href":"https:\/\/blog.cucollector.com\/wp-json\/wp\/v2\/media?parent=25090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.cucollector.com\/wp-json\/wp\/v2\/categories?post=25090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.cucollector.com\/wp-json\/wp\/v2\/tags?post=25090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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