{"id":36870,"date":"2023-10-20T01:21:00","date_gmt":"2023-10-20T08:21:00","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=36870"},"modified":"2026-02-19T15:01:23","modified_gmt":"2026-02-19T23:01:23","slug":"using-tech-against-fraud","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/using-tech-against-fraud\/","title":{"rendered":"Using Tech Against Fraud"},"content":{"rendered":"\n<p>How protected are you against residential applicant fraud? Could you be more secure with the right tech in place?<\/p>\n\n\n\n<p>Yardi Vice President Michael Tuer recently discussed fraud challenges and strategies with LUMA Residential President Ian Mattingly and Wood Partners Property Applications Administrator David Searles.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2023\/10\/MF-NAA-Tech-Fraud-Prevention-Session-20465-1920x1080-1.jpg?w=1920\" alt=\"\" class=\"wp-image-36871\" srcset=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2023\/10\/MF-NAA-Tech-Fraud-Prevention-Session-20465-1920x1080-1.jpg 1920w, https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2023\/10\/MF-NAA-Tech-Fraud-Prevention-Session-20465-1920x1080-1.jpg?resize=768,432 768w, https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2023\/10\/MF-NAA-Tech-Fraud-Prevention-Session-20465-1920x1080-1.jpg?resize=1536,864 1536w, https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2023\/10\/MF-NAA-Tech-Fraud-Prevention-Session-20465-1920x1080-1.jpg?w=400 400w, https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2023\/10\/MF-NAA-Tech-Fraud-Prevention-Session-20465-1920x1080-1.jpg?w=500 500w, https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2023\/10\/MF-NAA-Tech-Fraud-Prevention-Session-20465-1920x1080-1.jpg?w=600 600w, https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2023\/10\/MF-NAA-Tech-Fraud-Prevention-Session-20465-1920x1080-1.jpg?w=720 720w, https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2023\/10\/MF-NAA-Tech-Fraud-Prevention-Session-20465-1920x1080-1.jpg?w=800 800w, https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2023\/10\/MF-NAA-Tech-Fraud-Prevention-Session-20465-1920x1080-1.jpg?w=1000 1000w, https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2023\/10\/MF-NAA-Tech-Fraud-Prevention-Session-20465-1920x1080-1.jpg?w=1200 1200w, https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2023\/10\/MF-NAA-Tech-Fraud-Prevention-Session-20465-1920x1080-1.jpg?w=1440 1440w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><\/figure>\n\n\n\n<p><strong>From false pay stubs to fake IDs, fraud can cost businesses a fortune \u2014 but the good news is that you don\u2019t have to rely on the naked eye to detect false documents.<\/strong> Read on for key takeaways including the different types of fraud, what industry experts are doing to combat it and strategies you can implement today.<\/p>\n\n\n\n<p><strong>Different types of fraud<\/strong><\/p>\n\n\n\n<p>There are many ways applicants can falsify their way into getting approved for your community:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Synthetic fraud<\/strong> is when someone fabricates entire identities, including Social Security numbers, photos and stolen information. This type of fraud can be offered as an \u201capproval package\u201d online, giving people complete sets of phony documents for the application process.<\/li>\n\n\n\n<li><strong>Rental application fraud<\/strong> is when an applicant provides incorrect or invalid information, like a falsified paystub or an altered Social Security card.<\/li>\n\n\n\n<li><strong>Third-party fraud<\/strong> happens when an applicant misrepresents who they are by misusing another person\u2019s identity \u2014 like an image of their driver\u2019s license \u2014 to pass credit or criminal background checks.<\/li>\n<\/ul>\n\n\n\n<p>The amount of fraud out there can be overwhelming, but there are many tools and strategies to deter fraudsters from the start or reduce it significantly.<\/p>\n\n\n\n<p><strong>Decrease fraud by leveraging AI and automation<\/strong><\/p>\n\n\n\n<p>\u201cAbout 15% of our total monthly revenue could have been lost to fraud had we not put the right technology and strategy in place,\u201d Ian Mattingly said.<\/p>\n\n\n\n<p>Mattingly estimated that LUMA\u2019s fraud prevention efforts over the past three years saved them between $1 million to $1.5 million per year. The Texas-based company benefitted from biometrics and AI to accelerate screening and filter out the bad actors, saving a significant amount of money along the way.<\/p>\n\n\n\n<p>\u201cAlmost 13% of people who start our application process online stop at the biometric identity portion,\u201d Mattingly said. \u201cWe believe the technology we put in place has helped us deter bad actors early on in the process.\u201d<\/p>\n\n\n\n<p><strong>Despite adding extra steps in their application process, LUMA experienced an improvement in their net conversion ratio.<\/strong> According to Mattingly, \u201cSubmissions went down after implementing fraud prevention tech, but the number of folks who converted to a lease from an initial lead contact almost doubled.\u201d<\/p>\n\n\n\n<p>Wood Partners also used the same technology to successfully deter fraudulent attempts.<\/p>\n\n\n\n<p>According to Searles, tech played a key role in alleviating stress and responsibility on leasing. \u201cTech has helped our staff gain back time. Scrutinizing documents is very time consuming and taxing on our onsite teams,\u201d said Searles. \u201cIt\u2019s incredible how sophisticated some of these false documents are.\u201d<\/p>\n\n\n\n<p><strong>Strategies to implement today<\/strong><\/p>\n\n\n\n<p>With the right technology in place, you can potentially save millions by detecting fraud, speeding up screening and replacing manual processes with automation \u2014 making it easy and frictionless for genuine prospects to apply.<\/p>\n\n\n\n<p>By leveraging artificial intelligence, <a href=\"https:\/\/info.yardi.com\/leasing-success?utm_campaign=Show%20-%20NAA%20Apartmentalize&amp;utm_medium=email&amp;_hsmi=260367888&amp;_hsenc=p2ANqtz-_AAqrhblQoKNzbhknj4s4-KQbaUIUzqg5FgjvG_VJYlgCGVWDa5h5H-szcnQ9-l9P-2RAHEjReqIECD3ihOiuk9fctFQ&amp;utm_content=260367888&amp;utm_source=hs_automation\">ID Verify and Income Verification<\/a> authenticates applicants\u2019 identities and verifies incomes in seconds, giving your leasing teams more time to focus on other high-priority projects.<\/p>\n\n\n\n<p>ID Verify and Income Verification is a seamless part of the applicant workflow, helping you reduce fraud, save more money and streamline workflows.<\/p>\n\n\n\n<p>Want to learn how you can reduce fraud without adding friction in the application process? <a href=\"https:\/\/register.gotowebinar.com\/register\/9195708752442597464?source=fraudblog\">Watch a quick webinar<\/a> or <a href=\"https:\/\/www.yardi.com\/about-us\/request-information\/\">reach out to a Yardi representative<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How protected are you against residential applicant fraud? Could you be more secure with the right tech in place? Yardi Vice President Michael Tuer recently discussed fraud challenges and strategies with LUMA Residential President Ian Mattingly and Wood Partners Property Applications Administrator David Searles. From false pay stubs to fake IDs, fraud can cost businesses [&hellip;]<\/p>\n","protected":false},"author":2717,"featured_media":36871,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3213,6],"tags":[29],"class_list":["post-36870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-multifamily","category-technology","tag-multifamily"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Yardi Blog<\/title>\n<meta name=\"description\" content=\"Fraud continues to be a top priority for multifamily. 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