Why Snappt’s SOC 2 Compliance Matters For Multifamily CustomersAugust 23, 2023
Los Angeles, CA — November 29, 2022 – Property managers handle their residents’ sensitive personal financial data throughout the tenant screening and rental application process. But rest assured, our security compliance program ensures our client’s and their potential tenant’s data is safe.
Not only are prospective tenants’ and residents’ bank accounts increasingly linked to property management systems, but apartment operators and management companies also collect the following data when running background checks and credit reports in their battle against tenant fraud:
- Social Security numbers
- Date of birth
- Previous address
- Employment history information
This data is collected to run credit and background checks on potential renters during the leasing application process. In addition, evaluating a prospective tenant and vetting out any potential rental scams is accomplished through the screening process.
The data returned when running credit checks and background checks contain financially sensitive information, such as credit card and loan accounts, along with payment and previous balance data.
Each piece of information by itself is nothing to worry about; however, when you can access all of the data, you are accessing what is considered “THE HOLY GRAIL” for bad actors (identity thieves and scammers)
A Social Security number and date of birth merely open the door for identity theft. However, identities can be easily compromised when you can obtain a prior address and employment history, pay stubs, and financial account data and balances.
This nightmare scenario is what keeps CTOs up at night. It’s also why Snappt is SOC 2 compliant.
What is SOC 2?
SOC 2, which stands for Systems and Organizations Controls 2, is a criterion developed by the American Institute of Certified Public Accountants for service providers storing information in the cloud.
SOC 2 compliance means we have internal controls, procedures, and safeguards to ensure that our multifamily client data – and your renter customers – is securely handled, emphasizing data availability, processing integrity, confidentiality, and privacy.
But hey, don’t take our word for it…our Soc2 compliance is a testament to the Cyber Security program we run here at SNAPPT. We are secure, and so is our customer data.
What does this mean for you?
This means, when you engage with Snappt, your company’s data is secure, and the highly sensitive, personal information your residents have trusted you with is secure as well.
Indeed, we wouldn’t be much of a fraud detection firm if we opened our clients and their renters up to even more identity and financial data theft with sloppy data management and controls.
The fact that we’ve engaged in the SOC 2 compliance process means we practice what we preach for you and your residents.
Can I see a copy of the SOC 2 auditor’s report?
Snappt is happy to provide our SOC 2 certification and compliance report to all customers, or potential customers, under NDA.
What’s next for SOC 2 compliance and Snappt?
The real challenge in securely maintaining sensitive data isn’t designing and implementing a robust system – it’s staying vigilant over time to ensure that new threats and vulnerabilities do not compromise the safeguards already in place.
You can rest assured that we are and will remain vigilant in this area with the latest controls and redundant security measures. All of this while constantly scanning your potential renters’ financial documents for red flags and ensuring fraud doesn’t get through the front door of your rental property.
Snappt, a Los Angeles-based real estate technology company, provides a quick and inexpensive data-driven document fraud detection service that can accurately spot fraudulent documentation. Snappt is used by 8 of the top 10 property management firms in the U.S. For more information, visit snappt.com