Snappt vs. Verifast: Which is Best For Your Property?

Fraud is everywhere—and thanks to more sophisticated and ever-evolving fraud techniques and services, it’s getting increasingly harder to catch. You know you need a trusted and reliable fraud detection solution to fend off fraudsters before they become tenants.

But how do you know which is the right one? Snappt and VeriFast are two options on top of the game with comprehensive fraud detection and income verification solutions and services. While there’s some overlap, each platform has unique features and benefits.

We’re taking a closer look at Snappt and VeriFast, breaking down their key features and functionalities so you can make an informed decision.

Company Overviews

Snappt and VeriFast are both leading fraud detection companies, but each operates differently. Here’s what you should know about each. 

Snappt

Snappt is the trusted fraud detection and verification partner for multi-family property managers and landlords. Since its founding in 2019, Snappt has transformed risk management into a strategic advantage that delivers tangible returns and portfolio-wide protection. 

The team at Snappt has been serving multifamily property management companies from the start with solutions designed to solve common and costly frustrations, like evictions, bad tenants, and fraud slipping through the cracks.

Snappt is an all-in-one solution, offering document verification, identity verification, and income verification. Snappt can analyze 10,000+ document features against its database of 2,000+ financial institutions using proprietary AI trained on 13+ million documents. It can also scan 4,600+ ID types from over 200 countries and territories.

Its platform combines advanced AI and human expertise to detect fraud, verify applicant income, and deliver the insights you need to make confident leasing decisions. 

VeriFast

VeriFast is a Canadian company founded in 2019. As a digital verification platform, VeriFast allows applicants to share their banking, payroll, and other ID documents securely for leases, credit cards, mortgages, business loans, and more.

Some of its key customers include Wolf Property Management, Avenue5 Residential, and Aptly, but VeriFast doesn’t exclusively specialize in multi-family property management.

VeriFast combines biometric identity verification, income and employment verification, credit checks, and background checks into one platform. Its verification tool conducts proof-of-life checks and cross-references employment information with bank data. 

Core Technology and Features

When evaluating which fraud detection and verification solution makes the most sense for you, you need to dive a little deeper into the tech and different methodologies providers use. 

Here’s a quick breakdown of Snappt and VeriFast’s unique approaches to verification and fraud detection (and prevention).

Snappt

Snappt brings together verification and fraud detection in a single platform. It’s trusted by top property management companies across the US and offers comprehensive services, including:

Document fraud detection. Snappt’s proprietary software analyzes thousands of metadata elements to confirm a document’s authenticity based on its database of 2,000+ financial institutions—all powered by AI. It helps you spot fraudulent documents to prevent you from signing the dotted line with a fraudster.

Income verification. Verify any kind of income instantly, from traditional employment to gig work, with real-time validation from connected payroll systems (powered by Argyle), automated income calculation, and Snappt’s Know Your Business verification system.

Identity verification. Confirm applicants are who they say they are with Snappt’s biometric technology and over 30 security checks on 4,600+ global ID types—all within 60 seconds. It also provides clear pass/fail results with a detailed analysis.

Fraud forensics. Snappt’s dedicated Fraud Forensics team researches emerging fraud trends, monitors existing threats, and develops solutions to improve its technology and keep you protected.

Snappt accepts a dozen different document types, from credit card statements to utility bills and I-20 government documents, making the application process a breeze for applicants. And its proprietary AI is trained on 13+ million documents.

Plus, Snappt combines advanced technology and human expertise to deliver the insights property managers need to make confident leasing decisions. This combination offers the expertise—and proactive approach—you need to fight fraud and keep your communities safe.

VeriFast

VeriFast is an API-based verification service built for developers, by developers, that allows rental applicants and borrowers to securely share their identity, income, credit, and employment data. It serves property managers, real estate asset owners, auto dealerships and lenders, and mortgage brokers and lenders.

VeriFast’s data analysis and AI convert applicant data into insights that help you make smarter leasing decisions, like proof of life and net cash flow. It does so through:

• Direct bank and employment connections
• Optical character recognition (OCR) and document upload (pay stubs, bank statements, and more)
• Live video biometric ID match
• Income verification 

Integrations

Your fraud detection solution needs to work where you do. A solution that doesn’t integrate with your existing tech stack makes the whole process clunky and only slows down your team.

When time adds up to real dollars and cents, an efficient fraud solution can make all the difference in getting you qualified applicants faster. 

Snappt

Snappt strategically partners with widely used multifamily tech to create seamless workflows within a singular software environment. Stick with the tools you know and love while benefiting from Snappt’s top-tier fraud detection. 

Snappt integrates with:

• ResMan
• Entrata
• Yardi Voyager
• Yardi Breeze
• RealPage
• ResidentIQ

You can also access Snappt’s API documentation for a custom solution that meets all your business needs. Snappt is designed to work for both tech-savvy professionals and those who just want a trusted, all-in-one solution they know will verify identities and income and protect them from fraud.

VeriFast

VeriFast is an API, so you can integrate it into apps as needed. It’s designed as a turnkey solution that can be customized with a quick setup, but that means it doesn’t have any specific integrations or partnerships.

While this setup may be convenient for companies with development teams, it can be troublesome for property management teams looking for a done-for-you solution.

VeriFast also offers whitelabeling, so you can embed the components you need into your own platform within 2-12 weeks.  

Security and Compliance

Any quality fraud detection solution takes a proactive approach to data privacy, security, and compliance. Tactics like encryption at every stage of the tenant screening process allow you to prioritize the security of your applicants’ data.

But whichever solution you choose, they should include encryption and more advanced security practices. Let’s see how Snappt and VeriFast ensure security and compliance.

Snappt

Snappt has thorough security and protection measures across every layer of its system. First and foremost, it encrypts all data, both in motion and at rest. Snappt is also SOC 2 Type II-compliant, meeting the highest degree of processing integrity and privacy. 

Snappt is also committed to a fair application process. Its platform is compliant with both the Fair Housing Act and FCRA to mitigate discrimination and adhere to legal and ethical standards. 

VeriFast

VeriFast is third-party audited and is SOC 2, GDPR, and CCPA-compliant. It also includes anonymous data encryption, two-factor authentication, and protection against third-party data selling. But VeriFast doesn’t explicitly address anti-discrimination protocols, which could get you in hot water if applicants sue you.

Customer Experience and Support

Adopting a new fraud detection solution is a big step in combating bad actors and keeping your communities free from fraudsters. But there are a few things to consider, like training and making sure your teams are well-equipped to use your new tool.

A quality customer support and education team that will provide thorough onboarding and answer your questions whenever you have them is paramount to getting the most out of your new fraud detection and ID and income verification platform.

Snappt

Snappt’s customer success team supports customers through a proactive and personalized approach to make sure you and your team get everything you need to be successful with Snappt. And with an efficient onboarding process, you can get set up often on the same day and receive tailored assistance for the first 30-45 days.

Contact support anytime and get fast, human support within a day or less. Snappt’s dedicated Customer Experience team is always available to help with whatever you need, whether it’s an onboarding question or more strategic advice.

VeriFast

Have a question? VeriFast offers chat support every day of the week and has a quick 24-hour response time for support emails. And if you need product help, VeriFast’s customer support team is on hand to assist you.

You can even ask the VeriFast data review experts for advice to help guide decision-making.

Real-World Results 

A flashy, tech-forward solution is fine—but does it have the stats to back up its bold claims? Marketing can be a lot of smoke and mirrors, so having hard numbers that prove a solution’s value is vital. 

Here are some real-world results to help you decide which solution—Snappt or VeriFast—is right for you.

Snappt

Snappt is proud to showcase its real-world numbers to show just how effective its fraud detection technology is. Snappt has processed over 2.8 million applicants, helped property managers and landlords avoid over $509 million in bad debt, and protected 2.2+ million units.

But beyond that, Snappt also offers:

• Proprietary fraud detection AI trained on 13+ million documents 
• 99.8% document verification accuracy

Snappt prioritizes transparency and aims to empower customers by staying on top of the latest fraud trends and patterns. 

VeriFast

VeriFast’s tools can yield a 90% increase in leasing efficiency and 42% fewer false negatives and false positives. While it doesn’t share company success metrics, a few case studies highlight an 80% delinquency rate decrease and 20x return on investment. 

Another claims VeriFast reduced delinquencies from 13% to zero net-new delinquencies. While these are quality statistics, they come from just a few customers and don’t speak to VeriFast’s value on the whole. 

Final Verdict: Which is Right for You?

Snappt is a comprehensive, all-in-one fraud detection and verification platform trusted by multi-family property management companies across the US. With a near-perfect fraud detection accuracy rate and a proactive Fraud Forensics team, you can trust Snappt to prevent fraud and protect your communities from fraudsters.

It’s SOC 2 Type II-compliant and follows industry best practices and standards for data privacy, security, and compliance. On top of its fraud detection, income verification, and identity verification capabilities, Snappt also has a dedicated customer support team to answer questions and help you get more out of the platform.

If you’re looking for a custom API solution that your development team can implement, VeriFast could be a solid option. With strong security measures in place, a responsive customer support team, and fully customizable options, VeriFast could work well for larger property management teams with dedicated developer resources.

But if your primary concern is about fighting fraud and verifying ID and income, Snappt is a clear winner. Both are viable options for fraud detection and verification. It all comes down to whether you want a turnkey solution or something your developers deploy and which best meets your current and future needs.

Want to learn more about Snappt’s fraud detection and identity verification solutions? Check it out here.

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