The prop-tech rental industry is vulnerable to identity theft when fraudsters use stolen personal information to rent apartments online. iDenfy has warned that this can result in financial losses, legal complications, and reputational damage to rental businesses. To address this threat, iDenfy recommends implementing AI-enabled identity verification to enhance fraud prevention systems. By verifying the identity of customers, prop-tech platforms can effectively prevent fraudulent activities, including property scams, identity theft, and money laundering.
As a fastly growing prop-tech company, June receives thousands of applications from individuals interested in renting with them. Until partnering with iDenfy, the company's application review process was entirely manual. June's back-office team analysed photos of various ID documents applicants provided, allowing them to identify altered, fake, or expired documents. The team also manually collected personal information and validated the applicant's identity. However, as the company scaled up its operations, the manual work became increasingly costly and difficult to manage.
The technical benefits, such as great end-user experience and a pay-per-successful-verification-only business model offered by iDenfy, met June’s requirements for its preferred IDV service provider. iDenfy’s software supports more than 3000 ID documents across various countries, which, according to iDenfy, will help June expand into new markets and ensure compliance with global and local regulations. Currently, on average, iDenfy helps prop-techs like June to welcome new customers in an average of 2 minutes.
By implementing iDenfy's verification software, June anticipates that they can reduce the average verification review time by more than 50% without compromising the quality of their application process. This was the partnership's primary goal for June, which claims that its original in-house ID check process posed several challenges, especially during high season.
For more information about iDenfy, please check out the company profile in The Paypers Company Database.
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