PropTech company Homeppl has launched two products it calls “revolutionary fraud detection tools” for rental agents.
One of the two technologies – a document scanning tool – allows agents to screen a tenant by processing scanned documentation at a deeper level than existing screening technologies. This can purportedly detect fraud by spotting inconsistencies and nuances in the document’s typography and font styles, with fonts different from those used by banks signaling that the document has been tampered with.
The second product innovation is an alert for the rental screening process. By analyzing a variety of different data points, it can determine a candidate’s legitimacy and recognize when a fraudster is committing rental fraud multiple times through various agencies.
Homeppl Managing Director Alexander Siedes said: “It’s no secret that the rental industry is a rapidly changing and difficult landscape for agencies to manage today – pair this trend with a volume unprecedented rental fraud – and it creates a difficult space for both. agencies and owners to navigate.
“Thanks to our [new tools] we are able to elevate our SEO technology with something created specifically to address today’s fraud challenges, an area we have dedicated ourselves to ensuring our clients only endorse the best, legitimate tenants . In addition, our new document analysis tool ensures that no documents that can be tampered with escape us, so that our customers can benefit from the most robust solution they need to combat the growing volumes of fraud.
The PropTech entrepreneur says that over the past 12-18 months the UK rental industry has seen seismic changes, some of which have had an impact, both directly and indirectly, on rising levels of rental fraud. rental. More recently, Homeppl has witnessed this trend firsthand, having detected a 100% increase in rental fraud in the fourth quarter of 2021 compared to the previous quarter.
This upward trend is exacerbated by the increasing sophistication of fraud which continues to evolve – fraudsters not only forge identity and application documents, but also use fake websites, payslips and other digital media to improve their rental demand.
Siedes concludes: “The growing volume of fraud is negatively impacting landlords and agencies downstream at such an active time for the industry. These two new product developments provide our customers with added peace of mind as their tenants are vetted quickly, accurately and without the risk of fraudsters slipping through the net. Ultimately, this means their time can be optimized by focusing on other critical business areas. »