Canadian Proptechs Adopt VeriFast Platform to Reduce Fraud in Real Estate

According to data from Forrester, an astounding 97% of property managers have experienced fraud.

Fraud is more than just an inconvenience: More than three million evictions in 2022 cost U.S. real estate owners over $3 billion through lost rent, damage repairs, and enforcement costs.

By implementing stronger fraud prevention measures, proptech providers can help property management companies avoid significant losses, according to Tim Ray, chief executive of VeriFast.

“Reducing fraud in the real estate ecosystem benefits us all,” Ray says.

Ray’s Verification-as-a-Service platform powered by artificial intelligence has drawn the interest of multiple real estate technology startups in Canada, including RealSage and Leasey.AI.

Toronto’s VeriFast, which automates financial analysis and decision making for tenant screening and mortgage underwriting, this week announced that startups RealSage, Leasey, Cove, and Rentatee have adopted the company’s platform as their all-in-one verification solution.

“With these new partnerships and integrations, more consumers than ever have access to a fast, fair, fully digital verification option,” stated Ray.

For example, the partnership with VeriFast “strategically equips Leasey.AI with direct access to verifiable information, improving our clients’ tenant screening experience,” according to founder Carlos Leal.

“In an era where efficiently screening prospective tenants while mitigating fraud risks remains a challenge for our clients, VeriFast emerges as a reliable and trusted solution, adding substantial value,” the entrepreneur explains. “This integration empowers our clients to seamlessly conduct screenings within the Leasey.AI platform, augmenting our existing data sets and enabling a more robust tenant assessment process.”

By adopting VeriFast, these Canadian fintech platforms are delivering secure means for tenants and borrowers to verify their digital identity and financial ability to pay, according to Ray.

Adyan Tanver, chief executive of Cove, believes VeriFast is “instrumental” to their innovation.

“Their plug-and-play APIs simplify the complex, making it easier for FinTechs like us to get started and scale,” the CEO says. “This collaboration offers immense value, enabling us to leverage the right tools to serve our customers effectively.”

VeriFast was founded in 2019.