Dupaco Sets the Standard for Fraud Prevention & Member Service with AI

In an era where financial fraud is becoming increasingly sophisticated and customer expectations are higher than ever, Dupaco Community Credit Union has emerged as a trailblazer in leveraging artificial intelligence (AI) to combat fraud, enhance member service, and drive operational efficiency. Through its partnership with interface.ai, Dupaco has not only fortified its defenses against fraud but also redefined what it means to deliver exceptional member experiences in the digital age.

Since its founding in 1948, Dupaco has been a trusted financial partner to its 160,000+ members across the United States. Known for its commitment to innovation and security, the credit union faced a dual challenge in recent years: the rise of AI-powered fraud and a growing demand for 24/7 member support. To address these challenges, Dupaco turned to interface.ai and its industry-leading Voice AI Agent, a decision that has since that a new goal standard for security, efficiency, and member engagement.

Combatting Fraud with Cutting-Edge AI

Fraudsters are no longer relying on rudimentary tactics—they're leveraging advanced AI to exploit vulnerabilities in financial systems. For Dupaco, the stakes are high. "The only way we're going to compete with AI fraudsters is to combat it with AI itself," said Todd Link, Chief Risk Officer at Dupaco.

In 2023, the credit union deployed interface.ai's Voice AI solution, which introduced a multi-layered authentication system dubbed the "three-legged stool" approach. This innovative system combines AI, voice biometrics, and caller anti-spoofing to create one of the industry’s most sophisticated fraud prevention mechanisms.

What sets this system apart is its ability to run over 100 real-time verification checks within seconds of a call, ensuring both security and speed. Dupaco has achieved an impressive 68% call authentication rate, enabling its team to stop fraud in its tracks while maintaining a seamless member experience. 

"With such advanced threats, any one security system can fail. But when you layer in five, six, or seven different solutions like interface.ai does, you are protected in the most secure way possible," Link explained. 

The AI-driven authentication process is not only robust but also frictionless for members. Caller verification happens silently in the background, eliminating the need for lengthy security questions and allowing members to complete their transactions faster. "Members don't even realize that 100 verification checks are being run in the background before the call is even answered. It's quick, seamless, and secure," Link added.

Driving Efficiency and Cost Savings

Beyond fraud prevention, Dupaco has harnessed the power of AI to streamline operations while reducing costs. The credit union has significantly lowered operational expenses while improving service quality by automating high-volume routine inquiries. 46% of total calls are now automated, freeing up agents to focus on more complex member needs. Additionally, up to 80% of after-hours calls are handled by AI, reducing the need for extended staffing and resulting in $350,000 annual net savings.

Link expressed his excitement about the future of this partnership. After all, this project is still in its infancy. It has transformed Dupaco's contact center from a cost center into a value-generating hub, demonstrating the tangible benefits of AI adoption.

A New Standard for Credit Unions

Dupaco's partnership with interface.ai exemplifies how AI can be harnessed to address some of the most pressing challenges in the financial services industry. "interface.ai's Voice AI Agent has transformed Dupaco's fraud prevention while retaining the beautiful foundation of the credit union movement—people," Link reflected.

As Dupaco continues to innovate, its story serves as a powerful reminder that technology can enhance human connections and create lasting value for members. The future of banking is not just about AI—it's about using it to serve people better.

The post Dupaco Sets the Standard for Fraud Prevention & Member Service with AI appeared first on New York Tech Media.