Q5id, Inc. announces the launch of its latest product, Know Your Employee (KYE), a fast and frictionless employee identity proofing solution that protects organizations, employees, customers, and reputations by proving potential employees are who they say they are before you hire them.
Q5id KYE helps organizations combat reputational risks caused by hiring fraud. According to the Association of Certified Fraud Examiners 2022 Report to the Nations, U.S companies lose an average of $8,300 per month to occupational fraud. The report also highlights that 57% of companies completed a background check on potential employees and were still exposed to internal fraud.
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New hires can easily gain access to intellectual property, financial data, corporate secrets, IT databases, and customers’ personally identifiable information (PII). This problem has been recognized by the FBI, which recently issued a public warning that stolen identities were used to apply for remote work positions.
“We created KYE to help organizations combat hiring fraud. Today’s remote workforce further complicates current traditional verification methods. It’s common to never meet a new hire in person,” says Q5id CEO Steve Larson. “Q5id goes beyond background checks, giving organizations an additional layer of security in their hiring process. KYE complements and extends the employee background check process.”
“In the remote worker age, organizations are committing significant resources to fraud prevention,” according to Q5id CISO Anthony Clem. “Adding a fast and frictionless KYE verification prior to a background check is a simple step to protect your organization and avoid future issues with fraud, data breaches, financial and reputational risks.”
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Clem also points out that there is a significant difference between proving an identity and verifying an identity. “Traditional identity verification assumes that when a person provides an ID, the ID is real and correct. IDs such as a driver’s license, social security card, or birth certificates can be verified, but this does not prove the person who presents the document is the person on the document. Our Proven Identity solution proves an individual is who they say they are, going beyond traditional ID verification.”
Q5id uses a multi-step process that incorporates diverse authentication measures including ID verification and biometrics along with our IP to prove an identity. Our patented solution delivers the highest level of assurance that each person is who they say they are with a false acceptance rate of 1 in 933 billion.
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