Person: Alan Marquez, Marketing Manager
Industry: Real Estate / Property Management
Challenge: Improving tenant screening and combating fraudulent applications in the real estate sector.
As a property management company operating multiple apartment complexes in FL and TX, Vidalta faced challenges in evaluating tenant applications, especially during the pandemic-driven surge in fraudulent submissions. Ensuring a robust tenant screening process that adhered to industry regulations while addressing the need for efficiency was crucial.
BENEFITS OF PARTNERSHIP
- Streamlined Onboarding: Incode’s solution enabled Vidalta to automate and expedite tenant verification, reducing onboarding friction and enhancing user experience.
- Enhanced Trust: By safeguarding sensitive customer data and adhering to privacy standards, Vidalta increased customer trust and loyalty.
- Accelerated Compliance: Incode’s solution ensured real-time compliance with evolving industry regulations across different regions.
- Reduced Fraud: Incode’s passive liveness technology thwarted fraudulent attempts, reducing potential financial losses.
- Customizable Approach: Incode’s flexible component-based solution allowed tailoring to Vidalta’s specific requirements.
- Vidalta’s challenges included
- Limited development resources for an efficient solution.
- Early adoption of multi-environment features leading to organizational challenges.
- Inability to aggregate analytics at the parent level and export data visually without sensitive images.
- Pandemic-induced surge in fraudulent applications and evictions, causing significant revenue loss.
Incode provided a tailored solution:
- Web Flow Integration: Integration into Vidalta’s application process with no SDKs required. Early adopter of our Multi-Environment/Integrator feature to enable authentication through a parent: child relationship for each individual property owned by Vidalta.
- Fraud Detection: IDV facial recognition, liveness check, and government validation checks.
- Enhanced Tenant Verification: Incode’s solution offered an accurate and quick method to verify tenant identities and history.
- Privacy Protection: The solution ensured data security and privacy compliance, especially for sensitive documents.
RESULTS AND BENEFITS
- Fraud Reduction: A decrease in fraudulent applications over time, contributing to improved industry-wide practices.
- Enhanced Reputation: Fewer fraudulent applicants, leading to a more trusted reputation for Vidalta’s properties.
- Positive Impact on Occupancy: Reduction in fraudulent tenant approvals improved occupancy and minimized revenue losses.
- Cost Savings: Prevented financial losses due to fraudulent residents, saving on legal fees, collections, and turnover costs.
- Ease of Adoption: Onsite teams found the solution easy to adopt, contributing to a safer community feeling.
- Efficient Operations: Streamlined tenant screening process and reduced application problems.
Vidalta expressed interest in features like:
- Quick Document Results: Generating result documents without sensitive information.
- Industry-Specific Regulations: Addressing evolving real estate industry regulations.
“The first day they implemented Incode, a fraudulent app was detected trying to scan a stolen passport. In the past, that stolen identity could have gone through. Incode’s technology stopped it.”
Incode’s partnership with Vidalta enabled an efficient and secure tenant screening process, significantly reducing fraudulent applications and enhancing occupancy rates. By providing a customizable and user-friendly solution, Incode contributed to Vidalta’s success in combating fraud and streamlining operations within the real estate sector.
Incode Technologies is a leading provider of identity solutions, empowering businesses across industries to verify identities, enhance security, and build digital trust. By delivering tailored solutions, Incode addresses complex challenges and helps businesses navigate changing regulatory landscapes while delivering exceptional customer experiences.