2025 FICO® Decision Award winner for Fraud Management recognized for transformative results across 715 financial institutions
FICO:
Partnering with FICO empowered us to transform our fraud alerting capabilities, delivering real-time alerts, lowering operational costs and giving cardholders the confidence and control they need to manage their accounts securely.
Highlights:
- Velera uses FICO® Platform’s Omni-Channel Engagement Capability to modernize fraud alerting for its clients and their cardholders
- Achieved a 85% reduction in fraud alert time and a 76% increase in cardholder self-service efficiency
- Migration of 715 financial institutions completed in eight months with no additional costs to clients
- Velera has won a 2025 FICO® Decision Award for Fraud Management
At its FICO® World conference today, global analytics software leader FICO announced that Velera, a leading credit union service organization and fintech solutions provider, serving financial institutions in North America, has transformed its fraud alerting services using FICO® Platform’s Omni-Channel Engagement Capability. This shift has delivered faster alerts, higher automation, and a significantly improved cardholder experience for 715 financial institutions. For its achievements, Velera was named a 2025 FICO® Decision Award winner for Fraud Management.
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Now in their 13th year, the FICO Decision Awards recognize organizations around the world that have achieved outstanding results using FICO’s analytics and decisioning technologies. Velera was one of just 15 winners selected by an independent panel of eight industry judges across 10 categories.
Faced with increasingly sophisticated and fast-paced fraud threats, Velera recognized the need for a strong, proactive response. The company implemented FICO Platform to elevate its automated alerting system to an intelligent, two-way, omnichannel digital communication solution. This new approach empowers cardholders to receive and respond to fraud alerts through their preferred channels, including email, SMS, and digital voice, offering enhanced security and convenience.
“Keeping pace with today’s rapidly evolving fraud landscape required a bold and strategic shift in our approach,” said Adam Hodz, managing vice president, Payment & Channel Solutions at Velera. “With double and triple-digit increases in scams, smishing, vishing, phishing, AI deepfakes and consumer-engaged fraud, we are always seeking smarter, faster ways to protect our clients and their cardholders. Partnering with FICO empowered us to transform our fraud alerting capabilities, delivering real-time alerts, lowering operational costs and giving cardholders the confidence and control they need to manage their accounts securely.”
Watch Velera tell their story on video: https://youtu.be/oZWIk757lqs
Amid the complexity of integrating multiple touchpoints and managing extensive API connectivity, Velera’s strong partnership with FICO enabled the seamless migration of 715 financial institutions to the new system within just eight months—without incurring additional costs for clients. This achievement not only delivered immediate benefits but also established a robust foundation for future innovations.
Key achievements of Velera’s transformation include:
- Faster Alerts: Cut fraud alert times by 85% compared to live agents.
- Self-Service Efficiency: Resolved 76% of cardholders fraud alerts via SMS, email, or voice with no agent needed.
- Improved Cardholder Experience: Enabled uninterrupted spending and earlier fraud detection.
- Enhanced Connectivity: Increased cardholder connections by 30%—adding 170,000 monthly interactions (Using smart omnichannel capability to select the best channel – whether SMS, email, or phone).
- Increased Automation: Automated 46% more outbound contacts and reduced live agent calls by 19%.
Since the launch of the intelligent customer communication solution, Velera has committed to a significant expansion into non-transactional fraud and is exploring numerous additional use cases aimed at reducing contact center volumes while enhancing hyper-personalization.
“Receiving a fraud alert is never ideal, but Velera has transformed it into a hassle-free process,” said Nikhil Behl, president of Software at FICO. “By leveraging best-of-breed technology and a profound understanding of customer behavior, they’ve turned what could be a major disruption into a seamless, secure experience.”
“We were impressed by Velera’s ability to seamlessly integrate decision intelligence into its fraud management processes,” said Megha Kumar, research vice president at IDC one of the FICO Decision Awards judges. “The results speak for themselves—faster alerts, happier customers!”
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