Snappt Identifies 121,876 Rental Application Financial Documents Fraudulently Altered With One Millionth ScanAugust 23, 2023
Los Angeles, CA – June 14, 2022 – Snappt, the leader in application fraud detection for residential apartment property managers, today announced it has scanned its one-millionth residential apartment rental application financial document. It further reported that 121,876 of these documents (pay stubs and bank statements) were fraudulently altered in an attempt to allow sub-par applicants to sneak into apartments they could not afford.
“Application fraud is surprisingly widespread,” says Daniel Berlind, CEO of Snappt. “We estimate 11 million fraudulent applications were submitted last year in the U.S. alone.”
Snappt’s software helps property managers accurately screen tenant applications and detect when financial documentation, such as pay stubs and bank statements, have been fraudulently altered. This helps property managers avoid bad debt and costly evictions and keeps high-risk residents out. Currently, one in eight applicants (12.2%) commits application fraud. By detecting this fraud, Snappt helped its customers avoid more than $105 million in bad debt in 2021.
More than 2,000 multi-family communities use Snappt, including 7 of the top 10 property management companies. “Fraudulently altered financial documents are a huge problem for our industry. It can have a significant financial impact on an asset and also waste the time of our valued associates,” says Ellie Norton, Area Vice President for Pegasus Residential. “Snappt stops this type of fraud in its tracks.”
Snappt has seen rapid growth in how many documents their customers are scanning. “It took us 33 months to get to one million documents scanned,” says Berlind. “We estimate we’ll get to 2 million documents in just 10 more months.
Snappt, a Los Angeles based real estate technology company, provides a quick and inexpensive data-driven fraud detection service that can accurately spot fraudulent documentation. Snappt is used by 3 of the top 6 property management firms in the US.