#USA #Los Angeles #Fraud Detection #Snappt #Rental Applications

Snappt Unveils 2024 Fraud Report

In the ever-evolving landscape of multifamily property management, fraud detection has taken center stage. Recently, Snappt, a leader in this field, shared its 2024 Fraud Report, featuring critical data, trends, and strategies aimed at combating emerging threats in 2025.

Key Findings in the Report

The report is based on a comprehensive analysis of nearly five million documents during 2024, revealing that 6.4% of rental applications submitted were fraudulent. By that number, over 80,000 applications displayed signs of manipulation. The findings shed light on the techniques employed by modern fraudsters.

Among the prevalent strategies are the use of fake PDF generators and text insertion techniques, which can easily deceive traditional detection methods. A particularly notable tactic was dubbed the font fail, where fraudulent documents utilize font manipulations alongside text alterations to bypass standard checks. These alarming findings highlight just how accessible these fraudulent practices have become with today's technology.

The Role of Technology in Fraud Detection

As we step into 2025, the landscape of fraud detection will become increasingly complicated due to the rise of artificial intelligence. While AI minimizes operational hindrances for property managers, it also provides further tools for fraudulent actors to manipulate their documents. Consequently, multifamily operators must remain vigilant against these evolving tools.

Explaining the significance of innovation, Snappt’s CEO Daniel Berlind noted, "As fraud continues to evolve in 2025, leveraging best-in-class document fraud detection and income verification technology is the only way to catch these bad actors before they result in financial losses."

Hence, it becomes paramount for property management companies to invest in advanced fraud detection systems. Utilizing multi-layer fraud detection technology can help combat bad actors employing sophisticated techniques to bypass screening protocols.

Commitment to Innovation

Snappt is actively committed to researching trends and statistics on fraud metrics while providing robust solutions to secure multifamily businesses. The technology has been refined since its launch in 2019, enabling Snappt to identify even minor document modifications. The company boasts an impressive accuracy rate of 99.8% across its analyses, having handled over 10 million documents.

Moreover, Snappt is noted for its unique ability to conduct proactive fraud research, ensuring the company stays ahead of emerging threats. With the addition of the industry's first and only fraud forensics team, Snappt aims to deliver unmatched security and peace of mind to property managers dealing with financial risks from fraud.

How to Access the Report

Interested parties can download the full report to get an in-depth understanding of the data and explore more detailed strategies for combating fraud in 2025. For more information, visit Snappt's Official Blog.

About Snappt

Snappt provides an AI-enhanced applicant fraud detection and income verification solution, specifically designed for multifamily property managers. The firm has consistently ranked at the top of its field, exemplifying a commitment to safeguarding property management operations from detrimental fraud attempts. In light of the increasing complexities around fraud, Snappt’s proactive approach positions it as a pioneer in the industry, ensuring properties are fortified against the latest fraudulent activities.