Timesheet fraud is a common cause of financial loss for employers with payroll fraud accounting for up to 20% of all fraud suffered by organizations. It negatively impacts project management and resource planning, while employees recording more hours than worked is hard to detect and manage.
With traditional punch clocks, employees can punch in for their colleagues if they are running late and with more advanced technologies employees can opt-out of using biometric scanners due to privacy laws.
The VeriDoc HR solution prevents anyone from illegally changing the hours.
Employees use their personal mobile device with two-factor authentication (2FA) to clock in and clock out, so that colleagues can’t clock in on their behalf. Time and location stamps on the blockchain are immutable, providing a trustworthy audit trail if timesheet records need to be inspected.
VeriDoc Global has a finished patented blockchain solution that eliminates document fraud and counterfeits. By using a mobile device, anyone can simply scan a VeriDoc Global secured QR code and verify within seconds whether something is genuine or fake.