Velera Introduces IDCheck to Help Combat Identity and Account Takeover Fraud

Velera today announced the introduction of IDCheck by Co-op. Now available for the Co-op Shared Branch network, the solution protects members’ identities and facilitates authentication, providing a member experience that is both seamless and secure, while also helping protect credit unions’ bottom lines.

“With the increase in digital capabilities and payments offerings, the potential for fraud will also continue to grow,” said Amy Evans, SVP, Strategic Network Solutions for Velera. “IDCheck supports an omnichannel fraud fighting and prevention strategy to safeguard credit unions and their members participating in Co-op Shared Branch.”

IDCheck helps protect members by authenticating their identity via their smart devices when accessing their account at a shared branch. IDCheck asks members to share a photo of their ID and a selfie. It then uses advanced graph-defined logic, artificial intelligence and biometric data to verify the ID and the member in real time. Members then get a one-time passcode to share with a teller and confirm their identity. Alternatively, the member may pre-authenticate their identification before going into a branch to transact. They may also save their validation for future visits, further enhancing a streamlined experience.

Extensive beta testing by Co-op Shared Branch network credit unions produced a number of measurable results pointing to the effectiveness and efficiency of IDCheck. The findings included a 99% first-attempt validation success rate and 100% fraudulent IDs and AI-generated deep fakes rejection. In addition, on average, members saved 48% of their time with stored validation, while tellers saved 26%, respectively.

Among the beta testing institutions were American Heritage Credit Union (Philadelphia) and Corry Federal Credit Union (Corry, Pennsylvania).

“We’re trying really hard to make the frontline an easier experience and reduce friction, which will improve the employee experience and, therefore, our members’ experience,” said American Heritage Credit Union Vice President of Branch Operations Brian Shotwell. “I think IDCheck is exactly one of those tools that can do that. We found that it is intuitive and user-friendly, which makes it incredibly easy for both our members and associates to navigate.”

“The best thing about IDCheck is the extra security if offers. It gives us the assurance that we’re helping to prevent fraud for our members, our credit union and the entire shared branching network,” said Corry Federal Credit Union Chief Financial Officer Kelly Soety.

The Co-op Shared Branch network allows credit union members to conduct transactions at partner credit unions throughout the country, enabling them to have full credit union functionality even when traveling. There are currently more than 5,400 shared branch locations throughout North America, as well as in several European countries, along with 22 Shared Branch Express self-service locations. In 2023, an average of 3.6 million transactions a month flowed through these shared branch locations.