Regtech Sumsub has announced a new partnership with TELUS Digital, a tech company deploying better customer experiences, to provide remote employee verification and onboarding processes for its workforce.
Sumsub is providing TELUS Digital with a digital tool stack to be implemented across different phases of its employee lifecycle, “from recruitment to onboarding, as well as during routine logins throughout the work day.”
This includes Phone and Email Verification, IP risk assessments, and ID Verification.
Sumsub’s AI-based Optical Character Recognition (OCR), a technology used to convert different types of documents, such “as PDFs or images, into machine-readable data, and recognize a wide range of languages and special characters, further supports employee verification regardless of an applicant’s document type or language.”
Enda Cunnane, Vice President, AI Services Delivery, TELUS Digital said:
“The growing sophistication and instances of fraudulent activities, ranging from VPN usage, fake IDs, multiple devices used by single applicants and deepfake videos, underscores the need for an identity verification partner that stays ahead of evolving and more sophisticated threats. Sumsub’s tailored solutions are helping us reduce malicious incidents while managing costs through scalable security measures. This partnership strengthens our ability to safeguard our platform and build greater confidence and trust with our clients through proactive and effective risk management.”
Identity fraud attacks from bad actors are of “increasing concern for businesses globally, having grown from 1.1% to 2.6% over 2021-2024, according to Sumsub Identity Fraud Report 2024.”
But the same (or even bigger) threats can come from within, “incurring striking damage–both financial and reputational–when organizations become victims to employee fraud.”
Recent data from Occupational Fraud 2024 report by the Association of Certified Fraud Examiners (ACFE) shows “that for large companies with more than 10,000 employees, the median loss from internal fraud reached $200,000.”
This danger becomes especially pronounced with the continued “spread of remote hiring and working arrangements and widening accessibility of GenAI instruments which may be used for malicious purposes.”
To prevent the risks of occupational fraud and safeguard the integrity of a company’s assets and intellectual property, it is vital to “implement robust employee checks throughout the entire employment lifecycle.”
Andrew Sever, co-founder and CEO of Sumsub said:
“The goals of our companies correspond since we both strive for delivering the best customer experience possible without compromising security. Fueled by innovative technologies and customized creative solutions, our approach allows us to drive growth and market expansion of the businesses we serve across many verticals while maintaining trust and compliance with regulations. Through this partnership, Sumsub is taking the next step in nurturing its global mission of creating a safe and people-friendly digital future for users and businesses alike.”
As noted in the update, TELUS Digital is committed to providing its clients with safe, secure, and industry-leading customer journeys.
Their ecosystem of digital technologies, AI-powered solutions, and critical industry partnerships, help them to “anticipate and mitigate fraud and threats, secure digital interactions, and ensure regulatory adherence to protect the brands we serve and their customers.”