Why small businesses need identity verification

Small businesses account for almost 98% of Australia’s total businesses. They account for 35% of Australia’s gross domestic product (GDP) and employ 44% of Australia’s workforce (according to Australian Small Business and Family Enterprise Ombudsman’s Small Business Counts Report 2019). Small businesses truly are the backbone of the Australian economy.

However due to their smaller scale, lower resources for implementing protective measures and significant time and resource pressures compared to larger businesses, small businesses can often be easy targets for fraud and scams. Self-employed people and small business owners report more than twice as many scams as bigger businesses report. These scams range from false billing to online fraud.

Four out of five self-employed people, micro businesses and small businesses surveyed by cybersecurity firm Norton LifeLock reported that they are worried about online identity theft. This is no surprise as fraud comes with a high price tag for a small business - the direct financial loss from the fraudulent activity, the time and costs associated with hiring or terminating staff if involvement is proven, and a general ill feeling across the business. Fraud can have significant long-term effects for a small business.

Hiring the right staff for your small business

As a small business, it’s important to get it right when it comes to hiring. There’s nowhere to hide as all functions for a small business are vital. Owners of small businesses also generally place significant trust in employees due to the size of the business and the need for more generalist, broad roles with access to financial and confidential business information.

All these factors combine to mean that hiring processes need to be kept as airtight as possible, while also being as convenient and affordable as possible. The potential losses at stake for a small business mean that introducing secure processes are vital to minimise risk.

Getting on the front foot

Small business owners need to be proactive in minimising risk, and one way to achieve this is to implement identity verification for new employees. Introducing identity verification to your hiring processes as an initial stage will ensure that you are dealing with the right person and that all other checks and references (criminal background, police, employment, education, right to work, social media) all correspond to the person that you’re dealing with.

Conducting identity verification as a first step will also mean that you can establish a level of trust as you go through the hiring process. You can then conduct your further checks and references with confidence, with the ultimate goal being to make sure you hire the right employees for your small business and that they are fit for the role. This will help protect your business and minimise risk of fraudulent employees.

Introducing InstaID+ - the easy and affordable identity verification solution

National Crime Check has launched InstaID+, a new app to make identity verification quick and easy for all. InstaID+ uses the latest facial recognition technology to accurately analyse and match a prospective employee’s supplied selfie with their passport or driver’s licence photos.

The technology combines:

• Document analysis for applicant authenticity
• Document verification for applicant validity
• Biometric verification for applicant ownership
• Liveness detection for applicant ID

By simply sending a link to the prospective candidate, which can be accessed directly from their mobile phone, these checks can be completed quickly and easily with the candidate supplying some basic information and photo ID. The information is then matched to a range of reliable data sources that will be able to verify their identity.

This automated process and our reliable data sources mean you can be assured of the identity of the person and avoid any fraudulent individuals. We also offer full customer support to ensure that individuals are able to successfully navigate through the process and complete their checks as soon as possible. Results are then provided in real-time.

Find out more

In this tough COVID climate, there’s no space for small businesses to allow for additional risk and potential fraud. Now’s the time to tighten up your hiring processes and ensure you hire the right people for your business.

With no setup or ongoing fees, InstaID+ is easy and affordable to implement in your processes. Get in touch today to see how identity verification software can help your small business. Contact us here or visit https://www.instaid.plus.