Preventing fraud is a property management priority. The ability to screen potential residents is more sophisticated than ever, yet scammers are high-tech too. Now that more and more interactions occur online, how do you know someone is who they say they are? How do you prevent fraud when a property suddenly becomes a revolving door of residents not on the lease?
Fraud by the Numbers
Tenant fraud has always existed. When con artists have a will, they’ll find a way. The pandemic, eviction moratoriums, and mountains of sophisticated scam techniques have pushed the issue to the forefront for property managers and landlords. In numbers posted by the National Apartment Association, between March 2020 and August 2020, fraud jumped close to 30 percent. High-risk applications spiked 15.2 percent compared to 10.3 percent just a year earlier. Those numbers tell the story of present times as well: we are in a season of multi-family tenant fraud.
Types of Fraud
Property managers may recognize some of these scammer strategies:
- An applicant poses as someone else, providing false information when the real person has a history of poor credit.
- Creating a false identity.
- A potential resident’s identity is authentic, yet some details have been tweaked.
- A tenant makes a little cash on the side by offering their location as a temporary rental, which breaks their lease agreement.
So, how do you combat this?
Make a Plan
Know your renters are who they say they are. It goes beyond business concerns. There is an ethical obligation for the security and safety of everyone in the building. So, what plans should you put into place?
- Invest in tech that helps screen applications seamlessly and thoroughly.
- Make full, legal names mandatory on all applications.
- Scrutinize all credit ratings and fraud alerts.
- Check and double-check references and information.
Multi-family properties should have smart, simplified security 24/7. Tenants who break the rules of their lease by subletting their space to others can go unnoticed by management, who already have a lot on their plates. Controlling a building’s activities with an intuitive web platform, including a state-of-the-art video intercom system, is the perfect solution.
MVI Systems’ KeyComⓇ is designed to keep residents safe and features cutting-edge facial recognition and artificial intelligence software. Our products ensure that your residents are indeed your residents with enhanced features, like:
- Interactive touchscreen technology
- Building activity monitoring
- Security and convenience at your fingertips
- State-of-the-art digital video entry
- Automatic building access via smartphone
Landlords and property managers can monitor and facilitate their buildings’ access for residents and visitors with MVI Systems’ unsurpassed technology. The demand for intercom systems to be high-end and maintain functionality fuels MVI’s innovative designers and engineers. From effortless communication to enhanced security, our complete line of products allows control of all building activities. Protect your residents from the ones trying to take advantage by manipulating their tenant identity information.
Let MVI Shape Your Tenant Security
MVI, an award-winning video-access control solution for commercial and multi-family properties, streamlines video access control solutions and innovative technologies to provide the highest level of security for buildings. MVI works with several hardware and software manufacturers to increase safety, improve the tenant experience, and give control back to building owners and property managers.Is it time to upgrade your apartment building’s video intercom system? Request a free, no-obligation demo and see why residents and managers love MVI technology.