HomeLet has launched VISTA, a tenant referencing service designed to mitigate fraud risk.
The tenant referencing and lettings insurance company claimed its new product would redefine tenant referencing services in the UK.
Based on its own data, the company said fraud within the lettings industry has surged by more than a third in the past year.
With its new product the company estimated that 70% of tenant reference applications will be completed in real-time and 30% on the same day.
Andy Halstead, chief executive of HomeLet and Let Alliance, said: “Through VISTA, we are about to revolutionise tenant referencing services in the UK.
“Our advanced referencing process surpasses all existing solutions, providing the highest protection for our agents and landlords in the face of the housing market crisis and rising fraudulent references.
“The VISTA journey for tenant applicants is simple, and the outcomes for Letting Agents are instant, accurate, and give our customers a competitive edge.
“For the first time in the UK, tenant applicants will go through an affordability assessment that is based on much more than earnings alone”
The increase in fraudulent activity is not solely attributable to an increase in criminal behaviour, as market conditions have pushed more individuals towards deceptive practices to secure rental housing.
From counterfeit credit files to advanced document manipulation, tenancy fraud has become more strategic, complex, and targeted.
The launch of the new product followed over £3 million of investment and three years of research and development.
Scott Hardiman, managing director, decisioning, Experian UK&I, said: “We are delighted to be working with a forward-thinking leader such as HomeLet.
“The solution brings Experian’s advanced analytics, data and deployment software to the letting sector, to enable more faster, fairer and more accurate decisions for customers.
“Increasingly automation plays a critical role in helping businesses achieve their aims and we’re proud that our services can support them in doing so.”