#USA #Santa Barbara #Yardi #Income Verification #Nova Credit

Yardi and Nova Credit Collaborate to Enhance Fraud Detection

In a significant step towards reinforcing its fraud protection measures, Yardi® has announced an expanded collaboration with Nova Credit, integrating advanced AI-driven document fraud detection into its ScreeningWorks® Pro Income Verification solution. This upgrade aims to empower residential property managers to identify altered and potentially fraudulent pay stubs during the application process, thereby mitigating the risk of document manipulation that has become increasingly prevalent.

As outlined by Patrick Hennessey, Yardi's vice president, relying solely on authenticating paystubs still plays a crucial role for property management companies and renters alike, especially in an era where open banking solutions are gaining traction. The refined features provide substantial assistance in the face of growing document tampering threats. This enhancement is available to clients without incurring any additional costs, reinforcing Yardi's commitment to delivering best-in-class solutions.

The integration focuses on two primary areas of enhancement within the Income Verification process: 1) the use of open banking and direct payroll connections for immediate income verification, and 2) robust document analysis for instances when traditional banking information is unavailable. The features embedded in this sophisticated upgrade include:

• - Document Analysis: Utilizing AI technology to review over 700 fraud indicators distilled into 30 actionable insights for property managers.
• - Advanced Image Inspection: Implementing techniques to detect manipulations in screenshots and image-based PDFs, ensuring the authenticity of submitted documents.
• - Verification of Authenticity: Scrutinizing the legitimacy of original PDFs sourced from payroll systems.
• - Adaptive Models: Employing advanced pattern recognition capabilities that evolve to meet the changing tactics of fraud.
• - Enhanced Data Protection: Incorporating measures that maintain the highest data security standards while simultaneously detecting fraudulent attempts.

The collaboration with Nova Credit comes at a time when financial institutions are grappling with fraud-related losses, projected to reach up to $40 billion by 2027. As Akaash Gupta, the head of tenant screening partnerships at Nova Credit, noted, the advancements in Yardi's Income Verification solution are critical as property managers require sophisticated protection against increasingly convincing document scams.

Since the implementation of the enhanced solutions in 2021, organizations utilizing Yardi and Nova Credit's income verification tools have reported a monumental transformation in their application processing workflows. Applications are now processed in mere hours instead of days, while manual review needs have dropped by up to 70%. Furthermore, a remarkable 95% customer satisfaction rate reflects the effectiveness of this innovative solution.

Currently, Yardi oversees over 6 million units leveraging RentGrow's ScreeningWorks Pro and more than 2 million units using their ID Verify and Income Verification capabilities. This extensive reach underscores Yardi's leadership in providing a connected solution for real estate professionals across diverse sectors.

With more than 10,000 employees, Yardi continues to push the envelope in the real estate industry by driving significant innovations in technology and management processes. Their tagline, 'Energized for Tomorrow,' encapsulates the company's philosophy and future-focused vision.

In parallel, Nova Credit is recognized for enhancing credit infrastructure and analytics, enabling businesses to grow responsibly through alternative credit data. Collaborations with leading organizations such as American Express and Verizon leverage Nova Credit’s unique data strategies to improve credit decisions across multiple sectors.

For property managers and the real estate industry at large, the enhanced partnership between Yardi and Nova Credit serves as a beacon of hope against the threat of fraud. This partnership will likely set a precedent in terms of standard practices for income verification and document authenticity, ensuring a more secure rental application process.

For more details about this cutting-edge solution, interested representatives from the industry are encouraged to reach out to Yardi directly.