We’re seeing a huge upswing in fake check stubs and they’re getting harder to identify.
I’m waiting for a demo with checkpoint ID, but not sure that’s what they cover. What else do y’all use to verify check stubs and IDs during the applicant screening process?
Ask them to send you screenshots of their hr/payroll app or account. It would be very unusual for them to only have a paper version and not an electronic version. Explain its for fraud prevention purposes.
Try Two Dots. They do what Checkpoint ID which is only verify their ID, and what Snappt does which is verify the authenticity of paystubs. And Two Dots is integrated with Yardi.
We started using a VOI Program and my it turns out my team is much better at identifying fake pay stubs over AI. We ask for bank statements (which they also try and fake) and direct business numbers to HR where they work. No cell phone numbers or personal emails.
I recommend Snappt. I converted our portfolio a few years ago and happy to share our experience. The alternative is bank linking like Payscore but we already have enough trouble getting docs from applicants and I don’t trust we’ll convince our applicants to login and link their bank account.
Unfortunately Whitney, the fake paystubs/bank statements are only going to continue to get harder to recognize. With AI being a step ahead, a fraudster will continue to be a step ahead and the products searching for altered documents will eventually be obsolete. The income verification solution is the future of multifamily, but we all know multifamily is a bit slow to adopt. When using Payscore, the future resident is not linking a bank account with the community and also sharing less personal information than they would on a paystub or bank statement. You are only seeing the income they receive in a 12 month period, so you know they can afford to live at your community. Even those Gig economy workers can now show their income via Payscore.
Our company just started using checkpoint ID. And currently one of our properties is being used as the guinea pig for checking the paycheck stubs. From what I understand it's very effective and sniffs out the fakes very quickly.
Agree with Sherri here. We have been utilizing Payscore for over a year now and its takes out the guesswork. Sure, we all have those Team members who are really good at catching fraud but they are not the standard at every property. Payscore does not rely on applicant provided statements or any kind, instead, they link directly to the bank accounts to gather all activity. In those circumstances where we need to take a different path to approval, for example when collecting and verifying bank statements become necessary, having a 3rd party verify bank account balances, to back-up the applicant provided statements, it gives a lot of peace of mind. We like Snappt too; Payscore won out as it is able to handle all of our asset classes.
I know some Snappt folks! Let me see if I can loop one in to help - you are showing up as anonymous, so can you send me a note with your contact info, too?
Hi Whitney,
Snappt is the market leader in document fraud detection and has provided service to the multifamily industry since 2018. We have a historical fraud rate of 12.2% with an accuracy rate of 99.8% for the +4M documents we've scanned. We currently service over 1.8+ million units on our platform and have 8 of the 10 top management companies nationwide using Snappt on a daily basis. Our National Partnerships include Greystar, Cushman and Wakefield, ZRS, Fairfield, First Communities, RAM Partners, Pegasus Residential, etc.
The onboarding process is quite streamlined and will happen within 24 hours or less of when the contract is signed. We send the property teams a video link to watch and a brief and once they've completed that, we send login credentials and they can start using SNAPPT!
Good afternoon,
Snappt is the market leader in document fraud detection and has provided service to the multifamily industry since 2018. We have a historical fraud rate of 12.2% with an accuracy rate of 99.8% for the +4M documents we've scanned. We currently service over 1.8+ million units on our platform and have 8 of the 10 top management companies nationwide using Snappt on a daily basis. Our National Partnerships include Greystar, Cushman and Wakefield, ZRS, Fairfield, First Communities, RAM Partners, Pegasus Residential, etc.
The onboarding process is quite streamlined and will happen within 24 hours or less of when the contract is signed. We send the property teams a video link to watch and a brief and once they've completed that, we send login credentials and they can start using SNAPPT!
Email me if you would like to see a demo! 704-560-1553