May 29, 2015

The Many Benefits of Background Checks

The Queensland Police believe fraud is on the increase. PricewaterhouseCoopers thinks well-educated middle management males are most likely to be involved. This is not a victimless crime and it has brought businesses down. Astute business people can save time and money by investigating the backgrounds of people with whom they associate and trade.

Avoid Non-Paying Customers

Queensland increasingly runs on credit in the retail and business sector. A run of bad luck can cripple cash flow and make it harder to pay the bills yourself. One of the greatest benefits of background checks on businesses is you can access critical information in a variety of different ways. This makes cross checking possible. Options to consider include bankruptcy records, court orders, business status enquiries and checks on ownership of premises. Remember personal profiles of directors, and trade registrations.

 

Benefits of Background Checks on Partners

Many business partners are those well-educated middle management males PricewaterhouseCoopers thinks most likely to be involved in fraud. It may feel awkward to check behind another person's back when setting up the business. That said, if it turns out to be necessary you may have saved yourself a small fortune in legal fees and precious time better spent otherwise.

Strategies to consider overlap with those applying to customers. Personal aspects to add are criminal record checks, academic qualifications, CV references and social media pages. Don't forget to confirm they have a right to live, work and trade in Australia.

 

Ask Questions about Employees Too

A 2010 KPMG Study found that employees acting on their own and 'motivated by greed and lifestyle' perpetrate 65% of major fraud. This is not necessarily a serial offence. Often financial pressures lie behind the crime. The selection process must embrace dynamic CV and credit record checking. Other equally important aspects are bankruptcy records, court orders and personal balance sheets.

 

The Ongoing Benefits of Background Checks

Nothing remains the same. Customers, partners and employees evolve and change their values. Background investigations must be serial events to repeat every few years (or as soon as something triggers a suspicion).

This is a challenge when a person is close to you and this can cloud your thinking. Consider appointing a specialist private investigator to help you with it. You could save a great deal of time and money. Just make sure the potential benefits of background checks cover their cost.

 

Consider the price of not knowing versus knowing the facts.

 

For further information contact Qld Covert Investigations on 1300 553 788 or via email at gm@qldcovertpi.com.au

 

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