Expanded collaboration strengthens fraud protection against document manipulation in rental applications
SANTA BARBARA, Calif, April 22, 2025 -- Yardi®, an industry-leading provider of real estate software, announced the addition of Nova Credit's AI-driven advanced document fraud detection into its ScreeningWorks® Pro Income Verification solution to help residential property managers identify altered pay stubs during the application process. This additional layer of protection will be available to ScreeningWorks Pro Income Verification clients at no additional cost.
"While property management companies and renters continue to embrace open banking and other digital income verification solutions, there are still instances where authenticating paystubs is their only option," says Patrick Hennessey, vice president at Yardi. "Nova Credit's enriched document fraud detection helps protect our clients from the growing threat of document manipulation. We are heavily invested in providing a best-in-class solution to help mitigate their risk."
While the vast majority of income verification is done through open banking and direct payroll connections, these new enhancements provide property managers with sophisticated tools to combat the use of AI to manipulate documents in their rental applications, as fraud-related losses are projected to cost financial institutions up to $40 billion by 2027.
"As document manipulation becomes increasingly convincing, property managers need protection that evolves at the same pace. Our features use AI to examine hundreds of fraud indicators to catch sophisticated attempts at fraud, while maintaining the streamlined application process that renters expect," added Akaash Gupta, head of tenant screening partnerships at Nova Credit.
With this update, Yardi's Income Verification solution can identify potential fraud through:
1. Direct connection to bank and payroll data, creating an immediate, unbroken chain of income verification
2. Document analysis if bank and payroll information is not present including:
- Assessment tools that use AI technology to review over 700 fraud indicators and distills them into 30 actionable insights
- Advanced image inspection to detect manipulation in screenshots and image-based PDFs
- Verification of document authenticity of original PDFs from payroll systems
- Adaptive models that include sophisticated pattern recognition that evolves as fraud tactics change
- Comprehensive PII security updates that maintain the highest standards of data protection while detecting fraud
Since 2021, organizations using Yardi and Nova Credit's income verification solutions have reported processing applications in hours rather than days, reducing manual review requirements by up to 70% and achieving 95% customer satisfaction rates.
Yardi has over 6 million units using RentGrow's ScreeningWorks Pro screening solution and over 2 million units using their ID Verify and Income Verification solutions. To learn more about this enhanced resident screening solution, contact a Yardi representative.
About Yardi
Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. Yardi's single connected solution includes RentGrow® tenant screening solutions as part of an integrated multifamily property management platform. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.
About Nova Credit
Nova Credit is a credit infrastructure and analytics company that enables businesses to grow responsibly by harnessing alternative credit data. The company is a CRA that leverages its unique data infrastructure, compliance framework, and credit expertise to help lenders fill in the gaps that exist in traditional credit analytics. Nova Credit provides access to the fragmented universe of consumer financial data and transforms it into compliant, actionable risk analytics through a suite of solutions designed to increase conversion through expanded coverage, speed, and reliability. Leading organizations, such as American Express, Verizon, HSBC, RBC, SoFi, Scotiabank, AppFolio, and Yardi, work with Nova Credit to make smarter credit decisions through cash flow underwriting with Cash Atlas, quickly and accurately verify income with Income Navigator, and reach new-to-country consumers with Credit Passport. Learn more at www.novacredit.com or reach out to connect@novacredit.com.
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