Snappt Description
Individuals are manipulating financial records, including pay stubs and bank statements, to enhance their rental applications. Alarmingly, approximately 12% of rental applications contain some form of fraud. The move towards digital application processes has significantly increased the prevalence of this fraudulent activity. Over the past year, about 85% of property managers have reported encountering application fraud, which contributes to an estimated 25% of all eviction cases. Given that each eviction can cost $7,500 or more, this issue poses a substantial financial burden. To mitigate the risk of evictions, it is crucial to conduct comprehensive screenings of tenant applications; however, the ease with which applicants can modify documents complicates this effort. Snappt assists in identifying these counterfeit documents, enabling properties to significantly lower the incidence of costly evictions. By employing sophisticated data-driven forensic techniques, landlords can detect more instances of fraudulent documentation while also streamlining the application and screening processes to facilitate quicker, more informed decision-making. This proactive approach not only protects property owners but also enhances the overall integrity of the rental market.
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