Banking contact centers are a prime target for fraud. According to a report from TransUnion, most account takeovers start in the call center, and the frequency as well as volume of attempts has risen dramatically in the past few years. Seon reports that one out of 5 adults in the U.S. has fallen prey to […]
Call center fraud prevention in the financial sector is a multi-layered effort to prevent account takeovers, hacking, and data breaches. Because the contact center involves human interaction, it is a prime target for fraudsters who use methods like social engineering paired with stolen data to try to fake their way into end user accounts. To […]
At Illuma, we help community financial institutions secure banking transactions in the contact center by verifying caller identity. Keeping identity thieves out of member and customer accounts is critical. But what about keeping fraudsters out of the rest of your technology infrastructure? Is the rise in cyber threats a strong reason to add this layer […]
Overview With more than 70 years of history serving the residents of Wyoming, WyHy Federal Credit Union is a financial institution that has perfected the art of delighting small town communities with personal service. With $378M in assets under management, over 20,000 members across the state rely on WyHy to provide personalized financial services in […]
Credit Unions are learning more every day about AI, but there is still a lot of confusion about what it means for the financial sector. Is AI a good thing or a bad thing? What is generative AI and how will it impact credit unions and community banks? What risks does it pose in the […]
Account takeover prevention takes many forms, but passive voice biometrics is ideal for banking call centers.
Fraudsters and imposters are always trying to find new ways to overcome the latest security measures. For credit unions and banks that are implementing voice authentication as a better way to protect members from account takeovers, this raises an important question: Can voice synthesis software “Deepfake” a person’s voice well enough to fool voice verification […]
As technology advances, so do the ways we protect our data and personal information. Traditional passwords and security Q&A methods are no longer as effective as they once were. That’s why many financial institutions, including banks and credit unions, are now doing away with passwords across some or all channels. Let’s look at what passwordless […]
We are seeing a rise in the use of biometrics in banking and credit union environments. Greater security and less friction makes this technology attractive.
IVR authentication methods should keep out fraudsters, but they sometimes fail. Fortunately, AI and voice biometrics will improve security dramatically.