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Why Companies Can Benefit from Liveness Checks

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Every business wants to avoid fraud, but the complex methods used by fraudsters can sometimes make this difficult. Fortunately, there are some steps that can be taken to ensure it can minimise the risk associated with fraud.

Liveness checks embrace technology and allow businesses and organisations to verify the identity of someone using document verification and biometrics. Given that most people have access to a smartphone and carry out a majority of their tasks using the device, it makes sense that companies can benefit from liveness checks.

Customers Can Open Finance Accounts Easily

In the past, checking the authenticity of a person could take several weeks and be costly in some instances.

Fortunately, this is no longer the case, as liveness checks ensure customers can open accounts easily and quickly. Not only does this improve the customer base for a business, but it also ensures those signing up for an account are not becoming frustrated when waiting long periods for a response.

Job Applications Can Be Streamlined

The hiring process consists of several checks, and although there are elements that need to be carried out manually, companies can streamline basic applications with liveness checks. As well as ensuring job applicants can be given feedback regarding their application sooner, liveness checks can deter those wanting to make a fraudulent application.

The streamlined process that liveness checks allow ensures businesses can invest time where needed in the recruitment process and enables the right talent to be sourced easily.

A Company Can Perform Continuous Customer Checks

It is not only the application process that can be streamlined via the use of liveness checks, but it can also perform continuous monitoring to ensure customers’ accounts are compromised. If a person loses their smartphone and there is little security in place, then accounts may be breached easily.

However, ensuring liveness checks are part of the logging-in process ensures that customers are always protected, even when they can’t find their device.

Businesses Can Avoid Fraud and Money Laundering

Fraud comes in several guises, and a business must do all it can to safeguard itself from nefarious online activity. Fraudsters have made several attempts in the past to open accounts in other people’s names to acquire funds or make investments in a company using money from illegitimate sources.

Not only can liveness checks help protect its business and customers. In many instances, fraud can mean businesses have to increase the price of their products and services to cover their loss. Introducing liveness checks helps deter fraud and provides an additional layer of security between a business and potential customers.

How a Third-Party Agency Can Help Regarding Liveness Checks

Businesses and organisations are keen to avoid fraud and other criminality whenever possible, so they will require prompt service when instilling liveness checks. Online document verification can be one of the most important elements of liveness checks, and using a professional third-party agency ensures they are completed correctly and quickly.

Furthermore, the time saved when outsourcing liveness checks means a business can focus on expansion ratchet than attempting to verify several documents using dated methods.

What Can Employers See on a Credit Report?

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When applying for jobs, it’s not uncommon for companies to carry out a credit search as part of their pre-employment checks. Although many people assume that the search is the same as the one used for credit applications, this isn’t the case.

The following is an overview of what employers can see on a credit report, and how they can influence hiring decisions.

What Are Pre-Employment Checks?

As the term implies, pre-employment checks are screenings carried out before a job offer is made. As well as consisting of credit checks, pre-employment checks can also include DBS Disclosures and Driving License Checks.

When hiring new employees, companies will often include the checks needed in the job description. Although a person can refuse a credit check, the businesses can end the hiring process, as it will be unable to verify whether a person is a threat to the company or the right fit for a role.

What Information is Shown on a Pre-Employment Check?

The information obtained regarding a pre-employment check can depend on the methods of background screening used.

Credit checks for pre-employment screening are referred to as ‘soft searches’ and won’t impact your credit file. Although a company wll be unable to see a person’s credit score, they will be able to ascertain current credit, plus any defaults or CCJs.

Which Credit Reference Agency is Used for Pre-Employment Check?

There can be some confusion regarding credit searches due to there being three reporting agencies. Companies may use Experian, Equifax or TransUnion singularly or all together. Although the details shown can vary, a realistic overview of a person’s credit history can be obtained when using one of the official agencies.

Those who are unsure of what details are shown on their credit report can request a copy from each agency. In addition to allowing a person to proactively monitor their credit history, it can also ensure that all the information recorded is correct and up to date.

Can a Company Legally Refuse a Job Role Based on Credit History?

There can be unavoidable circumstances in life and being judged on credit history can seem unfair. However, a business has a responsibility to ensure that both its customers and employees are protected, so can refuse a job role if it feels it could pose a threat to the business.

However, this doesn’t mean that those with poor credit will be refused a job. Although a person may have had credit problems in the past, maintaining payments moving forward shows that they have taken responsibility, which can be considered a positive trait.

Companies will frown upon information that shows the person to be irresponsible with funds or could be part of something more nefarious involving identity fraud.

Applying for a job can be overwhelming for some, especially regarding background screening. However, monitoring credit reports and being honest with employers means a business can obtain more context and make an informed decision when hiring.

Avoiding the Dangers of Fraudulent Documentation

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The advancement of the Internet has led to several sophisticated methods of falsifying documentation. Although this may have been successful for criminals during the early days of the Internet, methods have been developed that help businesses and organisations avoid the danger of false documentation.

What Types of Fraudulent Documentation Are There?

To start contending with falsified paperwork, businesses and organizations must know about the different types of document fraud. The following is an overview of the most common.

Image Fraud

Image fraud typically occurs when those being asked for identification use an image instead of the document itself. Most alterations are carried out using image manipulation software, meaning the images can look real to the naked eye.

Illegitimate Documents

Illegitimate documents are created to look like the real thing but will be created similarly to falsified images. There can be some differences that are noticeable, such as missing holograms, but this won’t always be the case.

Modified Documents

Modified documents start life as official paperwork but will have details amended, thus making them illegitimate as with illegitimate documents, there can be signs of tampering, but they won’t always be evident.

Modified documents can be more difficult to spot as they contain official elements, but there are steps that can be taken to ensure that paper work is official.

What Are the Risks of Fraudulent Documentation?

Fraudulent documentation can be used for a series of nefarious reasons, many of which will negatively affect a business. Those using falsified paperwork to apply for a loan will often use the funds without ever making a repayment.

Similarly, businesses offering investment opportunities could be subjected to money laundering. As such, companies and organisations will be keen to instill a reliable form of document verification to avoid the risks.

Given that document fraud costs businesses and organisations approximately £3 million per year, businesses will also want some additional peace of mind that every step is being taken when verifying documents. This is why many people enlist the expertise of an external agency.

Why Use an External Agency for Document Verification?

Even the most skilled individuals can miss small details when checking documents, especially when contending with large volumes of paperwork. Fortunately, there are modern methods of checking documents that can be completed quickly.

Carrying out document checks internally can take several hours and can still leave doubt whether a document is official.

Outsourcing the task to a professional document verification company allows businesses to establish paperwork is genuine within a quick time frame. Furthermore, verification certificates can be viewed online the same day they are requested.

What Does a Credit Report Show?

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A credit report summarises a person’s credit commitments and any CCJs or defaulted payments. Credit scores are updated every 45 days approximately, but in most instances, a credit report will give lenders and employers a realistic overview of a person’s financial history.

There are three credit reference agencies, also called CRAs, so the information listed on each can vary. The three main reporting agencies are Equifax, Experience, and TransUnion, and each can show varying information, including the following.

Bankruptcies

Bankruptcies are created when a person cannot pay their debts. Companies or individuals can use Chapter 7 bankruptcies. An individual can only use Chapter 12 bankruptcy. Bankruptcies will continue to show on a credit report for approximately six years after the order is made.

Accounts Sent to Collections

If a business has tried to recoup payment but has been unsuccessful, the company will send its account to a collections department. Although common for credit cards and loans, collection accounts can apply to rent payments, mobile phones, and satellite television.

Soft and Hard Credit Check Enquiries

As companies can use credit checks for identity checks, two types of enquiries are carried out. A soft credit check is often used for job applications or pre-approved credit offers. These types of checks do not affect a person’s credit score.

However, those applying for credit will incur a hard credit check, which stays on a person’s account for two years. These types of credit searches can impact a credit score, so it is essential permission has been given beforehand.

Is There Information Not Shown on a Credit Report?

Although a credit report shows financial details, the information only relates to debt. As such, only credit cards, loans, and mortgages will show on a credit search. Any information regarding savings and current accounts will not be displayed, as this isn’t debt.

A credit report will also dismiss any information irrelevant to credit applications, such as marital status, race, disabilities, and religion.

Ensuring a Credit Report is Carried Out Correctly

Those wanting to check their credit file can make a request to the relevant agencies. You may need some form of identification if you have difficulty locating your credit file. Still, each agency will inform you of the necessary next steps for obtaining your score.

A business carrying out a credit check must obtain the person’s permission and personal details. In addition to a credit search, companies may conduct other forms of background screening, including DBS Checks.

A company must also ensure that any supporting documentation given is legitimate so it will take advantage of online document verification.

Carrying out a credit check for the first time can be overwhelming, but there is plenty of support for businesses that need to carry out credit checks continuously, ensuring there is little disruption regarding day-to-day operations.

Finding the Right Employees: Making the Most Out of Background Checks

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The hiring process can be frustrating if the correct checks aren’t in place. Some may feel that a background check isn’t needed, but those who aren’t the right fit for a role can end up costing the business money regarding training and onboarding.

Of course, new businesses can be fearful that background checks are costly and drawn out, but this isn’t the case, especially when employing the services of a professional.

What Background Checks Are Needed?

Several background checks can be needed when employing people for a job role. The following is an overview of some typical job roles and the type of background checks that could be required when applying for a job.

Office Worker

The office environment can deal with a lot of information, and some can be more sensitive than others. Because of this, the backgrounds checks needs can range from a simple credit check to an Enhanced DBS Disclosure.

Police Officer

Those applying to become a police officer will often be subject to several checks, including an Enhanced DBS Check, credit check, and Right to Work. The number of checks needed ensures confidence in the person carrying out a responsible role to the best of their ability.

Teacher

As teachers will often be working within close proximity of children, they will usually need an Enhanced DBS Check to ensure the facility meets Ofsted regulations. Schools may carry out other checks to ensure the person is genuine, including identification and credit checks.

Call Cente Operator

The type of background checks needed for a call centre can depend on the nature of the calls the person will be dealing with. People working on a helpdesk may only need a Basic DBS Disclosure. However, those helping people with finances or dealing with transactions may require an Enhanced DBS Check and a credit check.

As the examples show, there is no set routine when carrying out background checks. It isn’t unusual for a business to update its screening methods every couple of years to ensure they recruit the best employees possible.

However, a business that processes its own background screen can find the task is time-consuming, meaning it is more cost-effective to outsource the job. However, this isn’t the only benefit of using a professional agency for background screening.

Why Use a Professional for Background Checks?

When a business carries out its own background checks, it may not have all the necessary information to conduct a thorough screening. Outsourcing the task to a professional agency ensures that all background checks are carried out correctly.

Furthermore, there can be additional services businesses can take advantage of, including document verification. Presenting identification is a must when hiring employees; the naked eye alone isn’t always enough to determine when a document is genuine, but artificial intelligence can make the process seamless.

Of course, there is still a need for manual checks, but when paired with AI, thousands of different checks can be carried out instantly, allowing businesses to filter.

Why Does a Good Credit Score Matter?

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Credit checks are often associated with financial products, but this isn’t the only instance when they are used. As such, a good credit score is essential for several reasons. The following is an overview of when a credit check will be carried out and why a good score is necessary.

A Good Credit Score Helps People Secure Lower Interest Rates

When carrying out a credit check for loans or credit cards, a person’s credit history will often dictate the interest rate they’re given. Those with good credit scores will often enjoy low-interest rates.

However, those with a low credit score are considered a risk, meaning if credit is given, the interest will be much higher than those with a good credit score.

Credit Scores Are Used by Landlord and Housing Agencies

Although many only think of credit checks when applying for finance and loans, they’re also commonly used when applying for a property lease.

If a person has a poor credit score, then this could affect the likelihood of an offer. In other instances, tenants may be asked to pay a larger deposit or secure a guarantor before a tenancy is offered.

A Credit Check Can Be Part of a Job Application

Companies can carry out several background checks when applying for a job, depending on the role. Although credit checks are used for those working in a financial setting, businesses and organisations can also use them to verify a person’s identity.

Permission will be needed before a company carries out a credit check, but a business must make an assessment to make a job offer.

Can a Credit Score Be Improved?

Given a credit score’s importance, many will be keen to see if they can improve it. Those who need clarification on what information is listed on their file can request a credit report from the following agencies.

Experian
Equifax
TransUnion

As the three agencies are separate entities, you will need a report from each to ascertain what details are held about you when a credit check is carried out.

The first thing you should do is ensure all the details held on the report are correct. Although mistakes are rare, they can happen, and the person has to contact the relevant credit reference agency to ensure that any misinformation is corrected.

If all the details on a credit report are factual, then a change in habit is often needed when improving a credit score. In addition to ensuring all financial commitments are made on time, you should also look to reduce any current debt you may have.

Financial difficulties can also cause a poor credit score due to not having money in place to meet financial commitments. If this is the case, you should seek assistance as soon as possible. Although the steps taken won’t mean an instant improvement to a credit score, reviewing and improving your current status ensures it will improve over time.

How Credit History Can Affect Employment

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Many people can be under the impression that credit checks are only used when applying for loans, mortgages, and credit cards, but this isn’t the case. Although credit searches are used by those wanting to borrow money, they’re also used to verify a person’s identity and establish whether they’re the right fit for a job role.

The following is an overview of how credit searches are used when applying for a job and how credit history can affect employment.

Why Credit Searches are Carried Out

There can be many instances when those applying for a role aren’t always doing so for the right reasons. A business must undertake several checks to ensure Data Protection is maintained and the company is protected.

In addition to verifying a person’s identity, employers and organisations can also use them to check that a person is responsible with money, which can be essential when applying for a job involving finance.

If a good credit score is a role requirement, a business will typically make this apparent during its hiring process. However, those with any questions regarding background checks should reach out to the company before making an application.

Does Poor Credit History Affect Employability

A poor credit search may not look great, but it doesn’t always mean an employer will deny a job offer. However, if a person has stated the credit is flawless on the application, only for a credit report to show otherwise, this could be deemed dishonest.

As such, those unsure of their current credit score should obtain credit reports from Experian, Equifax, and TransUnion and ensure all the information is current.

Although each agency will give a realistic outlook of your credit score, obtaining a report from each ensures you have all the information regarding your financial history and allows you to make sure all the information contained on each is correct.

Can a Credit Search Be Carried Out at Any Time?

Companies who run a credit check as part of the job application will make applicants aware of this during the hiring process. Permission is needed to carry out a credit check, so a company can only request them after this is granted.

If regular background screening is a requirement for the role, then the business will explain this process. For example, although an employee may not need continuous credit checks, staff may require regular DBS Checks.

How Long Does a Credit Check Take?

Credit checks can often be completed in as little as two days, but there can be instances when the process takes longer. When the process takes longer, it can often be because the person cannot be located by the information given, so additional documentation is needed.

In addition to requesting the documentation, businesses will also need to ensure the documentation is genuine. Fortunately, this can be done immediately when using an external professional agency.

Why Liveness Checks Are Essential for New Businesses

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A business may need to verify the background of customers or employees, but conventional methods can be dated and take some time. Fortunately, liveness checks can ensure that a business is not hindered by a long-winded background screening process and can offer customers and employees a streamlined service.

The following is an overview of what liveness checks are, and why they are essential for new businesses.

What Are Liveness Checks?

Liveness checks are carried out via smartphones and help establish a person’s identity. There are two variations of liveness checks referred to as ‘active’ and ‘passive’. Active liveness checks will ask the user to submit a selfie so it can be matched with other information.

Active liveness checks will take the same approach but also ask the users to carry out a sequence of actions, which ensures the biometrics used cannot be manipulated.

Both offer businesses an additional layer of protection and can provide companies with the following benefits when implemented.

Avoid Fraudulent Applications

Companies and organisations can spend a lot of time dealing with fraudulent applications for credit and jobs, which can mean it is less productive.

Liveness checks ensure that those making applications, giving businesses peace of mind that protection is in place. Liveness checks also mean that the company can focus on other areas of the business and expand accordingly.

Conform to Anti-Money Laundering Regulations

Many businesses must carry out due diligence when contending with money laundering. Some companies can be at more risk than others, but liveness checks ensure that any investments or capital are being obtained via legitimate sources.

A business that fails to carry out the necessary checks regarding money laundering could find its business is affected, and there could be further ramifications if the company is deemed responsible.

Liveness checks are fast and affordable and can be enough to deter those wishing to use a platform for nefarious means.

Faster Authentication Process

There will often be times when a business has to request paperwork and ensure it is genuine. Although some professionals have experience spotting fake documentation, the sophisticated ways fraudulent paperwork is prepared can mean many businesses need some assistance.

Document verification and liveness checks ensure that every step is taken to verify the person’s identity, allowing for faster customer verification. Not only does this benefit the business, but also ensures that job applicants can be kept informed about their progress within a short time frame, making a successful hire more likely.

Faster Onboarding Process When Hiring New Employees

The hiring process can be long, so companies are keen to find faster ways of onboarding employees while ensuring they’re fully aware of their responsibilities and what the role entails. Liveness checks can take the pressure off human resource departments and help save a lot of time when verifying the identity of applicants.

Of course, there will still be a need to communicate with the applicant, but liveness checks ensure a business is protected and is more productive when hiring new employees.

How Easy Is It to Verify a Document Online?

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Whether you’re a business wanting to hire new employees or a financial institution offering credit, document verification can be essential for background checks. Despite the stringent checks in place when vetting individuals, there can still be instances when some attempt to use false documentation.

Although instances can be rare, a business or organisation must be prepared for all eventualities. Fortunately, document verification can be carried out quickly without needing paperwork to be posted.

What Is Document Verification?

Document verification is a process that ensures paperwork is genuine. As well as being used to carry out background checks, document verification is also used to ensure no unknown criminality occurs, including money laundering.

Although most of those forwarding documents for verification are genuine, having a verification service ensures complete peace of mind in every instance.

Online document verification serves the same purpose but takes advantage of artificial intelligence, allowing businesses and organisations access to fast and affordable document verification.

How Long Does Online Document Verification Take to Complete?

One of many concerns regarding online document verification is that the process can take several weeks. Although this may be the case when using some providers, a trusted third-party agency ensures that validation can be done as soon as possible.

In most instances, online document verification can be completed on the same day. Due to the advancements in artificial intelligence, an online platform can determine inconsistencies and irregularities within seconds.

Furthermore, human interaction is also used to give clients complete peace of mind that every possible check has been made when carrying out verification checks.

Are There Any Limitations Regarding Document Verification?

Some may be deterred from using document verification, believing businesses and organisations can verify only a few documents, but this isn’t the case. Using the right agency ensures that there are plenty of options available when verifying your documents online.

Professional agencies can help businesses and professionals can help verify EEA and non-EEA documents, as well as over 4,000 global identity documents, ensuring people can carry out fast and efficient checks in every instance.

All that is needed for online document verification to take place is a scan or photograph of the document, and the agency will carry out the rest.

Why Is Online Verification Better Than Human Document Analysis Alone?

Although there are professionals who can verify a document, it can take some time, especially with the sophisticated methods used when creating false documentation. Those who have several background checks to carry out will be searching for a fast and reliable solution that is also cost-effective.

Outsourcing document verification to a professional third party ensures that a business can focus on demanding aspects of the business and be confident that no false documentation is being used.

Using a third-party agency also ensures the business can use its time in other areas of the company, often making online document verification a cost-effective solution for businesses.

Can You Fail a Credit Check for a Job?

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Although credit checks are commonly used when applying for finance, they are also integral when applying for jobs. As such, one of the most frequently asked questions is, can you fail a credit check for a job? The short answer is yes, but it can depend on the circumstance and the role being applied for.

Why Are Credit Checks Used for Jobs?

Credit checks are used, for the most part, to verify the identity of a person when applying for a job. Still, there can be instances when a person’s financial background influences the business when making a hiring decision.

For example, those applying for a job as a financial advisor will be expected to manage money proactively. If several defaults or missed payments are recorded on a credit file, it could mean the person is not the right fit for the role.

Although this isn’t always the case, and there can be legitimate reasons why defaults occur, it is something to be mindful of when seeking employment.

Another reason why credit checks have become an essential part of the hiring process because businesses are becoming more proactive when protecting customers and employees. Failing to carry out some basic background checks could mean a company is susceptible to fraud or money laundering.

Carrying out credit checks and other forms of background screening ensures that businesses take all the necessary measures to safeguard those involved within the company and its customers.

Can Credit Searches Damage a Credit Score?

When applying for a job, the last thing a person wants to do is reduce or damage their credit score by having several searches carried out. Although credit searches, referred to as ‘hard searches’ can lower a credit score, pre-employment checks do not.

Pre-employment checks are referred to as ‘soft searches’ and will not impact the person’s credit score.

What Factors Are Considered Regarding a Job Role?

Several factors are considered when applying for a job, and a credit check won’t always be the deciding factor as to whether a job offer is made. However, the type of checks carried out can depend on the role.

A credit check is one of several background checks companies and organisations may carry out, so even a flawless credit history does not guarantee a job offer.

If, when applying for jobs, a person is unsure of why their credit score is causing a problem, they should obtain a copy of their credit report as soon as possible. In addition to being able to spot any information causing them problems, they can also ensure that all information is correct.

Why Do Some Companies Use Professional Agencies for Credit Checks

Carrying out a background check can seem straightforward, but a lot of information is needed, and businesses must follow some regulations.

Businesses understand the time-consuming process and find it more cost-effective to outsource the task. In addition to being cost-effective, using a professional legacy ensures that companies can offer applicants a better onboarding process.