NACUSO25: Illuma's Milind Borkar Talks Emerging Trends in Phone Fraud Targeting Credit Unions...

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Milind Borkar, Founder & CEO at Illuma, stopped by the Studio Lounge for a quick chat on trends of growing phone fraud and what credit unions are doing to address it.

Specifically, Milind discussed various fraud techniques, including social engineering. He shared the importance of balancing security with efficiency through technology, along with its positive effects on agent satisfaction and workplace morale.

Q&A summary:
What is the focus of Illuma's voice authentication technology for contact centers?
Illuma focuses on voice authentication to streamline the verification process for members, allowing them to quickly state their purpose for calling without lengthy security questions.
How does Illuma's technology enhance security during member interactions?
Illuma's technology recognizes members' voices within seconds, providing agents with a green checkbox to confirm identity, making interactions faster and more secure.
What trends are emerging in phone fraud targeting credit unions?
There is a notable increase in sophisticated and persistent phone fraud attempts, with fraudsters using social engineering tactics to exploit member information.
What is the significance of deepfake technology in the context of fraud?
Deepfake technology poses a future threat as it allows for the creation of synthetic voices, which could potentially be used to impersonate individuals in fraudulent calls.
What proactive measures is Illuma taking against potential deepfake fraud?
Illuma is investing in synthetic voice detection technology to stay ahead of the threat posed by deepfakes, even though such incidents are currently rare among their clients.
How does Illuma's risk rating engine work to identify potential fraud?
The risk rating engine analyzes previous interactions to detect significant behavioral variations in a caller's voice, flagging calls that appear suspicious.

Check it out and let us know your thoughts. Be sure to watch more episodes from our 2025 NACUSO Reimagine on the interview archive page. And check out the sponsors who support CUbroadcast's coverage of Reimagine: 
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