Sift > Case Studies > How Rently stays one step ahead of ATO and scams

How Rently stays one step ahead of ATO and scams

Customer Company Size

Large Corporate

Region

America

Country

United States
Canada

Product

Rently’s self-showing technology
Rently lock boxes

Tech Stack

Sift Account Defense

Implementation Scale

Enterprise-wide Deployment

Impact Metrics

Cost Savings
Productivity Improvements

Technology Category

Application Infrastructure & Middleware - API Integration & Management

Applicable Functions

Business Operation

Use Cases

Fraud Detection

Services

System Integration

About The Customer

Rently is a company that believes that the process of finding and showing new homes should be easy for both renters and property managers. To achieve this, they have developed a self-showing technology that allows renters to view properties at their convenience – including after-hours and weekends – giving managers a competitive edge. Managers can feel safe showing properties without being present; prospective tenants receive a one-time use code to access the property, good for only one hour, and must check in upon arrival, notifying the manager. Rently lock boxes integrate with the self-showing technology to make showing and viewing homes easier than ever for prospective tenants and managers. More than 2500 accounts are created every day on Rently by users in the US and Canada. On average, about 60,000 accounts are created every month; Rently accounts are active for 30 days or 20 rental viewings.

The Challenge

Rently, a company that simplifies the process of finding and showing new homes for both renters and property managers, was facing a significant challenge with fraud. Fraudsters were using fake IDs and selfies found on the internet to bypass Rently’s identification verification process. The company 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.

The Solution

Rently implemented Sift Account Defense, a solution that automates decisions and proactively detects fraud. They trained the model for two months before going into full production mode, and immediately started to see strong results. Rently combines automation with rules; the Sift Console makes it easy for the Fraud team to add and remove rules as needed, and they’re auto-blocking users based on a Sift Score (a risk score based on behavioral attributes), significantly reducing false positives and the amount of manual review that needs to be done. It takes a maximum of two minutes for a team member to review a flagged user, thanks to the ease of use of the console and the clear picture of each user provided by Sift Insights Drilldown Reports. The Fraud team also utilizes signals like IP address, email domains and the age of email addresses, and more to determine whether a user is legitimate or a fraudster.

Operational Impact

With Sift, Rently is preventing fraud while growing revenue.
Automated decision-making is shaving six hours of manual review off of the Fraud team’s day.
Sift’s accuracy is keeping false positives at a minimum.
They’re also catching the fraudsters that were previously getting around Rently’s identification verification, keeping the platform safe and maintaining trust among renters and managers alike.

Quantitative Benefit