How identity theft is rising at an alarming rate!

As revealed by Experian India in its Fraud Report 2016, identity fraud in India accounted for 77% of the fraud cases in the first quarter of 2015. In the banking and financial sector, auto loans, mortgage loans and credit cards witnessed the largest number of fraud cases from identity theft in the last year, representing around 85% of the total frauds detected.

The increasing sharing of information on public domain is making data leakages doable. People need to be alert when sharing their personal details on any of the social platforms.

In times, when we continually hear about incidents related to fake identities, identity verification becomes mandatory to avoid social and workplace related threats like theft, embezzlement, violence, injury and harassment. Companies need to realize that if they are not verifying a candidate’s identity first, then they might be checking the records for a wrong person. It’s become important to ensure that the individuals are, who they claim to be.

A few cases clearly demonstrate how fraudsters today, constitute an industry today with their very well connected networks and skills. They use fake identities to defraud people and get away easy with ulterior motives.

The Central Crime Branch under Bangalore police arrested a person named Mohammed Irfan for impersonating a software engineer, Ravi Shankar Sharma, to secure jobs in software companies and avail bank loans. Using Sharma’s stolen identity and educational documents, Irfan allegedly secured jobs at leading information technology companies, apart from defaulting in payments for two credit cards and a loan taken under the stolen identity.  

In another case, an ex-employee managed to get his hands on the boss’s educational documents. Using his qualifications he applied for a job with a giant financial organization.  His real identity was discovered after peeling the layers of his claims and credentials.

These cases of identity theft cost a company much more than financial loss; it results in a loss of reputation, an elusive commodity at the best of times. Greater carefulness is required in hiring employees using identity verification as the first line of defence.

Instant identity verification is a great way to protect against fake identities, in the times of growing on-demand economy. Now, AuthBridge can instantly verify employee IDs with Aadhaar & PAN. Our access to the database of UIDAI and the relevant Government department helps to conduct Aadhaar and PAN card verification. This technique protects against situations when identity related document like Aadhaar, PAN or passport is forged, doctored or stolen.

One of the biggest threats to an organization’s security could be an employee, confidently parading as someone else. The risk is attached to the wrong individual getting screened entering the system, causing untold harm to the organisation. Companies cannot afford to compromise on their reputation or customers’ safety and hence companies demand an effective but quick background check.

With the unprecedented rise in on-demand and sharing companies in India, the sector is on a hiring spree.  Identity Verification becomes an essential step to ensure maximum customer safety by avoiding any untoward incident.

 

Source by Authbridge

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