Over 17 million people are impacted by identity theft every year.

In a world where instances of identity theft are increasing day by day, identity verification is one of the most reliable ways to build trust between any two parties. In simple terms, Identity Verification means a process that can prove or verify that someone does exist.

Fact is, in today’s world, it is no longer safe to blindly trust someone’s words. According to a survey conducted by Forbes, over 17 million people are impacted by identity theft every single year, especially consumers who are more than 50 years old are more vulnerable to such crimes. Even in India, there have been many instances of frauds conducted using Aadhaar. Just earlier this year, there were five cases of Aadhaar-related frauds where money worth lakhs was fraudulently taken out from customers’ accounts in two public sector banks.

Moreover, Andhra Bank has had four similar cases where a whopping amount of Rs. 4, 20,098 was taken out from certain customers’ bank accounts without their knowledge using their Aadhaar details. In fact, since 2015, the Indian banking department has received over twenty complaints regarding Aadhaar-related frauds. With so many instances of identity thefts, the only reasonable measure to build trust is to adopt identity checks.

 

Identity verification – A long-term solution

In India, identity verification is slowly, but surely becoming integrated in the way our economy runs. It is safe to say that in a few years, they will be fully integrated into the way we live our very lives. Today, we need to verify our identity by providing our national IDs before we apply for jobs; we need to complete our KYC in order to use every day apps like mobile wallets. Requirements like these show the pressing need for identity verification in the world today.

The rising popularity of national identity verification also means that biometrics too are gradually becoming the norm in identity checks. Soon, it is a possibility that elements like retina scan and other neurological processes may become the normal parameters for identity verification. They provide a more secure and solid fence when it comes to identity thefts.

However, your biometrics are not readily available to others, unlike your personal details. Given their security, reliability as well as scalability (they are already in use to a certain extent), they appear to lead a hopeful and more secure future for identity verification. After all, it is next to impossible for someone to steal your fingerprints, iris and retina patterns, hand geometry, voice waves and so on.

 

APIs – The basis of identity verification

Today, identity checks are done based on the government’s database, facilitated by the use of advanced APIs (application programming interface), as well as complex and intelligent search algorithms. API, which stands for Application Programming Interface, is a software intermediary which enables two different applications to interact and communicate with each other. It is the main technology behind all kinds of national identity verification today.

Here’s how it works.

When a background screening company conducts an identity search, it is basically sending out a request to the government’s database for access so that whatever is needed like identity, age, address and more can be verified.  API is the middleman that sends this request for access and sends back the response, that is, the verification result to the company. This process aids in conducting instant identity verification.

Today, API is the building block of national ID checks, enabling verification of personal details and information about an individual. But with the rise in biometrics, this may not be the norm of identity verification very soon.

Background check and Other Factors in Internal and External Recruiting

Recruiting candidates to fill job vacancies is an ongoing process in any organisation. Whether an employee has resigned or you are expanding and new positions have opened up, you will be in need of someone to take the job. There are two main methods of filling a job position- internal recruiting and external recruiting. Both of these methods come with their advantages and disadvantages but deciding between the two has a lot to do with your organisation and the position that needs to be filled.

 

The advantages and disadvantages of internal recruiting

One of the most important things required when hiring an employee is the background check. The background screening is essential to know for sure that the candidate is in fact who he or she claims to be. When hiring an employee internally to fill a different position, there is a good chance that you have already done the background verification at the time of joining. A big advantage of internal recruiting is that you do not have to conduct a second background verification on the candidate and this will save you time and money. There are several other advantages of hiring internally as well. Existing employees already know how things work in your company and adjust faster to the new role, contributing to less downtime. You also have the advantage of already knowing your employee strengths and weaknesses and have a good idea how they will perform in the new position. Internal recruiting, however, is not without its drawbacks. While the process is cheaper and quicker, you might be compromising by not getting a fresh new perspective on the job. There is also the possibility of some employee being unhappy about having a colleague promoted over them which could cause some tension. And finally, you could end up creating a new vacancy in the position that your promoted employee formally occupied.

 

The advantages and disadvantages of external recruiting

External recruiting should be considered when none of your existing employees qualifies for the new position or you could benefit vastly from hiring a new candidate. What is important to remember when you are hiring externally is that a thorough background screening is required. A background verification check of a new employee could be time-consuming but will work to your advantage in the long run. Doing a pre-employment screening, identity verification and police verification could save you from hiring someone with a sketchy past that could jeopardise your company. Making sure a candidate is being honest about their past is imperative in saving you and your company a lot of problems later on. The extra time and effort required for external recruiting will pay off when you find the perfect candidate for the job. An external hire will not only bring along new ideas but could also be the most qualified and experienced person for the job. External hiring takes longer and costs more but provides you with a larger pool from which to choose the right employee.

 

Summary

Both internal and external recruiting have their pros and cons. Which method you chose to follow will depend on the vacant position and what you are looking for in a candidate. Internal recruiting is quicker and you can often do away with the background verification because you have already screened the employee once. External recruiting is a longer and more expensive process but a thorough background screening of potential candidates will work well to your advantage. To understand the background verification process in detail, write to us at communication@authbridge.com or call us on +91-850-680-4541

Spot Fake Companies with Vendor Due Diligence

As a business owner, you will, at some point or another, require to partner with or outsource jobs to other companies. When scouting for a company to work with, due diligence is required to ensure you choose the right business partner. There is a lot at stake when you choose to take on a business partner; you could risk quality, time, money, and your reputation if you select the wrong partner. Unfortunately, there exist a lot of fake companies which provide substandardly or even no service, and associating with one of them could set you up for failure.

 

How does vendor due diligence help?

Let’s say, for example, your company sells exclusively cut glassware. You have an e-commerce website via which you sell your product and the items need to be couriered to your customers. You decide to hire a local courier company without doing thorough due diligence, but unfortunately, they provide substandard services. Soon you have customers complaining that their purchases are damaged and they want a refund or a replacement. An experience like this does not only ruin the reputation of your company causing you to lose customers but could put you in financial loss.

Conducting Vendor due diligence would have given you a better insight into the kind of services they provide and could have saved you all the setbacks you suffered. The same is true when entering a business partnership with another company.

Conducting business partner due diligence will let you know exactly how the business operates and whether or not they are a good fit for you. Vendor due diligence and business partner due diligence will also keep you informed of aspects such as lawsuits or past losses faced by a company. If a company is fake or just a front for money laundering or other illegal processes, a due diligent check will identify the problem before you make any commitments.

 

The best way to conduct due diligence checks

Background verification and screening is a specialised process that can be expensive and time-consuming. It is no surprise that a lot of companies skip this step or do only a partial screening. The consequences of not performing vendor or business partner due diligence could, however, be disastrous. Now, the fact is, all the companies do not have the time and resources to do a thorough screening on their own, which is why outsourcing the job to a company that specialises in this area is a good idea. AuthBridge is a professional background screening agency that takes the effort of the screening process off your shoulders. Our company uses specially developed algorithms to pull up all available information about a vendor or company from the Internet. By accessing public databases, we can get the following information on any company: – Registration details – History – Complaints and feedback – Pending and past lawsuits – Financial history – Identity verification of the owners, and so on In a short amount of time and by using minimal resources, we can help you determine if the company you are about to partner with will live up to your expectations. Because vendor due diligence are our area of expertise and we already have a framework in place, hiring us would cost you less than if you did the screening yourself. Our structured and reliable background checks will take a load off of your work while giving you the information that you need to make the right decision. While we take the responsibility of weeding out the bad apples of the business world, your resources can be channeled towards increasing your productivity. With the help of AuthBridge, due diligence checks of vendors and potential business partners no longer have to be a tedious process.

To understand more about Due diligence Services,

write to us at communication@authbridge.com or call us at +91-850-680-4541

Want to Check More Udyam Registration/Reference Numbers?

Want to Verify More GST Numbers?