The Rising Threat of Fraud and Synthetic Voice Attacks Financial and lending institutions of all sizes are facing an unprecedented surge in fraudulent activities. Cybercriminals are leveraging AI-driven synthetic voice attacks, social engineering tactics, and deepfake technology to deceive call center agents and gain unauthorized access to accounts. Traditional authentication methods—such as security questions and […]
In the past few years, fraudsters have become increasingly sophisticated, bringing new technology and social engineering schemes to bear in their attack on financial accounts. The voice channel in banks and credit union call centers continues to be a target of constant account takeover attempts. One issue that continues to plague banking contact centers is […]
Since its initial development, Illuma Shield™ voice authentication has offered a highly secure method for verifying caller identity in banking contact centers. Now, its latest “Risk Rating” feature, which comes along with the 2nd Generation Voice Authentication Engine, offers agents even more peace of mind. This feature presents a visual alert if there is a […]
Artificial Intelligence (AI) has been getting a great deal of attention lately with the topic of deepfakes and its potential use in voice fraud. However, as with any technology, AI can be used for good or evil. Let’s start by taking a look at what AI is and clear up a common misunderstanding around the […]
It was great to speak with Michael Lawson from CU Broadcast and AmeriCU Credit Union’s EVP Alissa Sykes Tulloch about the power of voice authentication. Click through below to watch the full episode. In a recent press release, Ronald Belle, President and CEO of AmeriCU Credit Union, shared anticipation about the effects of this tech […]
Compared to speech recognition, which was invented in its most rudimentary form in the 1950s, voice authentication only emerged as a commercially viable technology solution in banking over the last couple of decades. For Illuma, the journey to developing voice verification to secure phone calls began in 2016 as an advanced R&D project with the […]
In an increasingly digital world where users are accustomed to self-service banking through a website or app, banking call centers still play an important role in helping account holders with complex questions or critical transactions. Unfortunately, contact centers are also a prime target for account takeovers. Fraudsters often exploit human agents and the vulnerabilities of […]
Overview Financial Plus Credit Union was founded in the 1950s as a financial collective serving employees of the Chevrolet Motor Company in Flint Michigan. The organization expanded its field of membership in 2021 to serve the entire state of Michigan where it now impacts the lives of more than 81,000 members. This credit union is […]
Overview Evans Bank has been serving Western New York for over 100 years. As a $2.1B community bank with 18 branches, the institution has the advantage of a deep understanding of local clients and communities. The organization tailors its services and products to meet consumer needs, while the Financial Fitness team offers education around financial […]
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 […]