Snappt, a leading name in document fraud detection for residential apartment property managers, has unveiled its latest product, Snappt Identity (ID) Verification. This high-security solution aims to authenticate prospective tenants, providing a much-needed layer of security in the rental industry.
This newly introduced offering is now part of Snappt Pro, the company’s all-inclusive solution designed specifically for fraud detection and identity verification.
Over the past four years, Snappt has been at the vanguard of combating fraud within the multifamily industry. The company has been instrumental in aiding key members of the National Multifamily Housing Council (NMHC) in their fight against fraud. With more than four million documents scanned and a remarkable 99.8% accuracy rate, Snappt is now broadening its capabilities with the launch of its ID verification technology.
Identity fraud remains a significant and escalating problem, with billions of dollars hanging in the balance. Technological advancements have made it increasingly simple for individuals to procure fake IDs, thereby bypassing the tenant screening process.
Snappt’s SOC2-certified ID Verification solution is both swift and precise, performing over 30 data point checks on each ID. This includes checks on the ID’s expiration date, barcode matching, tamper checking, and more. Its state-of-the-art biometric technology ensures the ID photo corresponds with a live person, a crucial step in confirming an individual’s authenticity. This comprehensive solution can scan over 4,600 global ID documents from 200 countries and territories.
Daniel Berlind, CEO of Snappt, shared his insights on the issue of identity fraud. He said, “Identity fraud is a multi-billion-dollar problem that’s escalating at alarming levels. Regrettably, recent advancements in technology have made it far too easy for individuals to acquire fake IDs and slip through the tenant screening process. Enhancing our solution with identity verification allows property managers to detect fraudulent applicants right at the onset, saving them time and ensuring the safety of their property.”
Berlind added, “We’ve witnessed the positive impact fraud detection has had on safeguarding property values and reputation. Incorporating ID verification was a logical next step as we persistently seek innovative ways not just to detect fraud but to put an end to it.”
In an era where identity fraud is rapidly increasing, Snappt’s ID Verification solution could prove to be a game-changer for property managers and tenants alike.