 "BFSI, e-com, staffing sectors most vulnerable to employment fraud: Study")
Banking, financial services, insurance, ecommerce, and staffing sectors were most susceptible to employment frauds with 8 per cent of the employees failing background verification checks according to a report by identity security platform IDfy.
The report titled ‘Background Verification Insights by IDfy’ analysed 2.5 million background verifications from the past year across multiple industries, and in areas like criminal, qualification, address, and experience verifications.
The study categorised cases into green, amber, and red, where green denoted a smooth hiring path with all candidate details matching verified documents. Amber signalled incomplete information in submitted documents, and red indicated a ‘do not hire’ status due to discrepancies between submitted details and verified documents.