Identity fraud can be frustrating and time-consuming when dealing with customers and hiring new employees. Fortunately, many advancements have made it difficult for criminals to participate in identity fraud, but this doesn’t mean it doesn’t happen.
As such, a business must be mindful when hiring new people or accepting investments from third parties that there are potential threats, so verifying documents is a must.
Fraudulent documentation is used for many reasons, including but not limited to the following.
Applying for Credit Using Someone Else’s Identity
One of the more common forms of fraud is applying for credit using false documentation. If a person is successful, the outcome of identity fraud can be costly to businesses regarding profit and reputation.
Fortunately, online identity verification can provide businesses and organisations with an instant service that establishes the authenticity of documents straight away. Although a cost is involved, it is much less than if the worst-case scenario arises.
Applying for Employment with No Right to Work
A Right to Work Check ensures that job applicants are permitted to work in the United Kingdom. In instances where this has not been approved, some may attempt to search for employment using false documentation.
A business has a responsibility to check that the documentation provided by job applicants is authentic and could be fined if the correct measures have not been taken. Although this can be time-consuming, online document verification allows for a proactive screening process.
Money Laundering via Investments
Businesses that provide investment opportunities must carry out stringent checks to ensure that the money is legitimate. Criminals may attempt to use false documentation to give the impression that funds come from reputable sources, but this won’t be the case.
As with other aspects of the business, a company must take several measures to protect itself and other investors from fraud, which is why the masses have embraced online document verification.
Attempting to Relocate Abroad Undetected
Although there is nothing wrong with moving abroad via legitimate means, those trying to avoid detection may use fraudulent documents to travel overseas. If they are successful, then trying to locate them can become an issue.
Fortunately, the technology regarding travel documentation is advanced enough to spot most fraudulent documents, while online verification can take care of the rest.
Why Choose an Independent Agency for Online Document Verification?
Given the consequence of fraudulent documents, businesses will be keen to ensure that they are up to date regarding document checks and background screening.
Although there will be a cost incurred when using a third-party agency, it will be more cost-effective than carrying it out alone and ensures the business is safeguarded in every instance.
Not every business will be subjected to the same risks but having online document verification in place ensures that the risks are minimised regarding fraud.