Illuma CEO Milind Borkar on Fighting Phone Fraud with Voice Authentication and AI
April 25, 2025 | Fraud Prevention
Milind Borkar, Founder & CEO of Illuma, recently joined the CU broadcast Studio Lounge to talk about the evolving landscape of phone fraud—and how financial institutions are stepping up to protect their account holders. In this insightful conversation, Milind dives into the growing complexity of fraud tactics, particularly social engineering, and emphasizes the urgent need to strike the right balance between robust security and seamless member experience. He also highlights how technology can not only enhance protection but also improve agent satisfaction and morale by reducing friction in every interaction.
Milind explains how Illuma’s voice authentication technology, IllumaSHIELD™, empowers contact center agents by authenticating members in seconds—no PINs or tedious security questions required. Agents receive a simple green checkbox once a member’s voice is verified, enabling faster, more secure service. The discussion also touches on emerging threats like deepfake voice fraud, and how Illuma is heavily investing in synthetic voice detection to stay ahead. From risk-based voice analysis to real-time fraud flagging, this video offers a compelling look at how innovation is reshaping trust and safety in financial services.