Dec 17

Tech Tools That Can Help Identify Synthetic ID

Posted by: Entrata | Category: Newsletters,Technology

Synthetic IDSynthetic ID is the fastest growing form of fraud, and its pervasion has seeped into the multifamily industry. Created by using a combination of real and false information to forge a new identity, synthetic ID continues to become more prevalent.

It’s true: some of your own residents might have used an altered social security number on the apartment application. They passed with fraudulent info and moved right into your community.

The most commonly used methods unqualified prospective residents employ to slide through application cracks and background checks is with synthetic ID, usually with a fake or altered social security number, or with fake pay stubs that display an exaggerated amount of money. While this is a rampant issue ushered into the apartment application process via technology and mobile-use, there are still many red flags and warning signs that can tip off leasing agents to identifying fraudulent activity.  

Residents who scam their way into a community aren’t just going to stop – they’ll keep scamming well into their residency, which poses a potential risk to other residents and the overall community. With synthetic ID fraud on the rise, it’s important to take action and implement tech tools that can help your leasing team detect – and ultimately prevent – fraudulent prospects from passing background checks and moving in.

Here are some different tech solutions that can help curtail the use of Synthetic ID:

While synthetic ID use may be on the rise, so is the technology to identify these types of fraud. By utilizing associate training and the proper tech tools, leasing offices can significantly mitigate the risk of approving fraudulent applicants.