Velera Launches Fraud Playbook for Credit Unions

Consumer-engaged fraud occurs when victims, often under manipulation by scammers, authorize payments, transfers or the disclosure of account credentials themselves. Because the customer appears to have participated in the transaction, these cases can be harder to distinguish from unauthorized fraud and more difficult for credit unions to investigate, adjudicate and manage through the chargeback process. Velera, a credit union service organization, is seeking to standardize that response.

Velera has released its Consumer Fraud Case Management Playbook, offering credit unions a framework for investigating cases, assessing claims and limiting chargeback exposure. The guidance is aimed at frontline and fraud-management teams confronting increasingly sophisticated scams in which consumers play an active, though deceived, role. The available report did not specify an exact publication date, the number of institutions covered or a dollar amount tied to fraud losses.