CIBI Information Inc., a local credit bureau, is encouraging companies to strengthen their hiring processes by using verified data for screening. Through its Workforce Solutions, CIBI provides tools for identity verification, background checks, and credential validation, helping employers reduce risks in recruitment.
“Fraudulent behavior is often discovered only after employment begins,” said Pia Arellano, president and CEO of CIBI. “Imagine how much of that risk could be avoided if proper screening measures were in place before a candidate even steps into the role. It’s not just about internal controls, it’s about building a frontline defense against fraud before it has a chance to occur.”
According to the Association of Certified Fraud Examiners (ACFE), organizations lose around 5% of their annual revenue to fraud. In the Asia-Pacific region, each case costs an average of $1.2 million, making it the region with the highest average loss per incident. The ACFE’s Occupational Fraud Report 2024 shows that most fraud cases go undetected for 12 months, largely due to weak or overridden internal controls.
CIBI noted that resumes and interviews, though standard, are not enough. They do not fully reveal a candidate’s real background or behavior. Employers are advised to adopt data-driven hiring approaches to truly understand who they are onboarding.
“Over 50% of fraud cases stem from a lack of internal controls or overriding existing ones,” Arellano added, citing the ACFE report. “This reinforces the importance of fortifying systems before onboarding begins.”
To help address this gap, CIBI offers yearly security checks that go beyond the initial hiring phase. These regular compliance screenings allow companies to detect new risks throughout an employee’s tenure, supporting ongoing workplace safety.
Employers today face challenges in verifying identity and background, spotting red flags in applicant behavior, and balancing the need for quick hiring with thorough checks. With data-backed screening, companies can avoid costly hiring mistakes and better protect their people and operations.
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