TurboCheck will use authID's biometric verification to enhance candidate screening and combat hiring fraud.
Quiver AI Summary
TurboCheck has partnered with authID to incorporate biometric identity verification solutions into its SaaS platform, enhancing the vetting process for new candidates and employees amid rising concerns over fraudulent job applications. With the staffing and recruiting industry facing challenges from AI-driven fake identities, TurboCheck aims to streamline and secure recruitment using authID's fast and accurate biometric checks, which validate identity documents and match selfies to credential photos. This agreement is expected to significantly mitigate risks associated with hiring fraud, providing confidence for employers by ensuring they are connecting with legitimate candidates. Both companies emphasize their commitment to a seamless user experience and precision in identity verification, which they believe will transform the recruitment landscape.
Potential Positives
- authID has secured a significant partnership with TurboCheck, a SaaS platform, to enhance digital identity verification processes for the staffing and recruiting industry.
- This collaboration positions authID to address the rising issue of hiring fraud, leveraging advanced biometric identity verification to combat fake identities and deepfakes in the recruitment process.
- The integration of authID’s technology is expected to streamline hiring processes and increase confidence among employers regarding the authenticity of candidates.
- authID continues to expand its client base, strengthening its presence in the employment verification space, and enhancing its reputation as a leader in biometric identity solutions.
Potential Negatives
- The press release highlights significant concerns about employment-related fraud, indicating that traditional screening methods are inadequate, which could undermine trust in TurboCheck's existing services.
- The mention of "31,200 confirmed cases of employment-identity theft or wage fraud last year" suggests a pressing crisis in the industry, which could reflect poorly on companies operating in this space if they fail to adapt.
- The need for a partnership with authID to enhance verification processes may imply that TurboCheck's current capabilities were insufficient or outdated, raising questions about their technological competency.
FAQ
What is the partnership between TurboCheck and authID about?
TuroCheck is using authID's biometric verification to enhance candidate and employee identity verification through its platform.
How does authID's technology improve the recruitment process?
authID's biometric identity verification streamlines recruitment by quickly validating identities and reducing the risk of hiring fraudulent candidates.
What are the benefits of biometric identity verification?
Biometric verification offers high accuracy and security, ensuring that recruiters verify not just real individuals, but the right candidates.
Why is hiring fraud a concern for employers today?
The rise of AI-generated identities and deepfake technology has made it easier for fraudulent candidates to deceive employers.
How fast can TurboCheck's identity verification process be?
TurboCheck's verification process using authID technology can be completed in a market-leading time of 700 milliseconds.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$AUID Insider Trading Activity
$AUID insiders have traded $AUID stock on the open market 15 times in the past 6 months. Of those trades, 2 have been purchases and 13 have been sales.
Here’s a breakdown of recent trading of $AUID stock by insiders over the last 6 months:
- THOMAS ROBERT SZOKE (Chief Technology Officer) has traded it 13 times. They made 0 purchases and 13 sales, selling 26,607 shares.
- MICHAEL CHARLES THOMPSON purchased 12,254 shares.
- STEPHEN JEFFREY GARCHIK purchased 150,000 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$AUID Hedge Fund Activity
We have seen 10 institutional investors add shares of $AUID stock to their portfolio, and 6 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- GEODE CAPITAL MANAGEMENT, LLC added 29,810 shares (+43.8%) to their portfolio in Q3 2024
- RENAISSANCE TECHNOLOGIES LLC removed 22,728 shares (-100.0%) from their portfolio in Q3 2024
- JOHNSON FINANCIAL GROUP, INC. removed 20,305 shares (-50.0%) from their portfolio in Q3 2024
- VANGUARD GROUP INC added 15,308 shares (+8.1%) to their portfolio in Q3 2024
- BLACKROCK, INC. added 10,545 shares (+73.5%) to their portfolio in Q3 2024
- SONIC GP LLC removed 10,000 shares (-8.0%) from their portfolio in Q3 2024
- COMERICA BANK added 9,670 shares (+835.8%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
TurboCheck will rely on authID’s biometric identity verification solutions to verify new candidates and employees across its SaaS platform in response to the growing threat of fraudulent job candidates
DENVER, COLORADO, Dec. 10, 2024 (GLOBE NEWSWIRE) -- authID ® (Nasdaq: AUID), a leading provider of biometric identity verification and authentication solutions, today announced TurboCheck , a SaaS platform empowering employers and staffing firms with fast and reliable digital identity verification by analyzing candidates’ online footprints, validating references, and detecting fabricated personas, has signed an agreement to deploy authID’s biometric identity verification services .
“Biometric identification and document verification will have a transformative impact on the $200B staffing and recruiting industry by effectively streamlining and securing the entire recruitment process. This agreement with TurboCheck will instantly help recruiters reduce the risk to their clients associated with fraudulent applications,” said Rhon Daguro , CEO of authID. “We are committed to helping TurboCheck verify candidates with the highest levels of identity trust and privacy protection, while delivering a seamless user experience. Their clients can have confidence in who is accessing their systems because we provide assurance of who is behind the device.”
TurboCheck selected authID for its ability to deliver an intuitive identity verification experience that is fast, accurate, and user-friendly while thwarting fraudsters and dishonest applicants. TurboCheck will deploy authID’s biometric identity verification capabilities to secure candidate vetting and remote onboarding across devices and browsers in a market-leading 700 milliseconds. Seamless identity verification is completed by checking the validity of an identity document such as a driver’s license or passport, then matching a selfie to the credential photo using facial biometrics, giving recruiters and enterprises confidence that they are transacting not just with a real person, but the right person.
“Hiring fraud is an escalating challenge for employers globally, with AI-driven fake identities and deepfake videos becoming more prevalent,” said Emmanuel Toutain , CEO of TurboCheck. “authID’s seamless biometric identity and document verification was far superior in meeting our clients’ demands to verify valid candidates and weed out deepfakes and fraudulent identities with speed, precision, and accuracy. This partnership empowers our clients to detect fraud faster and with greater confidence, fulfilling TurboCheck’s mission to provide vetted, trustworthy candidates.”
Fraudulent candidates using AI-generated fake IDs and deepfake videos are increasingly disrupting online hiring, with 31,200 confirmed cases of employment-identity theft or wage fraud last year. Traditional screening methods are no longer enough to weed out dishonest candidates who waste valuable time and resources, and present considerable risks.
“Today’s job market necessitates that employers vet their prospective hires with one in one billion accuracy and intuitive interfaces, which authID delivers,” said Erick Soto, Chief Product Officer of authID. “Recruiters who can guarantee that their candidates are properly verified prior to their first interaction with a potential employer will have a considerable advantage in attracting the best candidates for their customers. Our industry-leading verification tools allow recruiters to quickly take the guesswork out of their screening process and confidently proceed with genuine candidates.”
Existing customers already use authID for validating remote and on-site employee access, as well as for candidate certification. The Company is excited to add Turbocheck to its client base and further strengthen the employment verification pipeline from the first interview through onboarding, day one, and day-to-day tasks.
About authID
authID® (Nasdaq: AUID) ensures enterprises “Know Who’s Behind the Device™” for every customer or employee login and transaction through its easy-to-integrate, patented, biometric identity platform. authID quickly and accurately verifies a user’s identity and eliminates any assumption of ‘who’ is behind a device to prevent cybercriminals from compromising account openings or taking over accounts. Combining secure digital onboarding, biometric authentication and account recovery, with a fast, accurate, user-friendly experience, authID delivers biometric identity processing in 700ms. Binding a biometric root of trust for each user to their account, authID stops fraud at onboarding, detects and stops deepfakes, eliminates password risks and costs, and provides the fastest, frictionless, and the more accurate user identity experience demanded by today’s digital ecosystem.
Contact us
to discover how authID can help your organization secure your workforce or consumer applications against identity fraud, cyberattacks and account takeover.
About TurboCheck
TurboCheck provides innovative fraud detection and reference checking solutions designed for employers and staffing firms. By offering cutting-edge technology and features like digital identity verification and device fingerprinting, TurboCheck empowers clients to confidently connect with vetted, trustworthy candidates, reducing risks and improving hiring efficiency. Learn more at
www.turbocheck.com
.
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