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06.01.2019 : News

Detecting resume fraud costlier as deceptions become more subtle

Job applicants are becoming more subtle in how they falsify their resumes

It may seem paradoxical that as companies become more efficient in performing effective background screening on applicants, the process is becoming more costly. The reason is simple: job applicants are becoming more subtle in how they falsify their resumes. They exaggerate and inflate rather than outright lie. Instead of deliberately lying on their resume by making up non-existent past employment or education, they distort their accomplishments and positions at a company where they actually worked.

Background screening specialists are seeing increasing amounts of this type of subtle resume falsification and inflation. At Mintz Global Screening, our own screening statistics show that more than twenty-two percent of resumes are falsified and approximately seven percent of applicants have criminal records. For hiring companies, this represents a serious and expensive risk.

What are the risks of a bad hire?

Hiring the wrong person can cost a company $25,000 in wasted advertising, employee training, compensation and benefits, and a lot more if that person engages in criminal or fraudulent behaviour while employed. Canadian businesses lose about five percent of revenue to occupational fraud each year. A recent study shows that the median fraud loss totals $200,000 for Canadian companies and that small businesses loose twice as much per scheme to fraud. And those figures do not include the intangible damage to a company’s good name and reputation, lost business and reduced employee morale that a bad employee causes.

Determine the type of background check program to implement in your hiring process

Onboarding the right applicant to meet your needs is crucial for your business’ success and security. An effective background screening program will provide vital information allowing you to make an informed decision. While your specific needs will depend on your corporate policy and the position you are recruiting for, the program can consist of a comprehensive check that includes some or all of the following elements: criminal record check, credit information, education verification, professional accreditation, employment history, I.D. verification, international security, and references.

The approach should be flexible enough that you will be provided with information relevant to your decision, however comprehensive enough to ensure that you have the best, most accurate information available in the shortest time possible. By using experienced researchers who know where to go for the right information and how to ask the right questions, screening will not unduly delay the hiring process and the information you receive will allow you to make the best possible decision.

In today’s volatile business environment, you have enough to worry about without the additional concerns about the honesty and trustworthiness of your employees. Comprehensive background check services will help keep your employees, your business and your customers secure as you build a quality workforce, preserve your corporate reputation and maintain a safe and productive work environment.

Don’t hesitate to contact our experts to help you build an efficient background check program.

*Sources:

The Global Fraud Study, from the Association of Certified Fraud Examiners, 2018

Detecting Occupational Fraud in Canada: A Study of its Victims and Perpetrators

The Staggering Cost of a Bad Hire, The Headhunters

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