Snappt Celebrates Accelerated Growth as Pioneer in Fraud Detection and Income Verification

The company's rapid momentum further solidifies its market standing and dedication to preventing fraud in the multifamily industry.

LOS ANGELES, Nov. 19, 2024 /PRNewswire/ -- Snappt, the leader in fraud detection for multifamily property managers, today announced continued momentum powered by its suite of solutions. Snappt's acceleration is decorated with expanded product solutions, award victories, and new partnerships.

Snappt's proactive fraud forensics team, the only team in the market dedicated to catching new fraud and stopping it in its tracks, discovered a troubling new fraud trend earlier this year, leading to the coining of "Inception Fraud." This deceitful tactic involves fraudsters using authentic pay stubs from legitimate companies to inflate their income, enabling them to secure leases for which they are unqualified. This type of fraud can lead to serious financial losses for properties and is almost impossible to catch.

To combat this emerging trend, they introduced Snappt Suite, offering the multifamily industry a comprehensive solution for catching fraud and verifying income. The newly enhanced multi-layer fraud detection solution enables property managers to quickly verify income, save time, and make more informed decisions regarding applicants, all within the Snappt platform.

In addition to providing the market with top-of-the-line solutions, Snappt partnered with Entrata and ResidentIǪ, two leading property management systems within the multifamily industry. This reinforced the company's dedication to addressing industry needs, such as faster screening, enhanced verification accuracy, and reduced application drop-off rates.

In August, Snappt was recognized on the 2024 Inc. 5000 list, securing the No.1 spot in the Artificial Intelligence category, a testament to its innovative use of AI technology to enhance and streamline fraud detection processes. This accolade highlights Snappt's swift rise in fraud detection and its commitment to the multifamily sector. Notably, Snappt was also ranked #41 overall among the fastest-growing private companies in America.

Complementing the company's achievements, Daniel Berlind, Snappt's CEO, was honored as Startup CEO of the Year, reflecting the company's remarkable success.

"2024 has been a monumental year for us," said Daniel Berlind. "We look forward to building on this rapid momentum, furthering our dedication to serving the multifamily housing industry in ways that ensure property manager and resident safety through passionate innovation."

For more information about Snappt, please visit https://www.snappt.com

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 9 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] 

View original content to download multimedia:https://www.prnewswire.com/news-releases/snappt-celebrates-accelerated-growth-as-pioneer-in-fraud-detection-and-income-verification-302309615.html

SOURCE Snappt