Snappt Partners with CLEAR to Enhance Rental Trust and Combat Fraud
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 6 days ago
0mins
Should l Buy YOU?
Source: PRnewswire
- Integration of Identity Verification: Snappt's partnership with CLEAR has integrated CLEAR1, helping to identify over 5,400 fraudulent applications and prevent more than $10 million in potential bad debt, significantly enhancing the security and efficiency of the rental application process.
- Response to Rental Market Fraud: With over 93% of multifamily owners and managers reporting rental fraud, the collaboration between Snappt and CLEAR provides the industry with a stronger identity verification infrastructure to combat increasingly sophisticated fraud tactics, ensuring a smoother experience for legitimate applicants.
- Rapid Verification Process: The new system allows applicants who have previously verified with CLEAR to confirm their identity quickly via a selfie, while new users typically complete identity verification in under 90 seconds, aiming to reduce friction for applicants while boosting operators' confidence in approvals.
- Market Expansion Plans: Snappt and CLEAR plan to continue expanding this integration across multiple markets, focusing on strengthening identity verification earlier in the screening process to address evolving fraud tactics, thereby ensuring security and transparency in the rental industry.
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Analyst Views on YOU
Wall Street analysts forecast YOU stock price to fall
8 Analyst Rating
6 Buy
1 Hold
1 Sell
Moderate Buy
Current: 52.050
Low
25.00
Averages
38.71
High
45.00
Current: 52.050
Low
25.00
Averages
38.71
High
45.00
About YOU
Clear Secure, Inc. is a secure identity company. Its secure identity platform is a multi-layered infrastructure consisting of both its front-end, including enrollment, verification and linking and its robust, secure, and scalable backend. It confirms identity on an opt-in basis using document authentication, biometric capture technology, liveness detection for anti-spoofing technologies, biometric matching, and other proprietary technologies to link an individual’s identity with their biometrics. It offers CLEAR Plus, TSA PreCheck Enrollment Provided by CLEAR, CLEAR app, CLEAR Mobile, CLEAR Plus Members, and CLEAR1. CLEAR Plus is its consumer aviation subscription service, which enables access to predictable and fast experiences through dedicated entry lanes in airport security checkpoints across the nation as well as access to its broader network. CLEAR app offers consumer products, including Home to Gate, a feature to help travelers plan their trip to the airport.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Integration of Identity Verification: Snappt's partnership with CLEAR has integrated CLEAR1, helping to identify over 5,400 fraudulent applications and prevent more than $10 million in potential bad debt, significantly enhancing the security and efficiency of the rental application process.
- Response to Rental Market Fraud: With over 93% of multifamily owners and managers reporting rental fraud, the collaboration between Snappt and CLEAR provides the industry with a stronger identity verification infrastructure to combat increasingly sophisticated fraud tactics, ensuring a smoother experience for legitimate applicants.
- Rapid Verification Process: The new system allows applicants who have previously verified with CLEAR to confirm their identity quickly via a selfie, while new users typically complete identity verification in under 90 seconds, aiming to reduce friction for applicants while boosting operators' confidence in approvals.
- Market Expansion Plans: Snappt and CLEAR plan to continue expanding this integration across multiple markets, focusing on strengthening identity verification earlier in the screening process to address evolving fraud tactics, thereby ensuring security and transparency in the rental industry.
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- Streamlined Verification Process: With CLEAR1, leasing applicants can quickly verify their identity, as existing users can confirm their identity instantly with a selfie, while new users typically complete setup in under 90 seconds, thus accelerating the leasing process and improving user experience.
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- Future Expansion Plans: Snappt and CLEAR plan to continue expanding this integration across markets, focusing on strengthening identity verification earlier in the screening process to address increasingly sophisticated fraud strategies, ensuring the security and efficiency of the leasing process.
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- Analyst Support: Bernstein reiterated an 'Outperform' rating for ServiceNow, emphasizing its foundational role as an AI agent platform with an impenetrable moat in business process automation, which further bolstered investor confidence in buying opportunities.
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See More
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- Integration of Identity Verification: Snappt's partnership with CLEAR has integrated CLEAR1, helping to identify over 5,400 fraudulent applications and prevent more than $10 million in potential bad debt, significantly enhancing the security and efficiency of the rental application process.
- Response to Rental Market Fraud: With over 93% of multifamily owners and managers reporting rental fraud, the collaboration between Snappt and CLEAR provides the industry with a stronger identity verification infrastructure to combat increasingly sophisticated fraud tactics, ensuring a smoother experience for legitimate applicants.
- Rapid Verification Process: The new system allows applicants who have previously verified with CLEAR to confirm their identity quickly via a selfie, while new users typically complete identity verification in under 90 seconds, aiming to reduce friction for applicants while boosting operators' confidence in approvals.
- Market Expansion Plans: Snappt and CLEAR plan to continue expanding this integration across multiple markets, focusing on strengthening identity verification earlier in the screening process to address evolving fraud tactics, thereby ensuring security and transparency in the rental industry.
See More
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- Significant Partnership Impact: In the first six months of collaboration, Snappt and CLEAR identified over 5,400 fraudulent applications, preventing more than $10 million in potential bad debt, thereby significantly enhancing the risk management capabilities of leasing teams.
- Streamlined Verification Process: With CLEAR1, leasing applicants can quickly verify their identity, as existing users can confirm their identity instantly with a selfie, while new users typically complete setup in under 90 seconds, thus accelerating the leasing process and improving user experience.
- Industry Response Strategy: As rental fraud rises in the multifamily sector, with 93% of owners and managers reporting fraud experiences, the integration of Snappt and CLEAR provides a stronger identity infrastructure to combat evolving fraud tactics effectively.
- Future Expansion Plans: Snappt and CLEAR plan to continue expanding this integration across markets, focusing on strengthening identity verification earlier in the screening process to address increasingly sophisticated fraud strategies, ensuring the security and efficiency of the leasing process.
See More
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- Security Milestone: CLEAR's secure identity platform, CLEAR1, has achieved a FedRAMP Moderate 'In Process' designation, underscoring the company's commitment to meeting rigorous cloud security standards required for federal agencies handling sensitive data.
- Healthcare Collaboration: CLEAR1 plays a crucial role in modernizing digital identity for the Centers for Medicare & Medicaid Services (CMS), supporting secure identity verification for Medicare.gov, which strengthens its market position in the healthcare sector.
- User Base Expansion: With over 39 million verified users who can confirm their identity instantly with a selfie, CLEAR1 provides a reusable, privacy-forward identity infrastructure that enhances user experience and boosts competitive advantage in the market.
- Policy-Driven Platform: CLEAR1 aligns with NIST Digital Identity Guidelines and is Full Service certified by the Kantara Initiative, reinforcing its role as a trusted identity layer across the healthcare and public sector ecosystem, thereby enhancing the company's competitive edge in government procurement.
See More
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- Security Milestone: CLEAR's secure identity platform, CLEAR1, has achieved a FedRAMP Moderate 'In Process' designation, marking significant progress in meeting federal security standards, which is expected to enhance its competitiveness in government contracts.
- Support for Healthcare Services: CLEAR1 plays a crucial role in modernizing digital identity for the Centers for Medicare & Medicaid Services (CMS), providing secure and seamless identity verification through its contract with CMS, thereby solidifying its position in the healthcare sector.
- User Base Expansion: With over 39 million verified users capable of confirming their identity instantly via a selfie, CLEAR1 not only enhances user experience but also provides a robust identity infrastructure for federal programs.
- Policy-Driven Platform: CLEAR1 aligns with NIST Digital Identity Guidelines and is Full Service certified by the Kantara Initiative, ensuring its role as a trusted identity layer in healthcare and the public sector, further advancing the company's leadership in complex regulatory environments.
See More
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- Security Delay Crisis: The partial government shutdown and funding shortfalls at the TSA have led to unprecedented airport security delays, with wait times exceeding four hours, significantly degrading the travel experience for millions of Americans during the busy spring break period.
- Clear's Market Advantage: Amid TSA staffing shortages, Clear Secure's stock surged 11% this week and has risen approximately 60% over the past month, highlighting its competitive edge in providing expedited airport screening services during this crisis.
- User Growth Metrics: Clear's total user base has reached about 38 million, reflecting a 31% year-over-year increase, with over 7 million CLEAR+ members, indicating a growing penetration in the airline travel market and potential for future revenue growth.
- Future Outlook: Although the U.S. Senate has agreed to fund the Department of Homeland Security to bring TSA workers back, a lag in returning to normal operations is expected, suggesting that demand for Clear's services will remain strong, particularly during peak travel seasons.
See More
