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Role of employee background verification companies in pre-employment screening

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Role of employee background verification companies in pre-employment screening

Background verification, often known as a background check, is an in-depth inquiry into many areas of an employee’s background, such as job history, public (criminal) records, residence verification, and educational qualification. The best Background Verification Companies in India mostly provide pre-employment background checks in India for both large and small businesses. 

 

The most effective Background Check Companies in India serve as third-party agents for businesses and organizations. In India, they primarily conduct pre-employment background checks. Employers in India rely on the resumes supplied by prospective candidates. However, most resumes contain inconsistencies. According to a 2017 AuthBridge poll, one out of every six job seekers lie on their CV. 

 

 

According to an AuthBridge analysis, the number of candidates with false CVs has increased over the last three years. The extent to which bogus resumes are on the rise poses a significant threat to employers. The top verification businesses in the globe have the enormous task of assisting the company in making the right employment decisions. 

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This is why a pre-employment background check in India is such a vital requirement before hiring.

When recruiting, a corporation is constantly at risk because the employer is liable for the activities of the employees. The finest background check businesses in India conduct a complete background check on the candidates, reducing risk. 

 

Candidates having a criminal history will jeopardize the company’s reputation as well as workplace safety. This should act as a motivator for employers to contact the best background verification businesses in India. 

 

 An in-depth pre-employment screening can assist preserve the company’s brand from unfavorable publicity caused by scandalous workers. The top employee background verification companies in India assist employers in selecting the best candidates for the job. 

The top employee background verification companies in India must do thorough research into these key components of the candidate.

Public records:employee background verification

Public records:

such as criminal offences, can be retrieved through courts of law and law enforcement organizations. This will ensure worker safety if a thorough background check is performed. It is also critical that the values of the employee and the organization are compatible with one another.

Educational qualifications:

Educational qualifications:

To check that the applicant’s educational qualifications are authentic, the employer may contact the college/university from which the candidate graduated. The credentials listed on the applicant’s resume are scrutinized. Aside from the qualifications, the employer may also question about the applicant’s overall conduct. 

Work history:

The employer can call the applicant’s prior employer to learn more about his or her work ethic, job role, job performance, length of employment, and overall conduct. 

Address verification:

Address verification:

Most background check organizations deploy a team of investigators to the applicant’s physical location. They may also consult with the applicant’s neighbors to get vital information. If the address turns out to be a forgery, it demonstrates the applicant’s determination to conceal his or her previous identity. 

Advances in digital technology are assisting Employee Background Verification Companies in India.

Aside from the CV, employee background verification companies can check the candidate’s online information. Furthermore, the Government of India has supported the background verification process by creating digital outlets where information is stored. 

 

Almost all information regarding the candidate is available in the Aadhar Verification, from residence address to biometrics. The National Academics Depository (NAD) was established to digitally store academic records. This aids to eliminate fraudulent practices such as faking certificates and marksheets. 

The government’s NSR (national skills register) is the largest database for working professionals. This makes it easy for businesses to verify the information provided by their employees. Because of technological improvements, it is simple for the top background verification businesses in India to collect information online. 

 

Social media is also an essential tool, and background verification companies in India make extensive use of it. This vital technology is used by the world’s best background verification companies to map out valuable information about personnel. Background check businesses can calculate the applicant’s interests, participation, actions, and affiliations. 

Background Verification Process in India

In India, background checks are performed either by the company or by third-party agencies. Large corporations or organizations engage the top employee background verification companies in India to do pre-employment background checks. 

 

Smaller businesses normally undertake the verification themselves with the assistance of an HR team. The employment verification process is determined by the many norms and the type of investigation required. 

A detailed report is supplied to the employer once the background verification company has completed the background verification process completely. After reviewing the complete report, the employer will decide whether or not to hire. In the event of a post-employment verification, the employer will decide whether or not to keep the employee. 

 

The background verification process typically takes 3-10 days; however, it may take longer if the background verification provider wishes to conduct a thorough background check. 

Top 10 Background Verification Companies in India

India is the world’s fastest expanding economy, bringing various firms and industries to the forefront. As a result, this has immediately paved the way for the establishment of a slew of background verification firms in India. 

 

Today, both large and small organizations have recognized the need for an efficient pre-employment background check system in India, which has resulted in companies trying to be the best background verification company in India. Here is our pick of the top 10 Background verification companies in India: 

CFirstCorp

CFirst Corp offers a cost-effective and personalized background check solution via an industry-leading, user-friendly web-based system. They are also an ISO 27001:2013 certified firm.

Corporate Investigation India

Corporate Investigation India provides pre-employment background checks, acknowledging the critical necessity to screen future employees at all levels. Other checks include the verification of white papers/documents, tenant screening, and drug testing. CII operates globally in accordance with the norms and regulations in effect in that jurisdiction.

JustVerified

JustVerified is India's first background verification company with a mobile application and a web-based application, providing clients with a convenient way of authentication and reliability.

The Fourth Force

Fourth Force ranks among the top ten finest background verification firms in India as a professionally managed background verification company with a staff of 100+ educated specialists delivering fair and dependable services in the validation of available information.

Sleuths India

Sleuths India is well-known for providing unrivalled investigation services for individual cases, company cases, debtor concerns, pre-employment and post-employment checks.

IBC

The IBC is run by professionals with vast expertise in the global screening sector. They are also an ISO 9001:2015 and ISO:2015 certified organization.

iCrederity

iCrederity's goal is to provide a standard platform for background verification based on authentic credential analysis that is accessible globally and supported by a strong network.

iChek Services

With over ten years of expertise in pre-employment background checks, iChek has a wealth of industry knowledge.

SecUr Credentials

SecUr Credentials Ltd. is one of India's major background check firms, having pan-India coverage and global operational capabilities.

Prompt Personal

Prompt Personal is one of India's leading HR solutions providers, with over 22 years of expertise.

This is the era where technology is significantly affecting the method of employee background checks and how they can be used. So, like any other industry that technology has transformed, background screening will transform, but for the better, thanks to the immense power of technology. 

 

With the latest technology in operation, MIMO’s employee background screening services can be used to perform verification quickly and easily by organizations. Companies need to send a request to MIMO for a background check and they can receive all relevant records without delay. Working with a reputable background check firm can help save on time and money while also ensuring that the company remains compliant in the customer screening process. 

 

Here at MIMO, we are aware of the high levels of transparency, complex legislation, and laws that the financial sector and other industries must adhere to and comply with. MIMO offers all-inclusive background check services with a focus on protection to provide you with the most reliable and up-to-date details. 

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How Background Verification Checks work in India

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How Background Verification Checks work in India

Background checks are not a service that is “one size fits all.” In fact, it is strongly encouraged that specific searches be conducted by certain sectors based on the positions they fill. 

In addition, to the normal background check for entry-level positions, employers must identify each position within their business. Any unique industry-related background checks they feel would help them make an informed recruiting choice (i.e., criminal background check). 

The industries that use background checks and searches and how each industry might profit are mentioned here. A company needs to avoid this type of terrible hiring. Many organizations include a background verification check in their hiring process to ensure they choose the right employees. Organizations like Transportation, Educational, Financial Services, Healthcare, Retail, Non-profit organizations, Staffing, Technology, Childcare, Financial institutions, Residential and Commercial living, Tenant verification, etc., have a greater need for background verification. These organizations are more reputable among the people, and hiring the wrong employee can ruin their reputation.

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Profile verification during Customer onboarding

In order to know your customer’s backgrounds, banks and other financial institutions must confirm the identity of their customers. Here’s how to make these quickly and precisely. 

In addition to requiring compliance with international legislation, customer verification processes assist banks in evaluating potential legal risks associated with conducting business with potential customers and other co–operants.  

Customer verification processes are generally used when :

  • Onboarding of customers
  • Users' login
  • Verifying existing users
  • Handling significant transactions
  • Fast loans
  • Updating private information (change of address, phone number, branch location, etc.)

To make sure that their customers are who they say they are, banks and fintech use a process or combination of protocols. This process enables banks to confirm the legal status of prospective customers, whether they are individuals or companies, through appropriate and significant papers. 

Despite the best efforts of customer identification procedures, it does occasionally happen that one can falsify documents, or firm ownership can be concealed via shell corporations. 

There are emerging companies that can assist in preventing these particular types of events from happening, even when consumer verification methods are rigorous. 

Customer due diligence during a business partnership

Companies must perform CDD (customer due diligence) when creating a business partnership. For instance, businesses must ask for and confirm specific information before forging a relationship with another organization. 

Certain regulators permit a streamlined investigation known as Simplified Due Diligence (SDD) when there is a low risk of money laundering. Businesses may need enhanced due diligence, or more thorough verification, in situations with increased risks. 

Businesses are not usually required to undergo the entire verification process by financial regulators. SDD is an excellent option for low-risk clients, like well-known governmental entities or private individuals with steady funding sources. 

The CDD process has been divided into three parts :

  • Step 1: Obtain data

  • Step 2: Selecting the suitable due diligence path

  • Step 3: Complete Observation

Although CDD criteria vary per industry, they are generally similar. To fulfill AML (anti-money laundering rules) rules and reduce the risks associated with fraud, CDD makes sure you are aware of your business partner‘s identities (in particular, by checking the authenticity of provided documents). 

Third-party verification is the best option for companies that onboard businesses. It cuts onboarding time to a few minutes without the need to add more staff to manage the process and boosts conversion rates. 

Businesses can select between regular, enhanced, and simplified due diligence based on what they know about the business partner. For instance, it is necessary to acquire original or certified copies of the records that attest to the business’s legal foundation and shareholders to gather information about a client that is a company, including information on beneficial owners.

Why is Background Verification Important for Customers?

Taking everything into account, you must be careful in your onboarding process of your customers, and you can only do that by thoroughly investigating each customer’s background. 

 

Therefore, it is best to do background checks to make informed decisions unless you want workplace safety jeopardized or to go through the arduous customer screening procedure. Of course, it’s the most effective strategy for you! 

Why is Background Verification Important for Business?

Background verification is necessary for every industry to prevent fraud. However, the banking and e-commerce sectors are where it matters the most because : 

Financial sector

Businesses in the financial sector want to do customer profile verification for both clients and staff. The organization must also verify people to reduce the risk of account takeover, money laundering, and terrorist financing. 

E-commerce industry

Due to returned orders, e-commerce suffers significant losses each year. A layer of security is added by address verification services to cut down on fraud and stop financial losses for businesses. 

Why is Background Verification Important for Merchants?

Merchants need to know the past of their vendors and business partners. Running a background check helps merchants to ensure they choose a trustworthy and honest business partner.

An unscreened vendor can lead to malpractice or accidents, ruining your customer relationship. Sometimes, merchants choose the wrong partners who were involved in criminal activities and had pending penalties. They may use your money to pay their fines for their illegal activity. Background verification ensures you avoid working with poor vendors.

What Types of Background Verification are Performed in India?

There are different kinds of background verification performed in India, including: 

Address Verification

Running address verification is essential whether the person is from the same city or shifted from another. There are two types of processes for this verification, physical and online address verification. 

 

The process of physical address verification involves a field officer who verifies the candidate’s details by visiting their given address. This process also helps you find whether the person lives at a temporary or permanent address and how many people live at the given address. 

Online address verification processes require verification of government-issued IDs like Aadhaar cards or any other documents. This process is done digitally. An officer will upload the address verification, and the platform will verify its existence.  

Along with address verification, tenant verification also plays a very important role when renting properties to tenants. When legally allowing your home for rent, there are specific procedures to follow. This background check is a step in the rental procedure you take for security. 

Identity Verification

Identity verification ensures a candidate is a real person. This verification process usually involves biometric authentication. It can be done by verifying the unique biological characteristics using government-provided IDs, including an Aadhaar card, a driver’s license, or a passport. It can be done using a few biometric technologies such as retinal, fingerprint, face, and voice recognition. 

 

An alternative way to process this verification is online. However, online identification verification involves many different solutions. One of them is copying CAPTCHA. 

Employment Verification

Employment verification checks the behavior and experience of an applicant at their previous workplace. The process of this certification is easy. Companies need to contact previous employees or co-workers of the applicant to check its overall organizational behavior. 

Education Verification

Education verification involves confirming that the education or any degree or diplomas the applicant claims are accurate. This verification process requires confirming the name and registration number of the applicant. It can be done by tallying the applicant’s name with the institution’s record.

 

It also verifies the course details and year of passing. A company needs to hire a candidate with the required skills and knowledge. It also checks whether the regulatory bodies declare the institution fake or not. 

Criminal Verification

A company checks the criminal records of new candidates using data released by the court in the public domain. The process is done under the Indian Contract Act and the Information Technology Acts of 2000 and 2005. A company can search across the records for cases provided by District Civil Courts, High Courts, and Supreme Court. 

 

Social media is also used as a part of criminal verification. An individual can also check the criminal record of a person online. 

Credit Check

A credit check is usually done by organizations dealing with money, like a bank, lender, or service provider. A financial institution can use it to check the financial history of a new applicant.

They can also use an employment credit report that carries all the applicant’s information, like their payment habits, past credit, and type of loans. It helps highlight any debt incurred or any money fraud undertaken by the applicant.  

Business Verification/Due Diligence Verification

Due diligence verification is essential for a company. Many online platforms, like Facebook and Google, ask for Business Verification. It helps online platforms to check your identity as a business entity. 

For business verification, you will need these things : 

  • Business credit report.
  • Goods and service tax registration certificate (GST).
  • Business license and permit from a state, local, or central government.
  • Permanent Account Number Card (PAN).
  • Udyog Aadhar (UID).
  • Shop establishment certificate.
  • Business Bank Account Statement.
  • Articles of Incorporation.

All online platforms or business apps have different business verification processes. However, most of them require you to upload all the necessary documents and information about your business.  

E-KYC Solution

A company typically uses these two methods of KYC verification, including : 

  • Digital KYC 

Aadhaar OTP and Aadhaar-based Biometrics do it. This process takes only a few minutes, and you can perform it from home or the office. However, an executive from KRA will visit your home or office for biometric verification. 

  • Video KYC 

This process is similar to digital KYC verification. However, an official from the MSME invited you to a video call. The verifier authenticates the documents and checks the current location of the person. 

 

How is Background Verification Check Performed in India?

A company runs all background verification processes, from address verification to criminal record checks. All the verification processes are tiresome and take a few weeks to complete. A company verifies this information, including identification checks, drug tests, academic record verification, pre-marriage verification, database verification, and professional reference checks. 

Firms search public databases (criminal records) for any evidence of illicit activities. They then dig through your educational records to validate your degrees and certificates. Finally, businesses will check your address. They may even send people to real sites to verify a candidate’s address. However, different companies in India perform background verification checks in various methods. This is how they do it :

  • Third-party agencies are hired by large private firms to carry out these checks.
  • Small and medium-sized businesses typically delegate all of the work to their HR department.
  • Before giving a job, government agencies or PSUs conduct comprehensive background checks.

The Government's Background Verification Efforts

The government is also stepping up its efforts to prevent you from committing fraud. Here are the new tools it is employing to assist firms in conducting background checks on you. 

Aadhaar authentication

Aadhaar Authentication involves submitting the Aadhaar number, along with demographic information (such as name, date of birth, gender, etc), to UIDAI’s Central Identities Data Repository (CIDR) for verification, and UIDAI verifies the accuracy of the details submitted or the lack thereof, using the available information.

National Academics Depository (NAD)

The government established NAD to digitize your educational records. NAD may also give trustworthy certificates to verified users because they intend to get every education board and institution in India on board. 

National Skills Registry (NSR)

The NSR is the largest database of working professionals that assists businesses in verifying personnel information (if they are registered). 

How long does the background verification process take?

Generally, it takes around 1 to 2 days to get a full report on the background verification of specific services, including employment, financial, identity, and education verification, etc. However, this process takes only 3-4 hours when done with MIMOIQ to verify the information of an application.

How can MIMO help?

This is the era where technology is significantly affecting the method of employee background checks and how they can be used. So, like any other industry that technology has transformed, background screening will transform, but for the better, thanks to the immense power of technology. 

With the latest technology in operation, MIMO’s background screening services can be used to perform verification quickly and easily by organizations. Companies need to send a request to MIMO for a background check and they can receive all relevant records without delay. This will help you save a lot of time, which you can then utilize for more productive tasks. 

By partnering with a third-party background screening company, you will be able to receive all the information you need quickly. Working with a reputable background check firm will save you time and money while also ensuring that you remain compliant in the customer screening process. 

Here at MIMO, we are aware of the high levels of transparency, complex legislation, and laws that the financial sector and other industries must adhere to and comply with. MIMO offers all-inclusive background check services with a focus on protection to provide you with the most reliable and up-to-date details.

Get Verification done anywhere in India!

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The importance of Address Verification and the Technological trends influencing It

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The importance of Address Verification and the Technological trends influencing It

Address verification is one of the most critical components of a thorough background check, and it should not be overlooked.

Proper address verification does the following:

  • Steer clear from identity theft and fraud.
  • Affirms that the candidate has no ties to illegal communities.
  • Ensures that actual correspondence, such as documents, letters, and forms, are received.
  • A confirmed address allows law enforcement to investigate whether the candidate performs a criminal act while working for your company.

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It is no secret that increasing customer power is pressuring businesses to provide excellent customer service in addition to high-quality products. Customers are accustomed to receiving “perfect” service, so even the smallest hiccup in their purchasing journey can cause them to abandon their purchase.

 

Even if your products and services are satisfactory in this customer-centric environment, you must ensure that every component of your sales cycle is flawless, manageable, and scalable. Having accurate and up-to-date information about your clients is one of the prerequisites for providing excellent customer support. One of the most important aspects of a customer’s identity is their physical address.

Let's look at some of the benefits of having up-to-date and accurate customer address details.

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As previously stated, an address is an important aspect of a customer’s identity. Incorrect address data can lead to shipment delivery to the wrong address or erroneously post-coded correspondence, resulting in customer dissatisfaction, missed sales opportunities, decreased client loyalty, and a tarnished company image.

The importance of precise customer address data in business:

  • The importance of precise customer address data in business:
  • Improves data analytics effectiveness: precise data can be used in location analytics to determine where your consumers are located.
  • Enhances customer service and brand awareness.
  • Enhances the efficiency of direct marketing efforts.
  • Address auto-completion with real-time verification improves the consumer journey on your website and leads to a better online purchase and registration experience. Furthermore, it assures that the data entered into your database is correct at the time of entry.
  • Accurate Geo-tagging helps to improve customer satisfaction by allowing for faster deliveries and improved route optimisation for your delivery fleet.

How is technology shaping current trends in address and identity verification?

How is technology shaping current trends in address and identity verification?

Companies and their customers are getting more concerned about privacy and security. More people are becoming aware of their data privacy rights and monitoring sites that reveal personal data leaks. According to recent research, 50 percent of online service consumers are concerned about identity theft and banking fraud.

 

As a result, businesses are scrambling to create and integrate comprehensive security systems based on cutting-edge technology in order to deter fraudsters and meet client demand. The new reality necessitates the implementation of new methods for client identity verification systems, transaction monitoring, and anti-money laundering procedures.

Artificial Intelligence is becoming the main driver of online identity verification industry?

Another development we’re seeing this year is the advancement of artificial intelligence (AI) and machine learning processes in the field of online identity and address verification.

 

AI has already made a significant impact in a variety of industries throughout the world, ranging from tourism and gaming to finance and the shared economy. It has been commercialized and widely regarded as the technology that will propel those industries forward.

 

However, as identity theft becomes more sophisticated, AI technology can be used to implement stronger security measures and mitigate fraud in the early phases of the verification process.

How can MIMO help?

With MIMO’s address validation solutions, you can focus on your core business while we improve the quality of your address data. Our transparent and invisible cloud and on-premise address verification service enables you to easily gain the benefits outlined above.

 

With the latest technology in operation, MIMO’s background screening services can be used to perform verification quickly and easily by organizations. Companies need to send a request to MIMO for a background check and they can receive all relevant records without delay. This will help you save a lot of time, which you can then utilize for more productive tasks.

 

By partnering with a third-party background screening company, you will be able to receive all the information you need quickly. Working with a reputable background check firm will save you time and money while also ensuring that you remain compliant in the customer screening process.

Here at MIMO, we are aware of the high levels of transparency, complex legislation, and laws that the financial sector and other industries must adhere to and comply with. MIMO offers all-inclusive background check services with a focus on protection to provide you with the most reliable and up-to-date details.

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How Technology Is Revolutionizing Background Screening

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How Technology Is Revolutionizing Background Screening

Background Screening used to be a manual, paper-based procedure and as a result, it would be much more expensive and take much longer to complete. It was difficult to perform background checks on prospective customers or clients, particularly when they needed to verify the physical addresses of the parties in question.

However, with the advancement of artificial intelligence (AI) and other emerging technologies, background verification is moving in the right direction. Employee background verification procedures are now automated, making them much more effective. A lot of the candidate’s knowledge is accessible online in public databases, which can save on physical resources when accessed.

Manually going through all the available data, on the other hand, can take a long time. The new background verification and screening technologies being developed relieve a lot of the pressure on an organization. Verifying job records, address proofs, and any other area can be achieved in minutes just with a few algorithms in place.

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What role does technology play in background checks?

Data analysis that is smarter

By combining AI and machine learning, background screening can now be taken to a new level by prioritizing data based on relevance. No one has time to go through data that is relevant to a background check and which isn’t. New technology can now evaluate data and offer only valuable information to an organization.

Risk and threat analysis

Another major goal of background check is to ensure that a business is making the best decision possible. Emerging technology, such as artificial intelligence (AI) combined with software algorithms, can collect any data that is important for an organization to understand a customer’s profile. With these kinds of data, it is simple for a company to figure out a customer’s credentials and negate any risk to the company.

How is Technology benefitting Background Screening?

Innovations in technology have transformed the way background checks are performed, making an organization’s decision-making process even easier. Verifying the given information can become a tedious and time-consuming task with the large number of applications received each day. As a result, using technology not only improves the performance of the operation but also saves time.

Additionally, there are many advantages of using technology for background verification during the employee screening process. A few of them are:

Lesser turnaround time

If a screening department in a larger company, particularly one with hundreds of applications to screen, starts the process manually, it can take weeks, if not months, to complete. However, using specialized software or a safe online portal can assist companies in reducing processing time (TAT) for the entire process.

Enhanced data security

If companies have gathered the personal information of customers, the company must protect that information. However, such employee details, such as the Permanent account number or Aadhar number, must be exchanged between the customer and the service provider during background verification.


Though background checks should only be done with the permission of the individual being screened, the details should also be shared responsibly and without jeopardizing security. Companies may safely exchange the details of potential customers with the aid of technology, ensuring that the information does not fall into the wrong hands.

More accurate Background Screening and of better quality

When a company performs customer screening manually, only a cursory review of documents is likely carried out. If this occurs, clarity or conciseness regarding information could be lost. When manually performing a background search or a reference check, for example, certain important information regarding the application can be missed.
You will be able to do a more detailed background check if you use the right technology and have the best support. Furthermore, automatic results are more precise and, without a doubt, of higher quality than manual results.

End-to-end automation

Background checks can be automated with the aid of technology. Prospective candidates will simply fill out an online form on the company’s website with all their information, and the screening platform will automatically populate all the relevant data.


Finally, it can be concluded that cutting-edge technology such as Artificial Intelligence and Machine Learning can help analysts simulate their thought processes by assisting in the discovery of correlations, decoding their context, and raising red flags as required. Data can be gathered from a variety of places online, including media, legal documents, and a variety of other places.

This is the era where technology is significantly affecting the method of employee background checks and how they can be used. So, like any other industry that technology has transformed, background screening will transform, but for the better, thanks to the immense power of technology.


With the latest technology in operation, MIMO’s background screening services can be used to perform verification quickly and easily by organizations. Companies need to send a request to MIMO for a background check and they can receive all relevant records without delay. This will help you save a lot of time, which you can then utilize for more productive tasks.


By partnering with a third-party background screening company, you will be able to receive all the information you need quickly. Working with a reputable background check firm will save you time and money while also ensuring that you remain compliant in the customer screening process.

Here at MIMO, we are aware of the high levels of transparency, complex legislation, and laws that the financial sector and other industries must adhere to and comply with. MIMO offers all-inclusive Background Screening services with a focus on protection to provide you with the most reliable and up-to-date details.

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Importance of Background Verification in Financial Industry

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Importance of Background Verification in Financial Industry

Background verification are essential in companies when it comes to recruiting, accepting loans, provision of services, among other items. Financial institutions must carefully choose who is eligible to use their services due to increased security requirements and complex financial regulations. For seamless services, it is important to know the identity and background of a potential client or customer. When performing a Background verification as a financial institution, there are many reports you can run and consider before extending credit.

Table of Contents

The Following are Seven of the most Widely used Background Verification:

Identity Verification:

Identity theft accounts for a large portion of fraud in India. According to an Experian survey, 85 percent of identity frauds are linked to auto loans, credit cards, and mortgages. Identity fraud has risen by 50% in the mortgage loan portfolio. Confidence and reliability are essential in business alliances, joint ventures, and collaborations, which can only be achieved by thorough background checks. Extensive Background verification can be conducted using tech-enabled platforms, which include identity verification.

The following Background verification are integrated with Identity Verification:
  • Passport verification
  • Driving License check
  • Voter ID check and more

Education Check:

One of the most common forms of fraud in India is misrepresenting information about educational qualifications. Fake documents are created to obtain access to a range of loan items, job opportunities, and enrollment in educational institutions, among other things. Conducting a comprehensive Background verification that involves education checks is one of the best ways to fight false documents.

 

Multiple databases are used to verify the following facets of education:

  • Roll or Registration number of the candidate
  • The course passed or pursued by the candidate
  • The year of course completion
  • The genuineness of pass certification
  • The affiliation and accreditation check of the institute/course
 

Address Verification:

According to an AuthBridge survey, there was a gap in more than 6% of the candidates’ given addresses in 2017. Physical address checking is an important part of Background verification since it is the first-place employers, businesses, credit card companies, and banks look if there are some discrepancies.

Financial Institutions can effectively monitor the following information about the physical address by using mobile-enabled location tagging which employs cutting-edge technology:


  • Is the address given correct?
  • If the resume or document’s address refers to the real physical address
  • How long has the nominee or individual been residing at the given address?
  • Whether the person owns the home or has leased it.
  • Relationship between the nominee and the person who verifies the address information.

Criminal Records Check & Police Verification:

Financial Institutions search a variety of public records, including those kept by various courts, police records, and CBI, SEBI, and RBI lists, to derive actionable, factual information about a person’s criminal background or litigations. As part of the full background search, all civil and criminal litigation records are checked. Hiring people who are responsible for handling sensitive and confidential information and transactions in financial institutions needs a thorough Background verification.

Reference Check:

In 2017, more than 3% of reference checks had more than one difference, according to an AuthBridge report. Many institutions do not have the time or money to perform a comprehensive reference search, which is crucial to verify customer information. One of the common methods to perform reference checks can be in the form of telephonic verification to assess the candidate’s performance, expertise, and abilities.

Checking Employment History:

In the financial services industry, employment verification of the customer is critical. Employment background verification services include a detailed review of the candidate’s employment history, including previous positions held, duration of employment, and reason for departure. This provides institutions with an accurate description of the candidate’s professional life.

Checking Credit History:

When considering whether a candidate is eligible for financial services, it is important to look at their credit background. A credit check can be conducted by looking at bankruptcies, tax liens, derogatory accounts that have been paid or charged off, and active accounts that contain open loans relating to the nominee. Many organizations have started concentrating on an individual’s financial health to measure several personal qualities such as dependability and integrity over the years. The argument goes that bad credit scores indicate a person’s inability to manage his finances, which would inevitably affect his work efficiency.

While all businesses benefit from background verification, banks and financial institutions must receive the most up-to-date records on any prospective customer. It is possible to collect background check information yourself if you are interested. However, not only will it take time and money to collect all the documents you require–which will include carefully reviewing court records, criminal records, and national databases–but certain records are unavailable to the public.

 

By partnering with a third-party background screening company, you will be able to receive all the information you need quickly. Working with a reputable Background verification firm will save you time and money while also ensuring that you remain compliant in the customer screening process.

 

Here at MIMO, we are aware of the high levels of transparency and complex legislation that the financial sector must adhere to comply with central, state, and local laws. MIMO offers all-inclusive background check services with a focus on protection to provide you with the most reliable and up-to-date details.

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For more information and to avail our Background verification services.

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