WATERLOO, Iowa–The Veridian Group, a CUSO of Veridian Credit Union, and Texas Dow Employees Credit Union have announced a joint investment in Illuma Labs, a Plano, Texas-based provider of voice authentication for enhanced security against fraud in call centers.
Illuma Labs is the maker of Illuma Shield, a real-time audio authentication platform to secure voice communications. The organizations said Illuma Shield uses signal processing, machine learning and artificial intelligence to provide faster, more accurate authentication than the use of PINs, passwords and personal questions. The platform runs passively in the background of each call, creating an easier authentication experience for the member, the organizations added.
“Identity theft is an ongoing threat that can have a costly impact on credit unions and their members,” said Nick Evens, The Veridian Group’s president. “We’re excited about the solutions Illuma Labs is bringing to market and grateful for the chance to be part of their growth.”
Keeping Members ‘Connected’
Added Stephanie Sherrodd, CEO of the $3.7-billion Lake Jackson, Texas-based Texas Dow Employees CU, “Our top priority is to keep members connected to their money in a way that is not only safe and secure, but also easily accessible,” said Stephanie Sherrodd, TDECU’s president and CEO. “We feel confident that our partnership with Illuma Labs will provide more security and a better member experience.”
The organizations said the investment is a product of Illuma Labs’ participation in VentureTech, an annual event for capital-seeking fintechs across the U.S. to showcase their company for investment capital from the credit union industry. The event recognizes rising fintechs whose products and services can give credit unions a competitive edge in the financial services marketplace.
VentureTech is scheduled to take place again November 9-10, 2020 and details are available at https://myventuretech.com/.
The $4.5-billion Veridian Credit Union has more than 244,000 members.