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Reference check is very important when you take into consideration that the candidate is trying to show you every positive point he/she has. The importance of reference check raises when the position you are hiring for is more sensitive or vital for the company. It has a great value when the candidate deals with money like finance department for example, I believe no one would like to hire an accountant that was part of a fraud in one company while he/she was working for the company.
Reference and more importantly background check is important to save the company potential threat if the candidate was believed to be and accordingly you save money by not hiring the wrong person to join your team.
Have a great day.
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