Press Release
Media Contact: Milind Borkar, +1 (972) 217-7106, info@illuma.cx
First New York Federal Credit Union Strengthens Fraud Protection with IllumaSHIELD™
First New York Federal Credit Union has joined forces with Illuma, the leader in voice authentication technology, to strengthen fraud prevention and enhance member security. By implementing IllumaSHIELD™ Voice Authentication, the credit union is modernizing its contact center with cutting-edge biometric technology that streamlines identity verification and protects against increasingly sophisticated fraud threats.
With the increasing sophistication of fraud tactics in financial services, First New York is taking a proactive stance to protect its members by deploying Illuma’s advanced voice biometrics technology. IllumaSHIELD™ enables frictionless and secure caller authentication using unique voiceprints, eliminating the need for traditional and vulnerable knowledge-based verification methods such as PINs, passwords, and personal questions.
“Protecting our members and their personal information is our top priority,” said Lucy Halstead, President and CEO of First New York Federal Credit Union. “By implementing IllumaSHIELD™, we’re taking a major step forward in safeguarding against identity theft and fraud, while also improving the overall member experience with faster and more secure call authentication. In the initial months of using the technology we are already seeing a significant reduction in time to verify member identities, and not a single fraudster has been able to defeat the system”.
IllumaSHIELD™ uses real-time voice recognition to identify account holders based on the unique characteristics of their voice, enabling authentication within seconds. This frictionless process not only increases security but also reduces average call handle time and enhances account holder satisfaction.
“We’re proud to partner with First New York Federal Credit Union in their mission to deliver secure, efficient, and member-centric service,” said Milind Borkar, Founder and CEO of Illuma. “Our mission is to provide secure and seamless voice authentication solutions that empower financial institutions to stay ahead of fraud while enhancing service quality.”
This partnership reflects First New York’s continued commitment to innovation and security, aligning with its mission to provide trusted financial services while embracing the latest technology to protect and empower its members.
About Illuma
Illuma is a FinTech company headquartered in Plano, Texas. Illuma is a leader in real-time voice authentication and fraud prevention for financial institutions. Its flagship solution, IllumaSHIELD™, uses AI-powered voice biometrics to deliver secure, seamless authentication, reducing fraud risks while improving efficiency in contact centers.
IllumaSHIELD™ has been featured at premier FinTech events and has won multiple accolades, including ‘Best in Show’ at Finovate, VentureTech, CreditUnions.com Innovation Series, and NACUSO Next Big Idea, recognizing our leadership in financial technology innovation. For more information, visit illuma.cx.
About First New York Federal Credit Union
About First New York: First New York Federal Credit Union has been selected as the Best Credit Union three years running in the Daily Gazette’s Best of the Best People’s Choice Awards, and was recognized as a 2024 Top Workplace by the Albany Times Union.
Founded in 1937, First New York is a full-service not-for-profit financial cooperative providing personal and business banking to consumers and businesses in the Capital Region. First New York offers complete financial services, including checking and savings accounts, auto and home loans, credit cards, online and mobile banking, business services, and commercial and investment services.
The Credit Union currently has $500+ million in assets and serves 37,000+ members with full-service branches in Albany, Cobleskill, Glenville, Halfmoon, Niskayuna, North Greenbush, Rotterdam, and Saratoga, and scholastic branches in Schenectady, Burnt Hills-Ballston Lake and Mohonasen High Schools. Members can also access 5,600+ shared branch locations and 30,000+ fee-free ITM/ATMs nationwide. Visit FirstNewYork.org to learn more.