Powerchex Addresses the Annual Fraud Conference of the Fraud Advisory Panel
At the first Annual Fraud Conference of the Fraud Advisory Panel, Powerchex addressed the delegates on the subject of vetting and pre-employment screening.
London, United Kingdom, June 20, 2008 --(www.AllPayNews.com)-- In a well-attended event at The Mermaid Conference centre, fraud and industry experts discussed the risks of fraud and the effectiveness of fraud prevention strategies.
Speaking at the conference, Alexandra Kelly, MD of Powerchex Limited, stated: “Considerable reputational and financial damage can be caused to an organisation that does not take reasonable precautions in screening their potential employees. As more and more organisations establish procedures to identify potential fraudsters, it is the organisations who don’t that will attract all the questionable employees.”
“Employers should not forget their temporary employees and contractors when looking at their pre-employment screening programme” insists Kelly. “Increasing dependence on contractors working on mission-critical systems has focused attention on group of employees that was rarely screened in the past. “
Recent high profile cases of misplaced or stolen personal data have increased pressure on firms to control the risk of fraud. The Financial Services Authority, UK watchdog for banks and insurance firms, has stated that there is evidence that organised crime is deliberately targeting firms to place contractors to commit financial crime, particularly identity theft. The FSA is warning companies in financial services to vet staff carefully before confirming their appointments or before engaging contractors.
The trend is reaping results. Powerchex research shows a turn-around in the trend in applicant fraud. It recorded a 18% drop in major discrepancies on CVs and applications submitted between July 2006 and June 2007 when compared to the same period the previous year.
Nnotes To Editors:
Powerchex is the UK’s premier pre-employment screening firm for financial institutions. Based in the City of London, Powerchex checks the background, employment history, criminal records and professional qualifications of applicants on behalf of financial institutions. It sets the industry benchmark of 5 days for a background check.
For an interview with Powerchex’s director Alexandra Kelly, contact:
0207 767 2438