Companies are increasingly utilizing background screenings during the hiring process in order to determine whether or not an individual would be a fit for the position and the business. This can be especially beneficial for financial companies, such as short term lending
firms, in order to prevent unnecessary fraud risks. Convenience Store Decisions reports that more store owners are taking advantage of background checks when interviewing job applicants. The screenings normally do not take place until the final stages of the process, and can uncover any criminal activity in an individual's past that might compromise the company if they were to be hired. Industry experts say that by conducting checks, managers can be better informed of any dangers or risks. Additionally, the news source says that employers who run credit checks on potential staff can see any discrepancies that could interfere with the ability to perform tasks. This is an advantage for financial companies, as they deal with large amounts of money daily, and discovering any illegal activity can save a company from fraud. The financial industry is one particular sector that should make use of pre-employment background checks, writes Resource Nation. Since many alternative finance
companies are required to follow strict guidelines, steps must be taken to ensure that those rules are not broken. If an individual has been convicted of embezzlement, a screening can uncover the charges and save the company from theft, says the article.