Fraud remains prevalent in the multifamily industry and shows no signs of dissipating. Bad actors are constantly finding new ways to circumvent systems, particularly through the use of generative AI and other bleeding-edge technologies, aiming to remain one step ahead of the industry’s fraud prevention and cybersecurity initiatives.
The industry, naturally, has no choice but to fight back.
A panel on the recent Entrata webinar Fraud: Multifamily’s Rising Threat discussed ways multifamily can short-circuit the fast-evolving fraud tactics, including the utilization of traditional methods, innovative AI-powered solutions and the intense monitoring of social media-driven scams, such as fraud kits.
While fraud has been a perpetual concern in the digital multifamily landscape, the numbers are telling. A recent survey from the National Multifamily Housing Council showed 71% of respondents indicated fraud has increased significantly over the past 12 months. A staggering 93% of respondents have experienced it firsthand.
Read Paul Willis’ article in the Rental Housing Journal.