Snappt, a proptech providing fraud detection software for residential apartment property managers, today announced scanning its one-millionth rental application, according to a press release.
The company also stated that 121,876 of these documents, which include pay stubs and bank statements, were fraudulently altered in an attempt by applicants to access apartments they could not afford.
“Application fraud is surprisingly widespread. We estimate 11 million fraudulent applications were submitted last year in the U.S. alone,” stated Daniel Berlind, CEO of Snappt, in the release.
Snappt is currently used by more than 2,000 multi-family communities, which it says includes seven of the top 10 property management companies. It says its fraud detection service helps property managers avoid costly evictions and keeps high-risk residents out.
Through detecting this fraud, which amounts to almost one in eight applicants (12.2%), the company also says it helped its customers avoid more than $105 million in bad debt in 2021.
It also says that customer’s usage of its product has been increasing, with CEO Berlind noting “It took us 33 months to get to one million documents scanned. We estimate we’ll get to 2 million documents in just 10 more months.”
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In other recent proptech news, Hartman Income REIT selected REMLogics to manage its 59-unit CRE portfolio. View also announced the upcoming launch of its end-to-end smart building cloud product.