New Lie Detection Technology Helps Protect Company Assets, Reputation
Corruption is a US$2.6 trillion worldwide problem annually. Honest, trustworthy employees are more productive and help CEOs maintain a profitable, reputable company. EyeDetect helps organizations carefully pre-screen candidates for corrupt behaviors that can be detrimental.
LEHI, Utah – Aug. 26, 2014 – Employee corruption is a CEO’s worst nightmare. Trying to find a way to stop it only adds to the headache. That’s why CEOs rely heavily on human resource departments to find employees who don’t have a history of committing crime, accepting bribes, using illegal drugs and divulging confidential company information. But successfully screening new hires for corruption remains challenging for HR professionals.
“The biggest challenge we face in determining whether or not to hire someone is in finding the right people for the various positions in the organization,” said MFM Human Resources Manager Karla Hernandez. “We primarily search for people of integrity, with values, that engender trust because as a financial institution, we must have these characteristics in all of our staff.”
Last April, start-up technology company Converus (www.converus.com) released EyeDetect, a technology designed to pre-screen candidates — and identify the bad apples before they’re hired. It also can be used to periodically screen existing employees to ensure they maintain a level of integrity and ethics. Field tests show the EyeDetect exam is at least 85 percent accurate.
“Organizations simply can’t afford to have corrupt employees,” said Converus President and CEO Todd Mickelsen. “It puts companies, employees and shareholders at risk. And it has severe consequences to the economy on the local, national and international levels.”
Corruption and fraud is a US$2.6 trillion worldwide problem annually. It’s estimated to equal more than 5 percent of global GDP, with more than US$1 trillion paid in bribes annually. Corruption adds up to 10 percent to the total cost of doing business globally, and up to 25 percent to the cost of procurement contracts in developing countries.
Banks and other financial services companies that place employees in positions of trust are especially at risk. On Aug. 18, employees at BBVA Bancomer —Mexico’s largest bank — were duped into handing over $9.9 million pesos (nearly US$1 million) to four impostors armed with shotguns and dressed as armored car employees of Grupo Tecnoval. The thieves even presented appropriate documentation and photo IDs. It wasn’t until the real armored car employees showed up 20 minutes later that the bank realized what had happened.
Earlier this year, $400 million was stolen from Citigroup Inc.’s Mexico unit, Banamex.
Mickelsen, whose company has already reached out to these companies, says this is exactly the type of crime EyeDetect can help prevent.
“One of HR’s most important roles is ensuring that those hired have a clean track record and are committed to maintaining the highest level of honesty and integrity while employed,” he said. “Using EyeDetect to periodically screen current employees reminds them to always govern themselves by these standards.”
“We believe in this technology,” said Hernandez. “It’s what we’re looking for to obtain greater economic gains, and to reduce the likelihood of fraud or theft, given that we can detect it in time.”
Unlike the polygraph, the EyeDetect exam is mostly automated. One proctor can administer up to 14 tests per day. Because the exam can be completed in less than 40 minutes, it can be used to screen large groups in a shorter amount of time. The subject simply follows the instructions provided, takes a short practice test to become familiar with the testing procedure, and then answers true and false questions. At the conclusion of the exam a “Credibility Score” is generated to indicate the probability that the individual was truthful.
“Companies are desperately looking for a way to more effectively and economically manage risk by preventing fraud and ensuring workplace integrity,” said Mickelsen. “We’re confident EyeDetect will eventually become a standard hiring tool used by HR departments worldwide.”
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Converus (“with truth”) is committed to providing trustworthy credibility assessment solutions. Its flagship product, EyeDetect® — a product first conceived in 2002 — is the first ocular-motor deception detection solution. It’s an accurate, cost-effective, efficient, secure and nonintrusive method that detects deception in 30 minutes by analyzing eye behavior. The same scientists credited with computerizing the polygraph in 1991 developed EyeDetect. It’s a new way for organizations to manage risk and ensure workplace integrity, and for law enforcement agencies and governments to detect deception. Ultimately, it helps protect countries, corporations and communities from corruption, fraud and threats. The company is headquartered in Lehi, Utah, USA. For more information, visit www.converus.com.
Press Contact: Jeff Pizzino, APR / +1 480.606.8292