Who's Watching the Temps?
Posted: Friday, August 17, 2007
by Alexandra Kelly
Powerchex Limited
Who's watching the temps? The Nation’s financial institutions may be exposing themselves to potential fraud when hiring temporary workers; a recent survey shows.
The survey, which was conducted by City pre-employment screening firm Powerchex , reveals that 89% of undisclosed criminal records were found on the CVs of temporary employees.
“But an army of unchecked workers are potentially inside the nation’s banks and financial institutions. And as our findings show, potential fraudsters are more likely to come in as temps."
The UK’s financial institutions increasingly rely on temporary workers. It is estimated by the Office of National Statistics (ONS) in March 2007 that up to 176,000 contract personnel work in the financial services. 1 This could cover back office, support and most worryingly, IT staff.
“Computer workers pose the biggest threat," said Kelly. “Their backgrounds should be checked through the same process as anyone else who works in a bank."
Recent high profile cases of misplaced or stolen personal data have increased the focus on financial companies to take all the necessary steps to prevent fraud. The Financial Services Authority (FSA) states, “there is evidence that organised crime groups deliberately target firms to place staff to commit financial crime, particularly identity theft. Firms must vet staff carefully before confirming their appointment." 2
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1 Labour Force Survey , ONS
2 Financial Crime Sector Report , The Financial Services Authority Notes to Editors About the survey:
The Powerchex survey analysed 2,960 financial service job applications submitted between June 2006 and May 2007. It compared trends in embellishments and false information including: professional qualifications, criminal records, university degrees, job responsibilities, employment histories and dates.
The survey was carried out by the Shell Technology and Enterprise Programme (STEP) on behalf of Powerchex Ltd , a London based pre-employment screening firm. For a copy of the survey, please contact Powerchex .
About Powerchex Powerchex is the UK’s premier pre-employment screening firm for financial institutions. Based in the City of London, Powerchex checks the background, employment history, criminal records and professional qualifications of applicants on behalf of financial institutions. It sets the industry benchmark of 5 days for a background check. www. powerchex.co.uk .
For more information please contact:
Alexandra Kelly 0207 709 2058 akelly@powerchex.co.uk
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