"Fraudulent applications have become an increasingly common form of theft that starts when a tenant who generally lacks the means or intention of paying rent gets into a lease and then uses eviction protections to take a free ride that can last for months. Beside the lost rent for however many months a bad tenant can game the system, landlords eventually bear the legal and administrative costs of an eviction, which averages $7,685, according to a survey by Snappt, an Ojai-based provider of fraud-prevention software."
"Advances in technology have made fake documents harder to detect and the problem more widespread. That's created an arms race of sorts, with service providers peddling software to uncover would-be cheats. Leasing fraud today has become far more sophisticated and brazen, using stolen or composite identities advertised for sale on social media and often with no intent to ever pay rent, said Jay Parsons,"
Joel Rodstein manages 185 buildings and roughly 800 units across Hollywood and the NoHo Arts District and spends hours weekly reviewing rental paperwork. Fraudulent rental applications enable tenants without intent or means to pay to obtain leases and then exploit eviction protections, producing months of unpaid rent and substantial eviction costs averaging $7,685. Advances in technology have increased the difficulty of detecting fake documents, expanding the problem. Service providers and software vendors are responding with tools to detect fraud. Stolen and composite identities sold on social media fuel more sophisticated and brazen leasing fraud.
Read at therealdeal.com
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