The first potential red flag involves the bank statement’s appearance. Here are three strategies to identify them. While not infallible, knowing what to look for can help property managers better spot fake bank statements and help avoid evictions, which can cost as much as $7,500 per case.
That’s become more common during the pandemic. That increase in undetected fraudulent applications can partly be attributed to the difficulty in detecting fraud when documents are submitted via online applications. One in 10 fraudulent applications used to go undetected.
It’s only worsened during the pandemic, according to Snappt’s “ 2020 Effects of the COVID-19 Pandemic on Residential Rentals Survey.” The percentage of fraudulently altered applications has increased from 15% before the pandemic to 29% in September 2020. Unfortunately, the problem of rental applicants providing fake bank stubs hasn’t gone away in the years since those settled cases. “This action demonstrates the FTC’s determination to stop those who help people to commit identity theft and fraud.” How to Identify Fake Bank Statements on Fraudulent Rental Applications “The sale of fake documents makes it easy for identity thefts and scammers to ply their trade,” said Andrew Smith, Director of the FTC’s Bureau of Consumer Protection, in the press release. One operator ran another website called, selling job verification services that would “confirm to anyone who asks” the customer’s hire date and hourly wage. Before agreeing to permanently shut down their businesses as part of a settlement with the FTC, the companies sold fake documents for between $20 and $150 each. People often use fake bank stubs to misrepresent their finances on residential rental applications. These companies weren’t subtle on their websites, using proclamations like “Quality Authentic Fake Forms! Proven to Work!” In 2018, the Federal Trade Commission filed three separate cases alleging that three people and their companies sold customers fake pay stubs, bank statements, and other financial documents.
Some companies even offer these services and provide falsified documents for a small fee. Instructions on creating a fake bank statement are readily available via web tutorials and step-by-step YouTube videos. Whether you’re a property manager screening prospective tenants or an employer verifying an applicant’s income, it can be tough to know for certain whether a bank statement is the real deal or a clever forgery. Let’s face it: in today’s world of advanced technology and savvy scammers, creating a fake bank statement is easier than ever.
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