by Paul Willis
One applicant displayed a fake pay stub. Another submitted inaccurate bank records. Yet another was using a synthetic ID.
It was a heck of a day for the property management team—but, unfortunately, not necessarily a rare occurrence in today’s apartment landscape. Fraudsters are becoming more sophisticated, and property teams must fight back just as fervently, according to a panel at the 2024 Entrata Summit session “Fraud Detection and the Future of Risk Management.”
While many tools are effective in limiting certain types of fraud, a singular solution often leaves gaps in the process. Panelists agreed that a multitiered approach works best to help curtail what could turn into significant financial losses.
Most operators’ fraud prevention process involves readily apparent first steps, such as analyzing credit history, criminal background, and rental history, including any evictions. Many have adopted tools to help make this process more accurate and less cumbersome, but it’s becoming increasingly apparent that more layers are needed.
Read Paul Willis’ article in the Multifamily Executive.