Socure Introduces Innovative Workforce Verification Tool to Tackle Surge in Employment Fraud

Socure Unveils Workforce Verification Solution

In a decisive move to combat the alarming rise of employment fraud, Socure, the premier platform specializing in digital identity verification, has announced its latest solution: the Workforce Verification tool. Operating in over 190 countries, Socure is recognized as a leader in compliance and fraud prevention, ensuring identity safety across various sectors.

As businesses increasingly depend on digital platforms for hiring, the landscape has been tainted by a surge of fraudulent employment applications. Socure's Workforce Verification tackles this head-on, offering an enterprise-grade identity verification system tailor-made to secure hiring workflows. The solution is designed to detect manipulated or entirely fabricated identities before they gain entry into organizations, effectively addressing workforce risk at its core.

According to Socure’s CEO and Founder Johnny Ayers, “Identity fraud has transcended the consumer space; it is now a pressing concern within the workforce, posing a foundational risk to cybersecurity.” The ramifications of this surge in fraud are staggering, with analysts predicting that by 2028, one in every four job applications could be fake. This alarming trend highlights the importance of proactive measures to protect sensitive corporate environments.

HR departments are not just wasting valuable time interviewing fraudulent candidates; they're inadvertently allowing access to critical systems, opening the door to data breaches, cyber theft, and even the potential leak of intellectual property. “Employers risk severe penalties if they unknowingly pay salaries to individuals from restricted countries, igniting a perilous journey of financial loss and reputational damage,” stated Ayers.

Socure's Workforce Verification solution is engineered for seamless integration with HR platforms, job boards, payroll systems, and Applicant Tracking Systems (ATS). Utilizing a hosted user experience (UX), API, or SDK, the tool also supports full customization according to individual business workflows. During the employment application process, Socure's robust system evaluates various identity risk signals, including phone numbers, emails, devices, geolocation, behaviors, and educational backgrounds, achieving a staggering reduction of over 70% in fraudulent applications before they even reach recruiters.

In the event that risk signals trigger an alert, candidates are guided through a risk management process that may involve enhanced document verification or personal interviews, facilitated by Socure’s innovative DocV tool. The tool utilizes SocureID, a persistent identity token that monitors risk throughout the application phase until the final hire. This strategic approach aids organizations in rejecting fraudulent applicants while allowing genuine candidates to move forward efficiently.

The urgency for such a solution is underscored by the recent activities of fraudulent groups, particularly those linked to international scams.