In an exclusive interview with TimesTech, Mr. Jaibir Nihal Singh, co-founder of TraqCheck, highlights the pivotal role of background verification in safeguarding businesses. TraqCheck’s cutting-edge technology, including AI and machine learning, promises precise and efficient screening, addressing evolving recruitment needs and combating fraud across industries.
Read the full interview here:
TimesTech: How does TraqCheck view the importance of Background Verification Services for companies, and what specific advantages does your solution offer to streamline the process?
Mr. Jaibir: TraqCheck acknowledges that background verification services are critical to a company’s ability to protect its brand and operations. We are aware that careful recruiting screening is essential to reducing hazards like fraud, theft, and misbehavior in the workplace. Our approach has various benefits to effectively expedite this procedure. First off, TraqCheck uses cutting edge technology to perform thorough background checks, guaranteeing precision and dependability in the verification procedure.
TraqCheck stands apart from the competition thanks to its “first to market” features. Among them are:
a) Automated Continuous Monitoring: TraqCheck’s automated continuous monitoring tool offers clients real-time notifications regarding the performance history of their staff.
b) Positive Adjudication Matrix: TraqCheck’s algorithms are able to determine which differences are significant, therefore only those will be highlighted in red.
c) TraqCheck and Open AI Partnership: TraqCheck and Open AI are partners. On top of these APIs, they have added a number of capabilities, such as the ability to classify criminal histories and use machine vision to verify current addresses.
TimesTech: Can you elaborate on the advanced tools and technologies TraqCheck employs for comprehensive background verification, and how do they enhance accuracy and efficiency?
Mr. Jaibir: TraqCheck makes use of a variety of cutting-edge instruments and technologies to guarantee thorough background checks, improving precision and effectiveness. First off, our platform cross-references data from a variety of sources, such as databases, internet platforms, and public records, using advanced data analytics algorithms. We can accurately check a wide range of background information, including criminal histories, job histories, academic transcripts, and professional licenses, thanks to our comprehensive approach.
Additionally, TraqCheck uses machine learning (ML) and artificial intelligence (AI) to identify patterns and abnormalities in the data and highlight any discrepancies or inconsistencies that require additional research. This proactive strategy lowers the possibility of oversight and guarantees thorough screening by assisting in the identification of possible red flags or fraudulent activity.
Furthermore, the verification process is further strengthened and validated by TraqCheck’s interaction with top identity verification services and biometric authentication technologies. We reduce the possibility of identity theft or falsification by confirming candidates’ identities using government-issued IDs or biometric markers, which raises the overall dependability of the background check results.
TimesTech: With background checks gaining prominence, what industry trends or shifts does TraqCheck observe, and how does the company adapt to meet evolving recruiter needs?
Mr. Jaibir: TraqCheck keeps an eye on a number of changes and trends in the background check market and adjusts on a regular basis to accommodate employers’ and recruiters’ changing needs. One noteworthy development is the growing significance of distributed teams and remote work, which has increased demand for remote background verification services. In response to this change, TraqCheck has created reliable online verification procedures and remote identity verification tools, enabling businesses to thoroughly investigate applicants’ backgrounds wherever they may be.
We’ve also observed an increase in freelance labor and the gig economy, which calls for more adaptable and scalable background check systems. In response, TraqCheck offers customizable screening packages tailored to the specific needs of gig workers and freelancers, enabling employers to verify credentials and ensure compliance with industry regulations while accommodating the dynamic nature of these work arrangements.
TimesTech: How does TraqCheck’s solution contribute to preventing fraud in various sectors, and can you provide examples of instances where your technology has safeguarded organizations?
Mr. Jaibir: TraqCheck’s solution is essential in preventing fraud in a number of industries since it thoroughly verifies background information, detects warning signs, and reduces the risks connected with dishonest activity. Our system analyzes candidate data using sophisticated algorithms and data analytics, cross-referencing it with data from other sources to find any irregularities or discrepancies that would point to fraud.
For instance, by confirming the identity and history of prospective clients or employees, TraqCheck assists banks and other financial organizations in reducing the risk of identity theft and fraudulent transactions. Through extensive screens that involve identification verification, criminal background checks, and credit history research, we help firms find people who have a history of financial misconduct or fraudulent behavior before they can do damage.
Comparably, TraqCheck helps healthcare organizations including hospitals, clinics, and providers make sure that their employees are honest and reliable. We assist enterprises in upholding regulatory compliance and ensuring patient safety by confirming the qualifications, licenses, and work history of healthcare professionals. Our software also helps stop healthcare fraud by pointing out people who could have lied about their credentials or acted unethically.
TimesTech: Could you explain how TraqCheck’s software manages complex scenarios like international background checks and verifying remote workers, ensuring accuracy and compliance?
Mr. Jaibir: TraqCheck’s software efficiently manages complex scenarios like international background checks and verifying remote workers by leveraging a robust network of global partners and utilizing advanced technology. For international background checks, we collaborate with reputable screening agencies in different countries to access local databases and verify international credentials. Our platform also employs multilingual capabilities and cross-border compliance expertise to ensure accuracy and compliance with local regulations.
In the case of remote workers, TraqCheck utilizes remote identity verification tools and digital document verification solutions to authenticate the identity of candidates and verify their credentials remotely. Additionally, our platform offers secure online portals for candidates to submit necessary documentation, streamlining the verification process while maintaining data privacy and security. By combining these strategies, TraqCheck ensures accurate and compliant background checks for international candidates and remote workers, enabling organizations to make informed hiring decisions confidently.
TimesTech: What are TraqCheck’s plans for domestic and potential international expansion? Additionally, how does the company’s revenue model align with its commitment to technological accuracy in the competitive background verification services landscape?
Mr. Jaibir: TraqCheck’s plans for domestic expansion involve strengthening our presence in key markets by expanding our client base and enhancing our service offerings. We aim to collaborate with more businesses across various industries, providing them with innovative background verification solutions tailored to their specific needs. Additionally, we plan to invest in marketing and sales initiatives to increase brand awareness and market penetration.
Regarding international expansion, TraqCheck is launching the products in England and the challenge will be navigating sales in a new market and building credibility in a foreign country. By leveraging our existing network of global partners and adapting our technology to local regulations and cultural nuances, we aim to offer comprehensive background verification services on a global scale.
