Snappt has launched Snappt Identity (ID) Verification to verify prospective tenants. This new offering is now a part of Snappt Pro, the company’s all-in-one solution for fraud detection and identity verification.
Snappt has spent the past four years helping the top National Multifamily Housing Council (NMHC) leaders fight fraud in the multifamily industry. With over four million documents scanned and a 99.8% accuracy rate, Snappt aims to expand its reach via its new ID verification technology.
“Identity fraud is a multi-billion-dollar issue that’s increasing at alarming levels. Unfortunately, recent advancements in technology have made it far too easy for people to obtain fake IDs and sneak through the tenant screening process,” said Daniel Berlind, CEO of Snappt. “Enhancing our solution with identity verification allows property managers to detect fraudulent applicants right out of the gate, saving them time and ensuring the safety of their property.”
Fraud has been a consistent problem for property managers nationwide. Fifty percent of evictions in Metro Markets are the result of application fraud, and evictions can cost upward of $7,500. A rise in evictions can quickly spell financial trouble for owners and operators, which is why Snappt has added this additional layer of protection within its platform.
Snappt’s SOC2-certified ID Verification solution is fast and accurate, performing more than 30 data point checks on every ID, including its expiration date, barcode matching, tamper checking, and more. Its biometric technology ensures the ID photo matches a live person, which is critical to ensure a real person is submitting their image for verification. The comprehensive solution can scan more than 4,600 global ID documents from 200 countries and territories.
“We’ve seen the positive impact fraud detection has had on protecting property values and reputation. Adding ID verification was a natural next step as we continue to look for innovative ways not just to detect fraud but end it,” adds Berlind.