Last month Konfir Konnect brought together industry experts to discuss the evolving landscape of employment data access and its implications for various sectors. You can read the write up of the whole event here.
During the event Nishma Parekh, Head of Referencing at Goodlord; Caroline Smith, Deputy General Counsel at HireRight; Lisa Thomas, Regional Director - Security South Region and Vetting Services at Mitie; and Simon Mallender, Director at Via Lucis joined us for an expert panel discussion, providing valuable insights into fraud mitigation, compliance challenges, and the role of technology in enhancing verification processes.
The session opened with discussions on fraud detection in employment and tenancy applications. Nishma Parekh highlighted a significant rise in fraudulent activities, noting a 140% increase in fraudulent references in property rentals year on year. This surge emphasises the importance of robust verification processes, such as leveraging directly from source Payroll and Tax data, to eliminate income and document fraud while providing users with a smoother experience.
Lisa Thomas echoed these sentiments, discussing how individuals often falsify information to enhance their profiles and chances of securing employment. The increasing sophistication of fraudulent tactics necessitates a comprehensive approach to background checks, utilising multiple data sources and insights to construct a complete and accurate profile of people applying for a job, rental property, and other products and services.
But how can organisations effectively tackle fraud?
To truly eliminate fraud organisations need to source data directly and compliantly from reliable and trusted sources such as open banking, payroll, and the tax service. Instead of relying on inaccurate and lengthy data processes that are subject to fraudulent activity, by leveraging multiple data sources organisations are now able to build out more complete and accurate profiles of their applicants. This method of verifying application information is currently used by over two-thousand organisations via Konfir.
Caroline Smith delved into the complexities of integrating new data sources into existing compliance frameworks. She emphasised the challenges and opportunities of managing change within organisations and ensuring that new, immutable sources of truth, are utilised effectively and importantly, compliantly. Caroline pointed out that while this is likely understood the importance of these sources, convincing regulators and ensuring the proper placement of data within organisational processes remains the key challenge.
Simon Mallender added that there is sometimes hesitancy when adopting new verification methods. Overcoming this resistance with evidence of the benefits, such as operational efficiency, candidates take up, and fraud reduction, is crucial for leveraging the full potential of new data sources and streamlining the verification process.
How can organisations adopt new forms of data and adapt to changing verification methods?
It is very common for organisational change to encounter resistance. A number of early adopters of Konfir focussed on key areas to ensure the organisation was bought in:
Of course, it isn’t all about training. At Konfir we support organisations to work with regulators directly to ensure new data sources are properly and accurately incorporated into processes and compliance frameworks.
The discussion also focused on the impact of automation and the speed of verification processes. Lisa Thomas shared her experience with Mitie’s adoption of Konfir, which has single handedly reduced recruitment onboarding time by 70% through allowing the organisation to work with data that’s more reliable. This new process for verifications is driving big efficiencies, particularly in areas of the business that have high levels of turnover (for security officers it is 25% a year). Over the last six months on average 84% of Mitie candidates completed their verifications with Konfir, with this hitting 90% last month.
Nishma Parekh underscored the benefits of Konfir’s technology for tenants, who can now secure housing much faster, with a high number of approvals occurring in under an hour. This acceleration not only enhances the tenant experience but also supports estate agent operations by quickly filling properties.
How quickly can organisations complete verification checks and is it accurate?
Through Konfir, organisations are completing the majority of verifications checks instantly through sourcing data directly from reliable sources such as open banking, payroll, and tax. Konfir is obtaining data directly from multiple sources making it the fastest, most efficient method of employment and income verification on the market.
Simon Mallender discussed the importance of a seamless user experience in the verification process. He noted that a positive onboarding experience sets the tone for future interactions with a person’s new company. Ensuring that the verification process is smooth and integrated can prevent candidate drop-off and improve overall satisfaction.
Lisa Thomas shared feedback from candidates who appreciated the streamlined process and the clarity it brought. The use of Konfir for at Mitie has made it easier for candidates to confirm their employment history, thereby eliminating the friction often associated with alternative traditional methods.
You’ve heard it from experts in the industry, but how does Konfir ensure a seamless verification process?
Konfir's platform equips background screening providers, employers, recruiters and tenant referencing providers with the tools and insights they need remain competitive. Through Konfir organisations can check:
Find out more: https://www.konfir.com/
The panel at Konfir Konnect highlighted the critical role of technology and data in modernising verification processes. By embracing automation, leveraging multiple data sources, and focusing on user experience, organisations can improve the efficiency and accuracy of their checks. As the industry continues to evolve, the adoption of these innovations will be key to staying ahead in the fight against fraud and ensuring compliance with regulatory standards.
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