Introducing ResidentID: A New Rental Fraud Screening Solution

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The ease and efficiency of listing rental properties online has opened up apartment communities to online fraud as never before. In my recent webinar introducing our new ResidentID rental screening solution, I dig into the trends and risks property managers face from online fraud that’s largely invisible. Here’s a quick look at what we covered during the webinar that you can view on demand.

Fraudsters are following consumers online
E-commerce is forecasted to reach $684 billion by 2020, double 2015 according to eMarketer and Statista. With more consumers shopping and sharing their personal information online, the occurrence of fraud is growing rapidly. For instance, 17.6 million consumers were victims of at least one instance of identity theft in 2014 according to the U.S. Department of Justice. Data breaches are occurring more frequently as fraudsters use sophisticated online tools to access corporate and government databases to steal consumer identity information.

Fraud in the multifamily industry: It’s real!
In reviewing an anonymized sample of past residential rental applicants, TransUnion found 67% of 100,000 recent rental applicants would have returned a potential fraud alert. While not every fraud alert represents a fraudulent applicant, the scale of the issue is clear. I discussed many of the reasons residential rental applicants might commit fraud that are difficult to detect, including:

  • They need a higher credit score to live at your property
  • They’re hiding relevant criminal records
  • Their ability to ‘skip’ without any repercussions
  • They’re using someone else’s identity without their permission

Getting protection from TransUnion: ResidentID
ResidentID, is our new rental screening solutions specifically designed for the multi-family market. It helps you balance the ability to provide a great consumer experience while ensuring genuine transactions. Utilizing the vast array of TransUnion data, along with identity management technology for residents and their devices, this solution helps to protect you and streamlines online application processing by:

    • Detecting fraud that might otherwise be missed
    • Increasing confidence in online applications
    • Reducing the risk of fraudulent applications

Learn more about ResidentID
As a property manager, you want to take advantage of the tremendous benefits of listing your properties online as well as the cost and time savings of using online rental applications. At the same time, you need to mitigate the risks that online fraud poses to your business. To learn more about how we can help you keep online fraud in check and deliver a good resident experience, view my webinar or read about ResidentID.

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