ADP, a payroll software company, conducted an analysis of 2.6 million background checks and shared these findings:
- 78% of resumes were misleading
- 21% of resumes stated fraudulent degrees
The study noted that while most companies do verify employment history, they rarely verify education. That includes professional certifications as well as degrees. As a result, some applicants who get hired may not possess the competencies they claim because their credentials were misleading, overstated or outright false.
Before we dive into the details, let us look at the concept of credential fraud and what it means.
What is Credential Fraud?
“Credential fraud occurs when a candidate lies about holding a certain credential or license or lies about the issuing authority behind their credentials.”
Another reference checking company found that 40% of applicants had claimed a degree from a prestigious institution when they were a few credits short. 39% of applicants also claimed a degree from a prestigious institution they had never attended. A third of the applicants assessed had outright lied about a credential or license they had never obtained.
The Epidemic of Credential Fraud
Credential fraud has, unfortunately, become commonplace in today’s instant electronic age. Especially problematic in higher education, credential fraud has spiralled into a multi-billion-dollar industry. It is a dilemma that represents a major threat for employers and university administration offices alike and has now become a global epidemic.
Students earning a college degree domestically and abroad have exploded and will reach 8 million by 2025 according to the data by Organization for Economic Co-operation and Development. The importance of trustworthy credentials cannot be overstated, as they are currency and can be used to procure jobs, visas, licenses and anything that requires proof of education.
Until recently, the world has relied on the paper credential to provide such proof. However, with the advent of diploma mills, the paper document can no longer be the benchmark of trust. It has also given way to sensational news headlines of fraud and deception, along with hampering the name and credibility of prestigious universities and institutes around the globe.
But since the system currently in place clearly is not working, what is the alternative?
The solution? A secure, tamper-proof digital credential that can be validated in real-time by the credentialing organisation.
Enter #MARKs – The Future of Credentialing, The Digital Way
Learner records, transcripts, certificates and related credentials are an essential entry point into the workforce. While there are verification systems in place to ensure their authenticity, these intermediaries are expensive and therefore only used when the organisation requires a higher level of assurance or confidence.
#MARKs make it easier, economical, and feasible for any organization to verify any credential that is presented and raise the overall level of trust in the business ecosystem.
#MARKs are digital credentials, like badges and certificates, which are digital representations of their paper counterparts. You view them on your desktop monitor, a tablet or a smartphone.
The Benefit of #MARKs for Candidates
Dhiway’s digital credentialing solution, #MARKs, includes the use of QR-codes.
Digital credentials and documents that are secured with a #MARK can still be verified by scanning a QR code to the live credential.
#MARKs also increase the level of confidence in the recipient of the credential, as they can be assured that the digital credential received from an issuing organization is tamper-evident and thus they don’t have to take any actions to establish the claim.
It also gives the recipients an option to print their digital certificate in physical portfolios. This can help them share it with friends and family, or display them on the wall in their homes.
Using #MARKs, candidates have the freedom to present evidence of skill or knowledge in their preferred format without impacting an organization’s ability to easily verify the credential.
The Benefit of #MARKs to Issuing Organizations
This simple method of digital verification also benefits the issuing authority. The verifying organization can recognize that the issuing authority uses digitally secure tamper-evident credentials. This results in a feeling of security in the process. Administrators can save time and focus on other responsibilities instead of spending hours manually managing credentials and verification requests. With #MARKs, administrators also get the bulk upload and processing features which make the entire process quicker and safer.
#MARKs can also help you:
End Tampering & Forgery
#MARKs ensure protection against document forgery, counterfeiting, and threats. The blockchain backing will make sure that any entity with a #MARK is always safe and protected against any threats.
Enhance Institute Reputation
#MARKs can help you prevent fraud and preserve your reputation in the education industry by offering secure experiences to students and partner institutes.
Better than a QR Code
#MARKs are more versatile than QR codes and focus on security, privacy, and verifiability. They give educational institutes the power to create a sustainable digital credentialing space.
Credential fraud exists in the economy because it is relatively easy to create reasonably genuine-looking forged credentials. And because it is challenging to undertake verification.
The #MARK approach changes both these aspects. We make it difficult to tamper or forge credentials and make them easier to verify. That is how we increase the level of assurance in a digital trust ecosystem.
Want to start your journey with #MARKs? Click here and sign up now!