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voice authentication unlocks account Source: Shutterstock.

Identity theft can be a significant and costly issue for financial institutions. To help mitigate the potential data privacy risk, credit union often look to implement data privacy technology to provide added protection for members and the organization.

To that end, two credit unions have decided to invest in just such a technology to help prevent fraudulent activity in their call centers. The Veridian Group, a wholly-owned subsidiary of the Waterloo, Iowa-based Veridian Credit Union ($4.5 billion, Waterloo, Iowa) and Texas Dow Employees Credit Union ($3.76 billion, Lake Jackson, Texas), announced a joint investment in Illuma Labs, a Plano, Texas-based provider of voice authentication. The software is designed to keep the members’ money secure, but also enable easy access to funds, according to Stephanie Sherrodd, TDECU’s president/CEO.

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