The $100 billion global verification market is due for disruption. Giving candidates ownership of their background checks would make hiring simpler, faster, fairer and more secure.
Background verification is everywhere, from hiring to banking, to apartment rental applications. According to Careerbuilder.com, 72% of companies background check everyone they hire, and a 2012 CareerBuilder study found that bad hires negatively impact nearly seven in ten businesses. There is no statistic for the number of people whose background check led to unfavorable results, but with occupational fraud cases causing a total loss of more than $6.3 billion in 2016 and identity theft reaching a record high of 15.4 million victims in 2016, it is safe to say that background checks aren’t exactly going anywhere. In fact, the global verification market, currently valued at $100 billion, is growing rapidly; in particular, the background check market for gig and freelance and gig market is growing around 12% percent annually1, but it’s been slow to adapt to evolving market needs.