The global economy has significantly shifted toward remote and hybrid work setups. While people often frame this operational trend in businesses as a way to keep up with the times, it can also benefit companies that want to attract and retain talent.
According to data projections, 25% of professional jobs in North America will be remote by the end of 2022, and further increase through 2023. From a global standpoint, recent data indicated that 37% of remote employees would take a pay cut to continue working from home, emphasizing the value of this setup.
With this digital shift in operations, onboarding and monitoring employees have become challenging, especially with new and advanced threats. To ensure that you’re only hiring and working with verified individuals in your company, Know Your Employee (KYE) is the solution.
6 Key Benefits of Using Know Your Employee (KYE) in Your Business
KYE is an employee-proofing solution that protects your business, employees, and customers by proving who your potential employees are before the hiring process starts.
Below are the six essential advantages of KYE your company can leverage in your daily operations.
1. Limits employee fraud
Studies show that 95% of businesses face problems with employee theft, and 39% have experienced more than one case in their enterprise. KYE can offer a solid defense using online identity verification to conduct pre-employment background screening for potential new hires.
Background screening has become a vital part of the recruitment process because it can determine a person’s legitimacy. Confirming a candidate’s previous work experience, education, and more can help prevent employee fraud and ensure that you only onboard verified individuals into your organization.
2. Helps prevent money laundering
Banks and financial businesses are at higher risk of getting involved in money laundering. As employees in the financial services industry work on numerous transactions, they may have connections with criminals requesting help in anti-money laundering (AML).
With a KYE solution, you can know your prospective employees enough to identify red flags or questionable behaviors before hiring them. It can also help your company identify team members that may be involved in money laundering schemes because of their proximity to others suspected of committing these types of crimes.
3. Helps gain customer trust
If money is involved, expect each client to be eager to know how safe their money is and if there’s a chance of losing it. That is why banks, fintech businesses, and other financial corporations must develop strategies to build solid customer trust since it can be difficult to attract and retain clients.
Using KYE guarantees your patrons and prospects that only verified professionals in the field handle their assets and do their transactions. This is similar to Know Your Customer (KYC) where financial institutions identify and monitor their customers and their transitions as part of the organization’s fraud mitigation strategy.
4. Improves remote onboarding
Remote working has become more popular than ever, but some challenges in properly onboarding new hires come with it. Utilizing an employee identity verification solution can make the process secure and seamless.
KYE has a multi-step employee verification process usually involving biometric and federal-issued ID scans and a biographical form the potential employee must complete.
Once proven, these steps guarantee that employees are who they say they are, eliminating any cases of advanced technology scams such as deepfake hiring fraud.
5. Manages access control
A recent report shows that 75% of security professionals consider social engineering their organization’s ‘most dangerous’ cybersecurity threat. These types of attacks lure unsuspecting users, particularly company employees, into exposing data and granting access to restricted systems in the enterprise.
Having a KYE solution in your business means you can be sure of the identities of your staff and provides data access and functions in your network as needed. You can also keep track of the changes your employees have made in your archived files and check if everything is in order.
6. Provides business stability
An internal issue where an employee continues to do suspicious and fraudulent activities is a concern for all businesses. Proven employees can provide assurance and help limit your company’s exposure to fraudulent attacks that would compromise its financial stability and reputation.
KYE establishes stability in your operations because recruiters can immediately verify the information of each employee. The process starts at the recruitment stage, so you can spot warning signs and take appropriate action before wrongdoers can penetrate your systems.
Safeguard Your Business from Fraud Hires with KYE
Technology continues to advance, and with this comes a growing exposure to the types of suspicious activities and attacks that can cause damage to individuals and businesses.
Companies need to prioritize the safety of their information and finances to prevent losing assets. Your business will be more secure with the early implementation of safety measures.
One effective way to help secure your business and mitigate risks is by implementing a strong KYE solution. Q5id offers a proven identity solution that uses a multi-step process to authenticate potential employees before you hire them.
Learn more about Q5id’s fast and easy KYE product and how it can improve your cybersecurity measures.
Contact us today.
"*" indicates required fields
