BFSI ranks on top with discrepancy ratio in employee background verification: AuthBridge

The banking, financial services and insurance (BFSI) sector has the highest discrepancy ratio in employee background verifications compared to other industries, according to the 5th annual trend report of AuthBridge Research Services released on Tuesday.

The report covers top 15 industries to gather insights on discrepancy trends in information shared by candidates during verification process.

"With banking coming within the reach of a common man and competition in job market increasing manifold, rising discrepancies ratios in BFSI sector could be signalling towards the need for better regulations and controls," said Founder and CEO of AuthBridge Ajay Trehan.

The four sectors with highest discrepancy ratios are: BFSI 14.69 per cent, retail 13.57 per cent, hospitality and tourism 12.96 per cent, and pharmaceuticals and biotechnology 11.36 per cent.

For discrepancies in employment verification within the BFSI sector, the most common reasons were incorrect tenure (22 per cent) and fake or forged documents (12 per cent).

In case of education verification, the most common reason for discrepancy was fake or forged education documents (43 per cent). In age-wise analysis, the highest discrepancy was found in 30 to 34 years age-group (19.08 per cent).

"Overall, the chances of encountering a fake candidature are six times higher than meeting a fatal motor accident," said AuthBridge in the report.

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