Importance of performing Background Verification in the BFSI Sector
The banking and finance sectors are the most important and pivotal in an economy because they are involved in every aspect of an individual's life, including their property, money, and investments. In the financial services sector, however, identity theft, accounting fraud, asset appropriation, and money laundering are synonymous. As a result, BFSI is the sector in which people most commonly misinterpret their credentials or fabricate resumes. That’s why performing background verification is mandatory. Although background verification services are becoming a norm across all sectors, banks and financial institutions conduct them at the level of the individual employee. With the increasingly complex security needs of financial institutions and the complexity of regulations surrounding financial institutions, it is crucial to carefully choose individuals who are qualified to handle the privileged information and financial resources of their clients and companies. When recruiting someo...