Five Reasons Why Identity Verification Software is the Best Way to Protect Your Tenants From Fraud

In today’s marketplace, it’s more important than ever to protect your business and your tenants from fraud. Identity verification software is the best way to do that because it works from anywhere and can be used on any device. Here are six reasons why,

Criminals are getting more sophisticated

Criminals are getting more sophisticated. They’re using fake documents, identities, and false information to get credit, jobs, and rental properties.

The best way for you to protect your tenants from fraud is to use identity verification software. This will help you determine whether that prospective tenant is who they claim to be—and if not, help you stop them before they become a problem tenant or worse: become a victim of identity theft themselves.

ID verification works from anywhere

As a landlord, you can run ID verification checks anywhere. Regardless of where your tenant is located, their identity will be checked wherever they are. The best part is that there’s no limit to how many checks you can run and there’s no need for a physical visit to the property. The only thing you’ll need is access to a computer with internet access—and if you’re doing it right, that should be pretty easy.

More accurate than manual checking

Manual identity verification is accurate, but it’s also slow and inefficient. Manual checks require you to enter information into a spreadsheet or database, making mistakes more likely and wasting valuable time on entry. ID verification software automatically collects information from tenants’ documents and compares them against the information in your tenant database, allowing you to quickly verify an applicant’s identity without any manual error checking.

ID verification software will also help you cut down on fraud before it happens. With manual checks, there are plenty of opportunities for tenants who want to cheat the system. If someone lies about their name or credit score just one time during their application process—and this can happen even if they’re not trying to commit fraud—they may slip through undetected by a human being reviewing their application manually at each stage of approval. As long as people are willing to lie about their identities online these days, then relying solely on manual checking means leaving yourself open for possible abuse by scammers trying desperately not to get caught out when renting out your property or buying goods online with stolen credit cards

Increase your compliance

To comply with the law, you need to keep your tenants’ information up-to-date. Inaccurate information can cause all sorts of problems for both yourself and your tenants. For example, it could delay eviction proceedings if a tenant’s address doesn’t match up with their name or it could cause unwarranted suspicion from authorities if a tenant lists an old address on their credit report but has not lived there in years.

When people apply for housing with you as their landlord, they will have already gone through this process once before: when they applied for their current job. This means that many people may simply copy over their previous work experience or education onto their rental application without thinking twice about it.

After all, it seems like no big deal at first glance since they’re still using real information—but what happens when this confuses later down the line? Imagine receiving an eviction notice because your tenant says his last employer was a certain company but then realizing that that company never existed before he started working there last year. That’s why it’s important not only to verify someone’s identity but also to make sure everything else matches up too.

It’s cost-effective

Identity verification software is a cheaper option than manual checking. Manual checks are time-consuming and difficult to perform, so they can add up quickly. In contrast, identity verification software is automated and efficient, making it the most cost-effective option for property managers who want to verify tenant information.

It’s also a long-term investment. You only need one license per company or office location with multiple employees using the same device. This prevents you from having to purchase separate licenses for each employee using their own devices at different locations throughout your portfolio of properties.

Conclusion

With the right identity verification software, you can start to protect your tenants from fraud. The software will make it easier for you to identify potential criminals and prevent them from renting your properties.

Comments are closed.