The Veridian Group and Texas Dow Employees Credit Union are announcing a joint investment in Illuma Labs, a Plano, Texas-based provider of voice authentication for enhanced security against fraud in call centers.
“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.”
Illuma Labs is the maker of Illuma Shield, a real-time audio authentication platform to secure voice communications. 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.
“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.”
“We’re honored to have the support of The Veridian Group and TDECU as we focus our product offerings on enhancing security and member experience for the credit union industry,” said Illuma Labs Founder and CEO Milind Borkar.
The investment is a product of Illuma Labs’ participation in VentureTech, an annual event for capital-seeking fintechs across the US 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/.
About Illuma Labs
Illuma Labs delivers real-time voice authentication and fraud prevention solutions for credit unions. The flagship product, Illuma Shield, replaces traditional knowledge-based authentication practices with an effortless and secure voice biometric solution. The net result is enhanced member experience, higher security and improved operational efficiency. For more information, visit illuma-labs.com.
About The Veridian Group and Veridian Credit Union
The Veridian Group is a wholly owned subsidiary of Waterloo, Iowa-based Veridian Credit Union. The group’s mission is to better serve credit unions and their members by utilizing innovative and effective technologies and services. Veridian Credit Union, founded in 1934 in Waterloo, Iowa, is a not-for-profit financial cooperative owned by its members. The credit union offers a full range of business and consumer financial services with 900 employees and 31 branches across Iowa and eastern Nebraska. For more information, visit www.veridiancu.org.
About Texas Dow Employees Credit Union
Founded in 1955, TDECU is a not-for-profit financial cooperative with more than 325,000 Members and over $3.4 billion in assets. TDECU currently has 37 service locations, including 33 Member Centers, and offers a complete selection of convenient, innovative, and competitive products and services, including a full suite of deposit products as well as mortgage, auto and personal loan products, online and mobile banking. TDECU also offers, through its subsidiaries, retirement planning and wealth management, personal and business insurance products. Members can also access a worldwide network of over 55,000 surcharge-free ATMs. For more information, visit TDECU.org or call (800) 839-1154.