How are financial firms & banks protecting against fraud?

Posted by National Crime Check on 2021-03-01

When hiring a new employee, your company needs to consider several factors, especially if your business is within the finance sector. Skills and experience are important factors, but so is character. That's why financial companies should always carry out a Police Check on a potential employee or applicant.

Fraud reports like this report published by Warfield, a Sydney based Forensic Accountancy firm showing the impact of not screening employees properly. For example, in 2013, some 120 fraud cases were reported with the theft amounting to approx. $217 million. This is an average of $1.8 million per fraud case. 

Then there are cases like Rajina Rita Subramaniam, a senior accountant with ING Australia who in October 2009, stole $45 million to purchase beachside apartments, diamond jewellery and Michael Jackson memorabilia.

The most common perpetrators of fraud are “financial insiders” like Rajina, and while companies like ING can recover from such fraud, many Australian financial companies can't - be it the financial loss or lack of trust this can install in your clients overnight.

How to safeguard your financial business.

In financially regulated roles that work with vulnerable groups, a Police Check (otherwise known as a criminal history check) is a legal requirement. However, across most financial sectors, a Police Check is not a legal requirement - and it is up to each financial company to implement their own background checks into their onboarding and candidate screening process. 

Conducting background checks on candidates can help you safeguard your business, and help you make a more educated decision on a candidate's suitability for your company, even if an applicant's crime is not related to the financial industry.

Another area of concern is bankruptcy. While bankruptcy can be declared for many personal and business reasons, if a candidate has declared bankruptcy, knowing "why" will ensure your HR team is on the front foot from the get-go. 

Are you applying for a position within the financial sector?

Working in the Australian finance sector is highly competitive, with just 490,000 people employed in the finance sector, or just 3.8% of the total Australian workforce. Statistically, the median age for workers in the finance industry is 39 years old, with a median weekly income of $1,500 per week. 

If you’re looking to work in banking or finance, or change positions, taking the front foot and running your own Police Checks is a good idea, to avoid any issues later on. Learn more about NCC secure, fast and cost-effective online Police Checks here

What should Australian Financial Companies be screening for?

If your financial company is growing, and you are implementing new HR screening processes, we would recommend taking the time to read the official guide published by ASIC.

To summarise, core background checks should include:

Police Background Checks

The core of checking a candidate's background, NCC is an Australian Criminal Intelligence Commission (ACIC) accredited agency. With NCC, you can get a full report in around 24 hours.^, and the applicant only needs a webcam, mobile phone or tablet.

Bankruptcy checks

Bankruptcy can be declared for many personal and business reasons, all of which you should know about. If a candidate has declared bankruptcy, NCC can help you understand "why" so your HR team is on the front foot.

VEVO checks

NCC VEVO checks verify the conditions of non-Australian citizens, nationals and candidates with limited working Visas. If you employee a person who is not legally able to work in Australia, you may face penalties of up to $63,000 per illegal worker and $315,000 for body corporates.

Introducing InstaID+ - the latest identity verification solution

Working with Australian financial institutes, NCC is proud to announce InstaID+, a new app that ensures you are not at risk of any employees using false identities so you can rest assured that your employees and administrative staff are verified.

Learn more about how NCC supports Finance companies.

With continued growth and focus on the financial sectors, now is the perfect time to look at your HR processes and ensure you hire the right people. Get in touch to see how NCC can help you obtain fast, affordable Police Checks, along with other essential background checks. Please just contact us or visit our finance industry overview


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