August 21 2007 - Job applicants to the nation's banks and financial institutions are less likely to lie on
their job applications compared to a year earlier, according to research released today
by pre-employment screening firm Powerchex.
The research revealed 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.
This indicates that more stringent vetting procedures are at last having an effect, not
only in catching dishonest applicants, but also in deterring them from being dishonest in
the first place.
"This research shows recognition by applicants that misrepresentation on CVs is no
longer viable," said Alexandra Kelly, managing director of Powerchex.
"More rigorous vetting procedures are allowing companies to clearly discern an
applicant's past and then make an informed choice about whether that person is right
for their organisation."
In 2006, reports such as BDO Hayward's Fraudtrack 4 and CIFAS's (the UK's Fraud
prevention service) The Enemy Within showed a steady increase in CV embellishments.
That the trend is now changing is good news for HR departments in the financial
services.
"Fraudulent applicants who misrepresent their educational qualifications and job
experience cost the financial services industry millions of pounds a year," continues
Kelly.
"Banks and financial institutions have a duty to prevent fraudsters from having access to
our personal data and it's good to see progress being made."
Notes to editors:
About the survey:
The Powerchex survey analysed 2,960 financial service job applications submitted
between June 2006 and May 2007. It compared trends in embellishments and false
information including: professional qualifications, criminal records, university degrees,
job responsibilities, employment histories and dates.
The survey was carried out by the Shell Technology and Enterprise Programme (STEP)
on behalf of Powerchex Ltd, a London based pre-employment screening firm. For a
copy of the survey, please contact Powerchex.
Other interesting findings include:
- The research found that younger, more junior people are more likely to have
a discrepancy on their CV. Someone in a junior administrative position is 23%
more likely to have a discrepancy on their CV than in a managerial role. An
applicant aged under 20 is 26% more likely to have a discrepancy than a 51-60
year old.
- The only discrepancy category on the rise is that of undisclosed criminal records.
This is due to the increased screening of temps, a previously unchecked part of
the workforce. 89% of undisclosed criminal records were found on the CVs
of temporary employees, indicating it to be a group unused to stringent
screening in the past.
About Powerchex
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 more information please contact:
Alexandra Kelly
0207 709 2058
akelly@powerchex.co.uk
Contact
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