The financial services industry is one of the most lucrative sectors in the world, and it’s no surprise that cybercriminals want to get a piece of this pie. Due to increased incomes, growing rural growth, and mobile banking facilities across; people’s mindsets have started focusing on the desire for instant gratification. This has led to an increase in cyber crimes such as embezzlement, identity theft, money laundering and accounting frauds in the BFSI sector. It is important for enterprises like banks and insurance companies to detect and prevent these losses by conducting background screening through credential forensic investigation agencies.

One of the more popular reports as a financial institution as an added layer of protection, is a bank employment background check for BOTH POTENTIAL and EXISTING employees (randomized). This report helps determine if the applicant or anyone from your current roster meets the stringent compliance and security requirements for working at your bank or other financial institutions.

Keeping in tabs with this report ensures your organization is compliant and always up-to-date with the requirements before hiring or working with someone in this industry

As for the FBSI industry as a whole, the following are six reasons why conducting this type of background check is crucial:

1) It helps to ensure that an employee has not committed fraud in the past
2) It can provide information about their credit and debt history
3) If they have been charged with bankruptcy crimes or guilty of money laundering, it will show up
4) A criminal record may indicate dishonest behavior
5) You’ll be able to see if an individual has previously worked as an embezzler
6) And finally, you’ll also be able to find out if they have any outstanding debt or financial obligations

We understand the strict accountability and complex regulations the financial industry must follow to maintain compliance.  Nowadays, Modern day tools can detect risk by analyzing outliers against historical trends or anomalies so it becomes easier to catch the culprit. Detection and prevention through background screening is important to fighting losses across sectors as well as ensuring that customer data is secure from external threats.

For a more in-depth thorough understanding of the FBSI Process and Considerations, head over here.