Targeting identity fraud to reduce rental fraud
Identity fraud is more common than you might think! It is a serious problem faced by all industries – Multifamily and Vacation Rentals included. Before we dive into reducing rental fraud, let’s first address what identity fraud is, and how it affects the rental industry.
What is Identity Fraud and How Does it Relate to Apartment and Vacation Rentals?
Identity fraud happens when an individual knowingly uses another person’s identity to illegally gain financial advantage. In the rental industry, fraudulent renters apply for apartment units or houses under someone else’s names, social security numbers, and credit background. These renters, after being approved, would commit various forms of fraudulent activities such as refusing to pay rent, or illegally subleasing a unit. This can quickly become an issue for property management firms, rental agencies, and leasing agents when they learn that the tenant is not who they said they were, and the consequences of these actions cannot be held against them. This seemingly small mishap can cause high financial losses due to unpaid rent and eviction fees.
Benefits of Onsite ID Verification
There are multiple ways rental fraud can be committed, however, with a user-friendly ID verification platform by your side, these can quickly become a problem of the past! You’ll be able to verify the identities of prospective renters early on in the rental process and stop fraudsters before they are even approved to stay at your property. Moreover, having an ID verification platform can provide your employees with real-time data that informs your marketing and staffing decisions.
CheckpointID provides real-time verification for Multifamily Property Management Companies and Vacation Rental agencies of any size. This verification process will verify a prospect and provide information on exactly who you are dealing within a matter of seconds. This verification process is beneficial as it can streamline the rental process, all while improving on-site safety for your employees.
The real-time verification goes beyond confirming prospect identities to provide important marketing data such as peak touring hours, customer demographics, low traffic, and high traffic listings to help align your marketing objectives with the current listings available.
To learn more about how ID Verification can help save your business time and money, click here!
ID verification operates differently from a credit check. While a credit check pings a user’s financial background and takes days to provide results, ID verification confirms the validity of the user’s ID and can be done in seconds.
While digital information such as credit background checks can be forged, most of the time, fraudsters do not own a valid government-issued ID. The quick nature of ID verification is beneficial, especially when the tool is implemented before tours because leasing agents will have 100% certainty in who they are dealing with. This drastically improves tour safety for your agents and ensures the safety of residents who live in the community.
To learn more about how ID Verification can help improve tour safety for your agents, click here!
Contact The Nation’s Largest ID Rental Fraud Prevention Company
With CheckpointID, you can save time, money, and reduce the risk of rental fraud for your business. Contact us directly today!
Sares Regis Group protects communities and stakeholders with ID verification
Founded in 1993, Sares Regis Group offers vertically integrated asset management. They draw on over 30 years of real estate experience to build, market, manage, and maintain communities that remain attractive to customers while ensuring top performance for owners. Business Challenge: SRG management were seeing abnormally high rates of bad debt at three properties in … Continued