Snappt Conducts Largest Multifamily Survey and Releases New Applicant Fraud Guide Featuring Key Findings

The company shares a new report on the state of applicant fraud highlighting new findings in the latest fraud trends, solutions, and more.

LOS ANGELES, Dec. 10, 2024 /PRNewswire/ -- Snappt, the trusted leader in fraud detection for multifamily property management, today released its highly anticipated 2024 State of Applicant Fraud Report. This comprehensive report exposes the alarming rise of sophisticated fraud tactics targeting multifamily properties, highlights vulnerabilities in traditional verification systems, and introduces actionable solutions to protect your business.

Multifamily fraud has become a widespread challenge for the industry as fraudsters grow more inventive, uncovering the blind spots in traditional fraud detection and verification systems. In this report, Snappt uncovered the latest fraud tactics and trends.

Fraudsters employ a range of tactics to sneak through the leasing process. Some manipulate documents directly in the form of first-party fraud, and others take a third-party fraud approach by impersonating another individual on their documents. In addition, applicants are utilizing AI technology to generate entirely fake documents and synthetic IDs from scratch.

These tactics come at a time of high housing demand and the climbing rate of rental costs. In tandem, the digitization of rental applications has made it easier for applicants to remotely submit falsified documents, making it harder for property managers to verify their authenticity.

As part of this report, Snappt surveyed 900 property managers to gain insights into their daily challenges. They learned that 72% believe that applicant fraud is just as much of a problem this year as last, while more than 60% ranked security and accuracy as their top priorities.

To truly protect their properties from fraud, multifamily organizations must invest in a multi-layer fraud defense system equipped with document fraud detection, ID verification, income verification, threat list checks, and a fraud forensics team. Snappt is the only fraud detection solution available that allows applicants to submit documents in less than two minutes while also giving properties the industry's most airtight protection from the latest types of fraud. With Snappt, the applicant experience is no longer sacrificed for best-in-class applicant fraud detection.

"Fraud is evolving at an unprecedented rate, putting immense pressure on multifamily property managers to keep up," said Daniel Berlind, CEO of Snappt. "Our latest report and new solutions empower the industry to tackle fraud head-on while maintaining a frictionless application process for prospective renters."

To read their report, please visit www.snappt.com/blog/applicant-fraud-report.

About Snappt
Snappt is an AI-powered applicant fraud detection and income verification solution for multifamily property managers. Since its inception in 2019, Snappt's technology has been adept at identifying even the slightest document alterations, saving leasing teams time while reducing bad debt and evictions. As the market leader for fraud detection, Snappt has analyzed over 10 million documents with an impressive accuracy rate of 99.8%. They are the only fraud detection company that conducts proactive fraud research, and they were recently ranked #1 in AI on the Inc 5000 list. www.snappt.com

Snappt Media Contact:
Stephanie McGuirk, Interdependence
(845) 269-8868
[email protected] 

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SOURCE Snappt