VACU Voice ID System Awarded

A voice-based security system used at Virginia Credit Union to authenticate members who call its contact center has won a prestigious award for innovation and excellence in the financial services industry. 
 
Nuance Communications, Inc., a vendor of the Richmond-based credit union, earned a 2018 Stevie®Award for the VACU Voice ID system it helped VACU to implement.
 
The VACU Voice ID system uses a member’s unique voice patterns to establish and confirm a member’s identity when they call the credit union to conduct business on their account. Massachusetts-based Nuance Communications first helped the credit union put the program in place in late 2016 and usage has continued to grow. 

Virginia Credit Union partnered with Nuance to redesign its authentication strategy, while maintaining a personal, high-touch experience for each member. The resulting solution blends two biometric technologies to authenticate members by their voice to detect and prevent fraud attempts.
The service, which is free to members, can be used to verify a member’s identity without requiring the typical list of security questions. 
 
The program went into effect in 2016. To date, more than 23,000 VACU members have enrolled in the voluntary system which reduces the time required to authenticate their identity over the phone while increasing member security.
 
Results

• Since it went into effect, VACU Voice ID has contributed to a 24% reduction in time per call.
• More than 5,000 calls have been stopped when callers did not match the voice print on file.

“Just as everyone has their own unique fingerprint, each person’s voice is unique too. This system measures 140 unique characteristics of a voice, so it creates a digital ‘voice print’ that can be used to verify a member’s identity without requiring a list of security questions,” explains Tim Kelly, Executive Vice President of Member Services for Virginia Credit Union.
 
How does it work?
When someone speaks, the way they use their lips, mouth, vocal tract and diaphragm, as well as the speed of speech, pronunciation and dozens of other factors can be measured. Using 140 different characteristics, a “voice print” can be collected in a few seconds that is totally unique to each individual. The VACU Voice ID does not take an actual recording of the member’s voice. Instead, it takes a digital 'print' which can be used to quickly confirm the member’s identity the next time they call. 
 
How members enroll
Service representatives offer members the opportunity to enroll when they call. Members have the choice to enroll in the service or not. Those that choose not to enroll are identified through existing procedures.
 
Faster and more secure
Older security measures rely on a list of security questions. This can take time and can occasionally lead to frustration among members. The VACU Voice ID technology makes verifying a member’s identity faster and more secure than traditional question and answer methods. 
 
Can the system be fooled by an impersonator?
Since more than 100 characteristics are measured, the VACU Voice ID print is unique to each person. While voices can be mimicked, physical voice characteristics cannot, and this prevents people from “tricking” the system.  
 
Biometric technology
Voiceprints are one of the security features based on a person’s individual characteristics, like iris scans, fingerprints or others. These features are considered more secure than knowledge-based test questions, which rely on information that fraudsters may be able to gain by other means and exploit. 
 
The technology is provided to Virginia Credit Union by Nuance Communications, Inc. Nuance is a leading provider of voice and language solutions for businesses and consumers around the world.

A financial cooperative serving more than 265,000 members, Virginia Credit Union offers a variety of affordable banking services, loans, mortgages, and free financial education resources, with a focus on helping people be more confident with their finances. Virginia Credit Union is an equal housing opportunity lender and is federally insured by NCUA.