CLEAR Partnership Aims to Stem $10M in Rental Fraud Losses

Event summary

  • CLEAR and Snappt have integrated CLEAR1 into Snappt's Applicant Trust Platform to verify applicant identity.
  • The partnership aims to combat rising rental application fraud, which affects over 93% of multifamily owners and managers.
  • In the first six months, the integration prevented over $10 million in potential bad debt and identified 5,400 fraudulent applications.
  • CLEAR’s identity verification process takes under 90 seconds for new applicants and is instant for existing CLEAR members.
  • CLEAR has previously partnered with Docusign to strengthen security against identity fraud.

The big picture

Rising rental application fraud, fueled by increasingly sophisticated tactics like AI-enabled identity fabrication, is forcing multifamily operators to seek more robust verification methods. CLEAR’s partnership with Snappt represents a move towards integrating high-assurance identity verification directly into the applicant trust process, potentially reducing bad debt and improving operational efficiency. This signals a broader trend of embedding identity verification deeper into the leasing workflow, moving beyond simple document checks.

What we're watching

Market Adoption
The pace at which Snappt and CLEAR expand the integration across different markets will indicate the broader industry’s willingness to adopt this identity verification approach.
Fraud Tactics
How quickly fraud tactics evolve will determine whether CLEAR and Snappt’s multi-layered verification can maintain its effectiveness and prevent losses.
Competitive Response
Whether other applicant trust platforms or identity verification providers will respond with similar integrations or alternative solutions will shape the competitive landscape.

Related topics

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