Authentication, Voice Biometrics, Fraud Prevention, CyberSecurity
Illuma Labs, a Credit Union Service Organization, specializes in voice authentication software for call centers. Its flag ship product, Illuma Shield, is a real-time voice authentication and fraud prevention service for credit union call centers. Replacing traditional and intrusive authentication processes like Knowledge Based Authentication (i.e., mother’s maiden name, social security number, last transactions, etc.) Illuma Shield passively analyzes the member's voice over natural conversation and results in higher authentication accuracy in a fraction of the time.
Illuma Shield provides the following benefits to credit unions and members:
1. Elevated member experience: over 85% of consumers are dissatisfied with traditional Knowledge Based Authentication, and this dissatisfaction increases if they forget an answer to a security question or are transferred to a different department and have to repeat the process. Illuma Shield replaces this painful process with a frictionless experience, enhancing the golden 'member experience' at credit union call centers.
2. Enhance security against fraudsters and social engineers: fraud is on the rise and fraudsters are increasingly targeting credit union call centers to socially engineer their way past unsuspecting credit union staff and take over member accounts. Access to stolen member Personally Identifiable Information (PII) is easy and cheap on the dark web, so member accounts can no longer be protected with Knowledge Based Authentication alone. Illuma Shield raises the bar for fraudsters by orders of magnitude, while eliminating the friction legitimate members need to go through to access their own accounts.
3. Improve operational efficiency: call center agents typically spend between 1-2 minutes authenticating inbound callers using traditional Knowledge Based Authentication. This adversely impacts critical call center KPIs like Average Handle Time (AHT) and incurs unnecessary operating expenses. Illuma Shield effortlessly authenticates members within the initial seconds of the call, resulting in overall reduction in AHT, call durations and hold times, enabling valuable call center resources to focus on what they do best: servicing member needs.
Key competitors have critical gaps in their offerings that have limited mass adoption in the CU space:
1. Complex Integrations: typical integration efforts can exceed 6-12 months with costs ranging in the millions of dollars. In many cases these high up-front implementation costs tend to be over 10x greater than the cost of the core product, making it a challenge to achieve ROI.
2. Ongoing Maintenance: on-prem deployments with complex multi-system integrations present challenges for ongoing maintenance and compatibility. Several solutions require custom hardware to be installed on premise, further complicating the issue. These factors result in massive fixed costs making ROI a challenge for all but the largest customers.
3. Member Data at Risk: existing cloud-based solutions require the phone calls to be sent to public cloud for processing, putting sensitive member information at risk. This is a critical roadblock for security teams at most financial institutions.
Illuma Shield differentiates over competitors with an easy to deploy solution that minimizes upfront costs and ongoing maintenance efforts, while also maintaining privacy and security of sensitive member information. The technology enhances security against fraudsters, elevates the member experience and improves operational efficiency in the call center.