IDfy Report Reveals 8% of Employees Pose Fraud Risk
By MYBRANDBOOK
IDfy, India's leading Integrated Identity Platform, has released a comprehensive report titled "Background Verification Insights," shedding light on the prevalence of fraud risks in employment across various industries. Analyzing 2.5 million background verifications conducted over the past year, the report highlights the challenges faced by industries in distinguishing genuine candidates from potential fraudsters.
The report underscores the significance of background checks in the hiring process, with criminal, qualification, address, and experience verifications being the most commonly conducted checks across industries. However, despite these measures, a significant percentage of cases—8%—pose a definitive "do not hire" risk due to discrepancies between submitted details and verified documents.
Key findings from the report indicate that the BFSI (Banking, Financial Services, and Insurance), e-commerce, and staffing sectors are particularly vulnerable to employment fraud, with an average of 7.8% of all cases flagged as high-risk (red). Employment fraud, including the submission of certificates from banned organizations, emerges as a primary concern across industries. In the BFSI sector, address verifications account for the highest percentage of red cases at 10.7%, followed by experience checks at 9.5%.
Ashok Hariharan, CEO and co-founder of IDfy, emphasizes the importance of integrity and diligence in recruitment processes amidst the complexities of the modern hiring landscape. The report underscores the necessity of thorough background checks to safeguard companies from fraud while fostering an environment of accountability and trust.
In the staffing and recruitment industry, where reputation hinges on the caliber of candidates provided to clients, the prevalence of red cases—15.48% in address verification and 14.62% in experience verification—underscores the urgency of rapid and thorough verifications. This commitment to vetting candidates ensures trust and minimizes risks for clients, reflecting the industry's dedication to delivering reliable talent solutions.
The e-commerce sector, characterized by a high proportion of off-roll personnel, faces unique challenges in background verification due to the seasonal hiring of gig workers, particularly during festival seasons. Address verifications in this sector, with a red case percentage of 15.25%, are often hindered by difficulties in verifying physical addresses, resulting in a heightened risk of fraud.
Overall, IDfy's report serves as a wake-up call for industries to prioritize robust background verification processes to mitigate the risks associated with employment fraud and uphold the integrity of their workforce.
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