How Instant Digital BGV Can Help Banks and IT Companies Deal with Fake Candidates

In today’s time, data is precious. It is the digital diamond of many industries. Some of the most valuable information is stored in the reserves of banks and IT companies and these entities need to safeguard this data. Failure to do so will lead to their client’s privacy being breached. This means companies like these need to ensure that their employees are trustworthy and know what they’re doing. You wouldn’t want this precious information in the hands of someone who doesn’t know how to protect it – or will misuse it. This could lead to an absolute disaster. That’s why an intensive background verification check for candidates applying for positions in a bank or an IT company is essential. Let’s discuss this further.

Why Do Banks and IT Companies Need a Robust Verification Process

Both banks and IT companies have sensitive data, such as accounts, cash, and lots of sensitive documents. Both industries are growing in India due to an increase in rural penetration, the adoption of internet and mobile banking options, and growing disposable incomes. They need to safeguard the data at their disposal from unscrupulous people.

Digital BGV in the early stages of the hiring processes helps such companies ensure the authenticity of the candidates they hire. It also helps them stay compliant with money transfer licenses and avoid cases of negligence. More than anything, it’s a commitment to the customer and provides them with the best possible service.

What are the risks of hiring fake candidates?

The technology and tools used in IT are quite specialised. Therefore, it is important to ensure that your hires know these skills. It’s also essential that they know it at a particular level of proficiency. If someone lies about their history of employment, education, etc., it usually means that they will be a poor hire. Hiring someone unskilled would cost your company in terms of money and time.

Poor hires can also lead to cases of negligence. This can include causing harm to a co-worker. If such an instance arises, the harmed party could blame the organisation for failing to check the background of the individual being hired. The employer can be held liable for negligent hiring damages. This can also lead to bad PR for the company. Information of negative events can be leaked to the media, and, as we all know, public judgment can be very harsh when it comes to corporate oversights.

How a quick digital BGV can help banks and it companies tackle fake candidates

Confirm the employment history of the candidates

Many times, people embellish their resumes to make them appear more impressive than they are. This can include lying about where they’ve worked, for how long, and in what capacity. It can also include fabricating specific projects and roles, or the extent of their involvement in them. Sometimes, candidates also submit fake experience letters. Failing to do a background check around these aspects can put your company at a disadvantage as you could hire someone who doesn’t have the necessary exposure to relevant work, environments, or processes. Such hires will lead to disruptions in your workflow, demotivate your other staff, and cost you an enormous amount of money over time.

Using an instant digital background verification, companies can get instant confirmation about the candidate’s employment history. 

Confirm the candidate’s mentioned experience

By hiring an inexperienced candidate, you will end up spending on training costs and lose money due to lower productivity rates. They’ll also keep asking for guidance on how to accomplish their tasks, which will hamper overall productivity, too.

What if you can confirm the candidates’ experience even before you interview them? By leveraging the power of digital background verification, companies can get a detailed report on candidate’s experience in a matter of 10 minutes! 

Verify the past salaries of the candidates

Lying about past salaries is not new. There are known instances where candidates have submitted forged salary slips. By lying about their past salaries, such candidates put you in a position where you will be paying more for less output. This is a losing situation for the company. Plus, you may be paying for a certain set of skills that the candidate simply doesn’t possess, so your work will also get affected and productivity will go down. This is why it’s important to pay your employees according to what they can deliver.

With the help of an instant digital background verification based on Income Tax Returns, you can know the exact last drawn salary of your candidate so you can create a competitive but realistic offer for them. It will also help you keep away dishonest individuals who lie about the same.

Before embarking on a full-fledged BGV, companies can do an instant digital BGV to help screen out the fake candidates. Once that is cleared, companies can conduct a full-fledged verification. This will help save time, energy, and streamline the process to a great extent. It can also help minimise human error and help recruitment professionals ensure only the best candidates make it to the end.

These are the main reasons both the IT and banking industries need to conduct employee screenings thoroughly. Failing to do so could lead to financial, legal, and regulatory risks, just like we discussed above.

Therefore, a BGV can help uncover fake information early. Digiverifier can conduct an instant background check by sourcing information from a candidate’s income tax returns (ITR) and provident fund account. Using DigiVerifier will help you weed out fake candidates even before the interview process begins. We help companies avoid such candidates, thus helping you avoid a painful termination process and wasting company time and resources.