If you’re waiting to catch fraud at the point of transaction, that’s too late. Socure enables us to prevent fraud at the point of listing creation, and that means we can address fraud before bad actors are able to prey on renters, causing frustration, hardship, or even financial ruin.”
– Jonas Bordo, Co-founder and CEO, Dwellsy
Dwellsy, the largest U.S. digital service for connecting renters with rental units, was founded in 2019 with a radical goal: create the first digital rental marketplace that is completely free of fraud. Addressing this challenge required a completely new approach to dealing with the complex and evolving fraud schemes that plague the tens of millions of renters and property owners in the U.S. With the stakes high to get fraud prevention right at onboarding, the company put its trust in Socure’s best-in-class identity verification platform.
Establishing Trust and Transparency in a $500B+ Market
The U.S. online rental market is rife with fraud, spam, and duplication. That’s why Jonas and Rosalind Bordo founded Dwellsy. “The old adage of ‘buyer beware’ is unfair to digital consumers,” said Jonas Bordo, who is also the company’s CEO. “Our business model is based on the premise of a fraud-free platform. Many people are not equipped to evaluate all the risks in today’s e-commerce marketplaces, nor should they be. Both landlords and renters deserve to be confident that property listings are legitimate.”
Achieving their goals required overcoming the typical challenges faced by others in this market. That included receiving high numbers of false positives for “thin information footprint” rental applicants; limited data on which to identify fake listings and verify landlord identity; account onboarding friction due to the prevalence of fraudulent listings; and costly and time-consuming manual reviews to validate users.
Beyond simply solving these issues, the drive to establish trust is what sets Dwellsy apart from its competitors and has enabled it to begin the reinvention of the highly competitive rental market space.
Growing While Reducing Fraud and Friction
Dwellsy used Socure’s Sigma Identity Fraud and Sigma Synthetic Fraud, the market’s leading third-party and synthetic identity fraud solutions, to verify more ‘good’ identities in real time and supercharge quality customer acquisition, while predicting fraud across the account lifecycle, starting at onboarding. Additional products like Sigma Device, Email RiskScore, and Phone RiskScore enabled Dwellsy to further streamline risk operations and deliver on its fraud-free promise — core to its journey to market leadership.
“Socure has accelerated our growth goals by capturing 464% more fraud while reducing false positives and increasing auto-approvals of ‘good’ rental applicants by 90% — all without friction,” said Dwellsy Co-founder and CPO, Rosalind Bordo.
Since implementing Socure, Dwellsy has established a platform of trust for millions of renters and property owners, enabling it to grow as a major player in a half a trillion dollar market.
“Socure’s ID+ platform provides us with the ability to deploy a suite of solutions through a single API, including step-up with predictive document verification,” continued Rosalind. “This has represented a huge operational and strategic win by allowing our team to avoid the expense and burden of purchasing and orchestrating multiple, disparate point solutions.”
For a comprehensive dive into the partnership, read the Dwellsy case study.
Susan Stone is the Director of Customer Advocacy at Socure, and she lives and breathes customer obsession. Prior to Socure, she spent over six years at BlackBerry working closely across the company to showcase, promote, and engage with top enterprise clients.
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