New online sales platform to tackle fraud in private-party vehicle sales
Private-party transactions can be a sticking point for consumers, as fraud is often a concern. A new Canadian transactional platform — EEZE — aims to address this concern.
The new platform, serving the Ontario and Quebec markets, offers services to verify individuals, vehicles and facilitate secure money transfers, a press release said.
Fraud is on the upswing in online marketplaces, EEZE said, and most buyers face uncertainty when dealing with unfamiliar sellers in private sales. This rings particularly true in the used-car market, when a vehicle’s history must be confirmed.
EEZE aims to step in and address the fraud “gap,” providing a more reliable environment for buyers and sellers to conduct transactions.
“At EEZE, we’re on a mission to de-risk private-party transactions by introducing trust, warranty, and financing options,” EEZE co-founder Tave Della Porta said in the press release. “Our platform is designed to complement online marketplaces by addressing the challenges faced by both buyers and sellers in navigating the complexities of peer-to-peer auto sales.”
Here’s how it works. The EEZE platform verifies individuals by confirming their identity through screening processes designed to protect both parties from fraudulent activity.
The platform also validates vehicle ownership, condition, and checks for liens.
The idea for the new tool came from a personal experience of one of the co-founders, who encountered multiple fraudulent buyers while attempting to sell a second-hand car privately. Safety features include the ability for buyers and sellers to upload driver’s license scans and undergo biometric verification through smartphones. Buyers can upgrade to more premium services that offer extended protection on their purchases.
“Listing a car is easy,” said Della Porta. “What’s hard is avoiding clever scammers who will almost immediately try any number of creative tactics. Canadians buy and sell privately more than 1 million used cars annually, making it a prime target for scammers. With EEZE, we aim to provide a solution that eliminates the risks associated with private-party transactions.”