Yardi Partners with SentiLink to Combat Rental Application Fraud
Yardi and SentiLink’s Collaboration
Yardi clients using ScreeningWorks Pro are set to benefit immensely from a collaboration with SentiLink. This partnership aims to enhance the tools available for detecting fraudulent rental applications.
Addressing the Growing Threat of Fraud
The need for effective measures to counter synthetic fraud has become increasingly crucial in today’s rental market. With the rise in fraudulent activities, Yardi is committed to providing its clients with advanced solutions that deter such threats.
Insights from Yardi
Patrick Hennessey, Vice President at Yardi, expressed that, "Synthetic fraud is a growing threat in the industry, and we are committed to helping safeguard our clients against it by teaming up with SentiLink." Hennessey’s enthusiasm underlines the importance of this partnership, which will offer ScreeningWorks Pro clients enhanced protection at no additional cost.
Understanding Synthetic Fraud
Synthetic fraud often involves the use of fabricated or purchased identity data, including Credit Privacy Numbers (CPNs). These numbers are not officially recognized by the government and their use is illegal. Unfortunately, they have been marketed to consumers as a means of bypassing conventional screening methods.
Advanced Detector Solutions
SentiLink utilizes advanced machine learning technology to identify when an applicant submits false identification information. This capability is essential for property managers, allowing them to flag applications that may pose a risk.
Integration for Enhanced Screening
The integration of SentiLink's fraud detection tools into Yardi's ScreeningWorks Pro platform signifies a major step forward. This sophisticated screening process, powered by RentGrow, Inc., allows property managers to effectively manage risks associated with fraudulent applications.
Streamlined Application Processing
By adopting this new technology, property managers can expedite the leasing process for qualified applicants while minimizing potential losses due to fraud. Vivek Ahuja from SentiLink emphasizes that, "With Yardi and SentiLink, the rental housing market can seamlessly up its technology game to cut fraud losses and reduce manual workloads."
Implementation Timeline
The collaboration will begin offering its added protection to ScreeningWorks Pro clients in March 2025. Property managers interested in learning more can contact a Yardi representative for further information.
About Yardi
Yardi is a leader in developing software solutions tailored for real estate companies worldwide. Their integrated platform includes RentGrow tenant screening solutions, supported by a robust team of over 9,500 employees. Yardi is continually innovating in the real estate sector to enhance efficiency and client experiences.
About SentiLink
SentiLink specializes in combating synthetic fraud and identity theft. By analyzing consumer data at the application point, SentiLink ensures faster approvals for qualified tenants while effectively managing risks associated with fraud.
Frequently Asked Questions
What is the significance of the Yardi and SentiLink partnership?
This partnership enhances fraud detection capabilities for Yardi's ScreeningWorks Pro clients, helping them identify and prevent synthetic fraud.
How does synthetic fraud impact rental applications?
Synthetic fraud involves the use of fake identities, which can lead to significant financial losses for property managers due to non-payment and increased vacancy rates.
What is a Credit Privacy Number (CPN)?
A CPN is a nine-digit number marketed as a substitute for Social Security Numbers but is illegal to use in applications.
When will the new fraud detection tools be available?
The enhanced protection features developed through this partnership will be available to clients in March 2025.
How does SentiLink identify fraudulent applications?
SentiLink uses advanced machine learning techniques to analyze applicant information and detect potentially fraudulent activity effectively.
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