Snappt is an AI-enabled fraud detection platform that analyzes over 10,000 document features to verify the authenticity of financial documents, achieving a 99.8% accuracy rate. The platform addresses the issue of applicant fraud in property management by significantly reducing bad debt and eviction rates through automated income and identity verification.
Funding
$101.8M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Property management companies face significant financial losses due to applicant fraud, including falsified financial documents and identity theft. Traditional screening methods often fail to detect sophisticated forgeries, leading to increased bad debt and eviction rates. Existing fraud detection methods such as OCR, credit scores, and bank linking are often insufficient to catch fraudulent activity.
Solution
Snappt offers an AI-powered fraud detection platform designed to verify the authenticity of applicant documents with a high degree of accuracy. The platform analyzes over 10,000 document features, including metadata and pattern comparisons, to identify manipulations and forgeries. Snappt's technology automates income and identity verification, reducing the risk of accepting fraudulent applications. By integrating multiple layers of fraud detection, Snappt helps property managers decrease bad debt, lower eviction rates, and streamline the screening process. The platform also includes proactive fraud research to stay ahead of evolving fraud tactics.
Target Audience
Snappt primarily serves property management companies, real estate developers, and institutional investors seeking to reduce financial losses associated with applicant fraud.
Features
- AI-driven analysis of over 10,000 document features to detect fraud
- Identity verification using biometric technology and scanning of over 4,600 global ID types
- Automated income verification using document analysis and connected payroll APIs
- Proactive fraud research to identify new fraud tactics and update detection algorithms
- Fast turnaround time on documentation rulings, typically 10 minutes or less
- SOC 2 compliance for data security
- FCRA and Fair Housing compliance to mitigate discrimination issues