A Survey in 2017
According to a survey in 2017, current and former employees are the biggest fraudsters in Indian firms. The survey findings were presented in the Kroll Advisory Service's Global Fraud and Risk Report 2016–17. The report analyzed three risk types including fraud, security, and cyber security. Risks of fraud include physical stock / property and corruption and bribery. Security risks include natural disasters and loss of intellectual property. Last but not least, cyber security is threatened by email-based phishing attacks and virus manifestations. In the survey, approximately 75% - 80% of respondents cited middle-level management, junior and former employees or freelancers as significant fraud-perpetrators. Recently fraud by employees, detected through a whistle-blowing system.
Recent Examples of Frauds that Got Discovered
Recently In 2021, three employees of the famous classified start-up, Quick, committed massive fraud. The company reported a loss of Rs 20 crore. The way he drew it was to generate imaginary customers and draw out such financially worth commissions from Quikr.
Let's look at another example. In 2020, an employee at SBI Samanasa branch, Amalapuram, Hyderabad, allegedly stole gold from the ban to raise a loan of Rs 1.05 crore. The accused created about 20 - 25 gold loan accounts in the name of their relatives and family members and some other branch employees. Gold was stolen from lockers at the time of settlement of gold loans to real customers.
The Necessity of Pre-Employment Background Screening
It is no surprise that hiring a new employee is a major investment for an enterprise / company. Employees are hired in the hope that they will do great work continuously for long hours with an organization, which positively influences / motivates the business. Bad things happen from time to time. In the best case scenario, mistakes are quickly realized with the person moving forward without any real harm. The worst cases are those where people fail to do their work with low workplace morale creating a serious problem for the company / enterprise.
To avoid these worst-case scenarios, pre-employee background screening is done before being an actual employee. This reveals any and all details that the person may have hidden or is being dishonest during the interview process. Ultimately, your company / enterprise gets to invest in honorable people.
What gets covered in a Pre-Employment Background Check?
A standard background check begins with collecting various types of information on them from both public and private databases with names, birthdays, social security numbers (SSNs). We, GenXs, as a respected background checker, can access all relevant sources to create an easy-to-understand report on the applicant for the employer to see.
A pre-employment background check includes identity verification, criminal history, employment history, education background, government-issued licenses and motor vehicle records along with credit verification. As expected, a pre-employment background check ensures that the employee-candidate is not honest. We expand on a standard report by reviewing our previous employers and personal references while reviewing public social media accounts. With the information you collect as a company / enterprise / organization, you are confident in hiring the appropriate personality.
Why is Pre-Employment Background Screening Important?
Pre-employment background screening is important when hiring outstanding and honest professionals. It is worth exploring all the advantages that a suitable candidate brings for a recruiting company / enterprise. A candidate's qualifications are fully verified. All those who are looking for a job embellish their work history or education. A character is examined to see if someone has exaggerated their background. We ensure that your company hires high-profile celebrities who are professional in their work ethics. Our pre- employment background screening protects your company, customers and employees from dealing with any dangerous individuals. Unnecessary lawsuits are avoided by hiring people after our pre-employment background screening. In fact, a company survives poor fares, which are frustrating and costly. Before someone creates a big problem for your company / enterprise, it is worth making small efforts to get their background screened.
End LineIn it, we have discussed what is the pre-employment background screening and its importance / importance for hiring employees in a company, enterprise or organization. With GenXs, any company feels secure as we conduct true and accurate pre-employment background screening in the country using the latest innovative technology. Therefore, discussions on why pre-employment background screening is important or important from a hiring perspective made headlines.
We at "Genxs BGV Services India” is one of the leading providers of Background Verification Services across the country.