Online applications have made the leasing process quick, convenient, and efficient for renters and property managers alike. However, fraudulent applications are increasing in number every year. The easiest and most convenient way to protect your business is by finding a leasing solution with fraud prevention built right in.
ResidentIQ offers ID Verification as part of its screening software. The moment a potential renter hits submit on their application, their credentials are validated in real time. That means that fraudulent submissions are screened out of the applicant pool without you having to lift a finger.
ID Verification goes beyond just social security numbers. From an applicant’s phone number to their income, preview the many things that are checked during ID Verification:
Address, SSN, and DOB Verification
Start with the basics: verify that an applicant’s address, social security number, and date-of-birth are all valid.
Mobile Trust Score
of management companies with fewer than 30,000 units and 100 percent of management companies with more than 30,000 units are victims of fraud. This translates into millions of dollars in annual losses for the industry from bad debts and skipping.
Angelica Krystle Donati, Forbes, 2019
fraud triggers in 2020
Fraud is on the rise. “Fraud triggers…reached a high of 15.2 percent in August 2020, compared to 10.3 percent during August 2019.”