The headlines are startlingly regular.

Suspects Took Delhi Flat With Fake Papers, Kept 3 Kg Explosives

‘Tenant’ dupes realtor and four tenants

Rent Scam: Fraudster Posing As Army Officer Dupes Bhopal Man Of Rs 1 Lakh

The world of rental is fraught with risk. It is a contract between two (usually) complete strangers where the asset under contract is of tremendous value. With the rise of property portals, and many owner/tenant agreements becoming completely digital, the relationship becomes even more risky.

Till recently, the only way ahead was blind trust. Any information on identity, address, criminal background, or even financial viability had to take on the word of the person alone. Any documents had to be accepted at face value.

As the number of property portals that offer online rental solutions have increased, the convenience of listing and finding rental properties has significantly improved. It has also led to an increase in rental volumes and speed of transactions.

In the recent past, thanks to increasing employment-related mobility, increase in return to work and rising migration to metros and urban centres, the demand for rental properties on these online platforms has shot up. However, this also means an increase in potential tenants with no local references or ID/address proofs. This could potentially enhance the risk of identity frauds and misrepresentations that these rental portals need to be wary about.

But those are not major problems anymore.

Rental portals can now verify that all the information provided by users – tenants or property owners is authentic.

What checks are covered?

There are various details that the can (and should) be verified.

Digital Identity Verification

Digital identity verification methods such as biometric verification, face recognition and digital ID document verification can help verify the identity of a person online. It compares the presented data with the verified data set to verify whether a person is who they say they are. This is the most basic verification that needs to be done. This adds traceability of the individual and therefore security to the transaction.

Legal Verification

One of the biggest worries that plague rentals is the potential criminal activity of the tenant. Verifying the criminal data of the tenant is vital to ensure security and peace of mind. A robust verification service uses multiple approaches in verifying criminal data of a person/firm/entity across various streams like using law firms, International Database Checks (online), Court records (online).

Credit Verification

A bad track record in finances or unhealthy financial behaviour is a red flag that can warn of potential issues in payment. Problems arising from non-payment can also spiral into larger problems including legal recourse and eviction. Credit verification can mitigate risks and help avoid tenants with a negative payment history.

Verify. And offer transparency and security to your users.

A simple verification checklist before listing can ensure that only genuine property owners can list their properties on the portal. On the other side, verification of the potential tenants makes your user base authentic, safe, and secure.

As with all verification, a little care taken early can avert disaster in the future.

Remember, verification need not be cumbersome or time-consuming. An advanced digital verification service can offer in-depth, authentic verification in real time. Look for a verification service that uses the power of artificial intelligence and information from government databases to offer instant verification results. And ensure that your rental portal has only genuine listings and users resulting in enhanced brand reputation.