Rules-based fraud prevention was reactive, not proactive
Every Rently user is required to provide credit card information, photos of their ID, and a photo of themselves when creating an account. But fraudsters were using fake IDs and selfies found on the internet to get around Rently’s identification verification process. Rently also started experiencing account takeover (ATO); fraudsters were taking over property manager accounts to change property pricing and availability, and provide access to the unit to unauthorized individuals.
Without automation, catching ATO in real time during manual reviews proved incredibly difficult. They had a rules-based system in place that was catching some fraud, but wasn’t able to keep up with fraudsters getting smarter and finding ways around those rules to get onto the platform. Rently needed a solution that could automate decisions and proactively detect fraud, rather than continue to react to fraud after an incident had occurred.