#USA #Santa Barbara #Yardi #SentiLink #Rental Fraud

Yardi and SentiLink's Strategic Collaboration to Combat Rental Application Fraud

In a major development aimed at fortifying the defense against synthetic rental application fraud, leading real estate software provider Yardi® has announced a partnership with identity verification giant SentiLink®. This collaboration is set to introduce advanced fraud detection tools into Yardi's ScreeningWorks® Pro platform, providing residential property managers with an innovative solution designed to identify fake or manipulated applications, including those utilizing Credit Privacy Numbers (CPNs).

Understanding the Risks of Synthetic Fraud

Synthetic fraud has emerged as a growing concern within the real estate sector. It refers to a type of fraud where applicants use fabricated or stolen identity information to secure housing, often employing CPNs — illegal nine-digit numbers touted as alternatives to Social Security Numbers. These numbers are frequently marketed as methods for credit repair or ways to evade traditional screening processes. This form of deception can pose significant risks to property managers, leading to potential losses and operational challenges.

Patrick Hennessey, Vice President at Yardi, emphasized the urgency of tackling this issue: "Synthetic fraud is a growing threat in the industry, and we are committed to safeguarding our clients against it by teaming up with SentiLink. We are excited to provide this added protection for our ScreeningWorks Pro screening clients at no additional cost."

Enhanced Fraud Detection Capabilities

Yardi will integrate SentiLink's state-of-the-art technology directly into its ScreeningWorks Pro platform, which employs a sophisticated rules-based screening process powered by RentGrow, Inc., a Yardi subsidiary. This integration will enable property managers to effectively flag high-risk applications, curtail unnecessary reviews, minimize losses stemming from fraud, and streamline the leasing process for qualified applicants.

According to Vivek Ahuja, Head of Strategic Partnerships at SentiLink, "With Yardi and SentiLink, the rental housing market can seamlessly enhance its technology to reduce fraud losses, alleviate manual workloads, and facilitate smoother processing for qualified tenants. Synthetic fraud is more prevalent than many realize. Applicants utilizing a CPN for such practices have historically been difficult to detect, creating a high risk for defaults on payments."

Launching the Collaboration

The new fraud detection features will be accessible to ScreeningWorks Pro clients starting in early March 2025. Property managers that want to take advantage of this added layer of security are encouraged to contact their Yardi representative for further information.

About Yardi

Founded in 1982, Yardi develops cutting-edge software solutions tailored for various sizes and types of real estate companies around the globe. Their integrated platform encompasses RentGrow® tenant screening solutions, enhancing property management capabilities across the multifamily sector. Boasting over 9,500 employees, Yardi continues to pioneer innovations in the real estate industry, embodying its commitment to being "Energized for Tomorrow."

About SentiLink

SentiLink, established in 2017 by Naftali Harris and Max Blumenfeld, focuses on curbing synthetic fraud, identity theft, and evolving forms of fraud at the point of application. Utilizing proprietary data coupled with profound insights into fraud patterns, SentiLink's distinctive approach aids in risk management, fraud reduction, and the rapid approval of credible tenants. To date, SentiLink has successfully raised $85 million from renowned investors, including Andreessen Horowitz and Craft Ventures.

In conclusion, the partnership between Yardi and SentiLink represents a proactive step in enhancing rental application security, providing property managers with advanced tools to combat the escalating threat of synthetic fraud and helping ensure a safer housing market for all.