For any non-product related queries, please write to info@perfios.com.
For any non-product related queries, please write to info@perfios.com.
Recent headlines reveal an unsettling trend: Individuals are increasingly slipping through checks with falsified backgrounds. An alarming statistic from the Q1 '21 Trends Report by First Advantage India underlines this, highlighting a 49.7% rise in discrepancies within the telecom sector alone. These gaps in verification pose serious concerns for businesses and individuals alike.
What's causing these discrepancies? A breakdown of educational discrepancies provides some insight. In this quarter alone, suspect institutions accounted for a whopping 50%. Fake documents were attributed to 27%, and then there were more ambiguous discrepancies like 'Other False Education' at 23%, which includes candidates who did not officially complete their course or had expired registrations or credentials.
In this post, we'll explore the complexities and gaps in the industry, revealing the vital need for a comprehensive legal background verification report. Let's get started.
SHRM's revealing data shows that 69% of organisations now conduct legal background checks on candidates. The urgent need? In some Indian regions, legal checks have determined an alarming 75% candidate failure rate.
Picture a buzzing company, eager to fill a vital role, hiring Rahul, an impressive candidate. Or, think of Mr. Gupta, a landlord, handing over the keys to his cherished flat to Priya, a seemingly ideal tenant.
For the company, Rahul becomes an asset. But what if hidden in his past, there's a fraudulent act that could harm the firm? For Mr. Gupta, Priya might pay her rent on time, but what if she had previous evictions or legal disputes with past landlords?
For businesses:
● Data Breaches: An unverified hire could misuse sensitive data.
● Reputation: The company's image could be tarnished if negative news about an employee emerges.
● Financial Loss: Fraudulent employees could lead to significant financial repercussions.
For landlords:
● Property Damage: Previous behaviours can hint at the care a tenant will give to the property.
● Unpaid Rents: A tenant's legal history might reveal a pattern of skipping out on payments.
● Legal Disputes: Past run-ins with landlords could signal potential future conflicts.
Skipping legal background verification is like crossing a busy road with your eyes closed. Whether hiring or renting out, not doing a legal check is a gamble. Legal Background Verification isn't just about the past; it’s about safeguarding the future.
Rohit Madan, a seasoned financial advisor at Deloitte India warns, "Post-pandemic changes have surged employment frauds—dual employment, fake documents, and more. New-age tech like AI streamlines background checks, crucial not just for financial safety but for preserving an organisation's reputation."
[Rohit Madan's YouTube Video Here]
Harnessing the words of experts like Madan, it's evident: Legal Background Verification isn’t an option; it's a must.
Understanding the pivotal role of legal background verification naturally leads to the question of 'how'. The contemporary Indian landscape has seen remarkable simplifications in the process, and one solution stands out: Perfios.
● Comprehensive Data: Harnessing 3500+ courts and tribunals, offering a thorough legal background report.
● Streamlined Search: Advanced features, daily case updates, and weekly status overviews.
● Risk Analysis: Deep-diving algorithms deciphering case intricacies.
● Fuzzy Search: Catering to spelling variations ensures accurate results.
● Tailored Outputs: Customised, relevant results, indicating risk levels.
● Seamless Integration: Merges effortlessly with existing applications, saving costs.
● Broad Coverage: From District Courts to Consumer Courts, including RERA.
This comprehensive platform reshapes legal background verification in India, blending efficiency and coverage to meet today's demands.
Perfios Software Solutions is India’s largest SaaS-based B2B fintech software company enabling 900+ FIs to take informed decisions in real-time. Headquartered in Bangalore, India, Perfios specialises in real-time credit decisioning, analytics, onboarding automation, due diligence, monitoring, litigation automation, and more. Perfios’ core data platform has been built to aggregate and analyse both structured and unstructured data and provide vertical solutions combining both consented and public data for the BFSI space catering to their stringent Scale Performance, Security, and other SLA requirements.
You can write to us at connect@perfios.com
