The Essential Buyer’s Guide for Fraud Detection

Fraud is an ever-evolving problem in the multifamily industry. Gone are the days when you could easily tell which documents were phony and legitimate via a manual review. Now, detecting document fraud requires advanced technologies to combat the increasingly sophisticated techniques fraudsters use.

But with new fraud detection companies popping up more frequently, how will you know which is the best for your business? This buyer’s guide will give you an overview of the key considerations when selecting a fraud detection solution for your organization. Don’t forget to use our buyer’s guide checklist to help you evaluate your options during this process.

Let’s dive in!

What kind of fraud detection do they provide?

Not all fraud detection technologies are created equal. It’s important to understand how their technology works and how effectively it stops fraud.

Does it utilize advanced artificial intelligence to detect document manipulations? This is a foolproof way to detect document fraud, as the technology can analyze and detect any alterations made to a document, no matter how small or subtle.

Do they use a waterfall approach for their verification process? A waterfall refers to any multi-step workflow where the steps follow a linear sequence, progressing from one to the next in a defined order. When it comes to the application workflow, this means that applicants must proceed in this exact order — even when it may not be the most effective way to verify their income.

Does it only use Optical Character Recognition (OCR)? Unfortunately, this method isn’t comprehensive and can’t accurately detect a significant amount of fraud. By simply using a web browser, an applicant can HTML edit what their bank account amount displays. They can take a screenshot of that or print it to a PDF and successfully create a pixel-perfect, undetectable copy that’s impossible for OCR to detect.

Knowing the breadth and depth of their technology is one of the best ways to tell how advanced a fraud detection company is.

Do they research trending fraud tactics and trends?

Fraudsters are constantly finding new ways to exploit the application process, often using advanced tools and tactics that can outpace traditional fraud detection methods. That’s why it’s essential to choose a fraud prevention partner that doesn’t just react to fraud, but actively studies and stays ahead of it.

Look for a provider with a dedicated fraud forensics team — professionals who continuously monitor emerging scam tactics, analyze patterns, and apply those insights to strengthen their technology. Their commitment to staying current is what helps you stay protected.

When evaluating vendors, ask them:

• How frequently do they research and update their fraud detection models?
• What systems do they have in place to monitor and respond to new fraud trends?
• How do those insights directly influence product improvements?

A truly forward-thinking provider will have clear answers and proven processes for using evolving data to refine their models, improve accuracy, and deliver real protection for your properties.

Do they provide fraud data regularly?

A truly impressive company will provide you with fraud statistics on a regular basis. These statistics can include data like the average fraud rate, the number of fraudulent applications uncovered, and the time of the year when the most fraud occurs. Providing these statistics shows that they are actively monitoring and addressing fraud and related trends, which is a sign of a reputable, knowledgeable company.

How many years have they been in business?

Fraud methods and detection strategies have rapidly evolved in recent years. Knowing when the company was founded and the age of its algorithms can significantly influence your level of trust in the system and its capabilities.

How many documents have they analyzed?

The volume of documents analyzed heavily influences the effectiveness of a fraud detection algorithm. A company that has reviewed over 10 million documents will have a better-trained algorithm than one that has examined only 50,000. The reason is simple – the algorithm has been exposed to a larger dataset, enabling it to derive more insights and make more precise judgments.

Do they have other features?

When considering a fraud detection platform, be sure to inquire about extra features. Some companies also offer:

• ID Verification
• Income Verification
• Employment Database Checks
• Connected Payroll
• Bank Account Linking

This can provide users with an all-in-one solution. If you choose a platform that only offers document fraud detection, you will need to find those additional services elsewhere.

What is their average turnaround time for document review?

Speed matters in the leasing process. When evaluating a fraud detection provider, it’s important to ask how long it takes them to review and return a result on an applicant’s documents.

A fast turnaround time doesn’t just improve operational efficiency — it directly impacts your applicant experience. The longer it takes to verify income documents, the more likely you are to lose a qualified renter to a competitor or delay your move-in timeline.

Choose a provider that offers consistently fast, reliable results without compromising on accuracy. A solution that can return clear, actionable results in minutes (not days) helps your leasing team work smarter and faster, while delivering a seamless experience for prospective residents.

How do they protect their data?

Choosing a company that takes data protection seriously is of the utmost importance. Fraud detection companies handle large amounts of data in the form of personal and financial information from applicants. This data must be kept secure and protected from any potential breaches or hacks.

One aspect you need to consider is whether or not they are SOC 2 compliant. Being SOC 2-compliant confirms that the company adheres to stringent data security, availability, processing integrity, confidentiality, and privacy criteria. This certification is a must for any fraud detection company, as it ensures the safety and privacy of their client’s information.

Do they publish their accuracy rate?

What good is a fraud detection platform if it’s not giving accurate results? An accuracy rate tells you how often the algorithm is correct in detecting fraud. Look for a company that is transparent about their accuracy rate and can tell you how they calculate it. This shows they stand behind their product and are confident in its capabilities.

Do they integrate with property management systems?

If you’re considering adding another software to your toolkit, ensuring seamless integration with your current platform is key. Some offer embedded solutions, while others only sell as a stand-alone product.

Inquire about specialized integrations with property management software, like Yardi or Appfolio. Alternatively, check if they offer a universal API integration that can streamline processes across various systems.

What types of documents do they accept?

It’s important to know what types of documents a company accepts. Is it just bank statements and pay stubs? Or do they also accept tax returns, W-2s, and other important documents? Knowing this information can help determine if their service meets your needs. Companies that don’t accept a variety of documents may be too limited for applicants and for your property needs.

Do they have a customer support team?

A reliable customer support team is crucial when implementing and using a new technology. While this may seem like a no-brainer, you’d be surprised at how many companies don’t have a support team or have very limited hours. Be sure to ask what their support looks like and how quickly they respond to inquiries.

How easy is the onboarding process?

Once you decide on a platform that suits your needs, the onboarding process begins. You’ll want to ensure this process is as smooth and stress-free as possible. Look for platforms that offer step-by-step guides, video tutorials, or even one-on-one training sessions to help you get started. This will save your team valuable time and frustration in the long run.

So, why Snappt?

You may have figured this out by now – Snappt is the industry leader in fraud detection. Our advanced technology utilizes AI and machine learning to detect fraudulent documents with an impressive 99.8% accuracy rate. We’ve analyzed over 12 million documents since our inception in 2019 and continue to stay ahead of fraudsters by consistently updating our fraud detection algorithms. Our compliance with SOC 2 standards ensures that we take data security seriously and are committed to maintaining the highest standards in protecting our clients ‘information.

But technology alone isn’t enough. That’s why Snappt also has a dedicated Fraud Forensics team — a group of specialized experts who actively track emerging fraud trends, analyze new tactics, and continuously enhance our detection capabilities. We believe that successful fraud prevention is a combination of smart technology and human expertise. In addition, our customer support team is committed to delivering a seamless onboarding experience, offering hands-on assistance from initial setup through everyday use. At Snappt, we don’t just provide a tool — we provide a trusted partnership to help you protect your business, your properties, and your residents with confidence.

Don’t put your business at risk by selecting a subpar fraud detection service. Choose Snappt and go with the industry leader.

Ready to protect your properties?

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