Background Verifications on Bank Scams

The symptoms of poor internal controls increase the likelihood of frauds in banks and financial institutions. Internal control system has four broad objectives

– to safeguard assets of the firm

– to ensure the accuracy and reliability of accounting records and information

– to promote efficiency in firm’s operations and

– to measure compliance with management prescribed policies and procedures.

The effectiveness of internal controls depends largely on management’s integrity. There are many other reasons for employee fraud, the more common being revenge, uncontrollable personal debt and drug abuse. Business today is very competitive, and employees often stressed. As a result, they have a feeling of being overtaxed, underpaid, and unappreciated. If employees are also struggling with serious personal problems, their motivation to commit fraud is also very high. The readily available computer technology also assists in the crime and the opportunity to commit fraud becomes a truth. There is lack of properly trained and experienced personnel. The best way of preventing fraud is to understand why it happened. Fraudsters generally identifies loopholes in control procedures and then assess whether their potential rewards will outweigh the penalties if they are caught.

A best way to induce control over these issues is to conduct an aggressive and thorough background check prior to employment which helps in avoiding an opportunity to commit crime. Background verifications are a must in banks and financial institutions to avoid scams. These checks needs to be increasingly conducted by financial institutions for all levels of employees. There are also certain areas in banking where the employees need to have wide knowledge about. Giving a few examples would be when new accounts are opened without proper introduction or guidelines, adequate training is not given to compare the signature of the client as the signatures tend to change over the years and a specimen needs to be taken, gross negligence can be seen in administration of checkbook and passbook where there is no prompt processing of passbooks and they are kept lying unattended in many cases. The employees background needs to be checked based on these criterion if they are well equipped and knowledge about banking sector.

The trusted background verifications company for these kind of sensitive checks is Fourth Force. They have achieved more laurels in this field and it keeps going ahead in achieving more and in getting reliable results on background checks. They check the background of an employee on the basis of Education verifications, address verifications, criminal verifications and past employment verifications. These checks are done by the most elite personnel with a background of well equipped knowledge about the verification process. They can be reached anytime in time of need to give you the most satisfying results.