Don’t Trust, Verify: Optimizing Your Income Verification Processes
Exploring advanced income verification methods are helping to stop fraudsters before they work their way into the building.
An applicant seemed to have everything she needed to qualify for an apartment, but something felt a bit off to Richard Grover. The paystubs submitted by the applicant appeared authentic, identifying a reputable online pet retailer as the employer and easily surpassing the income threshold needed to qualify for a home.
“After a day and a half, I finally figured it out,” says Grover, Senior Vice President of Compliance for Richman Property Services. “They looked like legit paystubs—they looked pretty darn good—but the applicant missed one item. All the check numbers were the same.”
With that, Grover and the Richman team were able to short-circuit an income-based fraud attempt, one of many the apartment world endures daily.