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No, this is not a scam.
DoxAI is an online Asset Verification tool that allows lenders/brokers such as Jacaranda Finance to keep buyers and sellers safe from fraud or scams during a second-hand car sale. It works by using a combination of photo evidence and important documents to authenticate the sale, and even validates sellers bank details so that funds can be transferred immediately upon approval.
Lenders and brokers, such as Jacaranda Finance, have an obligation to verify and track assets that they are financing. DoxAI makes this process easy by streamlining the process for sellers to verify the authenticity of their assets. DoxAI checks include confirming a seller’s identity, conducting important checks such as a PPSR and using AI-powered fraud detection tools. This process helps to keep you safe from scams.
There are 5 steps in the DoxAI Asset Verification process.
Steps 1-2Steps 1 and 2 are photo identification and vehicle photos. This allows for the identity of the seller to be confirmed and for the details of the vehicle to be recorded.
Step 3The next step is registration papers. Sellers can upload their registration papers by taking a photo or uploading documents to the form.
Step 4The fourth step is the funds destination. In this step, a seller is required to submit their bank statement header by sharing a photo or uploading a pdf. Based on a lender’s acceptance, this is the stage where a seller will be presented with a “payout letter” document.
Step 5The final step in the process is the roadworthy certificate. Not all lenders require this, and in most cases, it will be an optional document.
Once a seller has completed each of these steps, a report is generated and shared with the lender.
DoxAI helps to keep consumers, lenders and brokers safe during the second-hand car buying process. According to their website, businesses who use DoxAI’s services experience a 97% reduction in fraud risk and are able to reduce their verification time from 3-5 business days to just minutes. This makes it easier for lenders and brokers to fulfill their responsible lending obligations, while also decreasing the time it takes to complete the sale of the car.
DoxAI Asset Verification has several benefits for buyers. To start, the process only requires buyers' participation to sign a Private Sale Invoice. The complete Asset Verification process is managed through the broker/lender and seller, and exists to securely authenticate both the vehicle and the seller. This helps to protect against fraud and prevents customers from becoming victims of scams.
The process for verification is thorough, and involves taking photos, uploading important documents and providing evidence of the funds destination. Once this application is complete, the lender/broker can release funds directly to the seller. The outcome of this is that buyers can rest assured that the vehicle they’re buying is what they expect, and they are not being tricked or scammed. It means a quicker and more secure sales process – reducing the time it takes to get you behind the wheel of your new vehicle, while keeping you safe.
If you’re a seller who has recently received a request to complete the DoxAI Asset Verification process, you may be wondering what the benefit of completing this is to you. DoxAI is an online platform that allows lenders/brokers to securely authenticate a second-hand vehicle sale. This helps to protect sellers from fraud and scams while ensuring a buyer is legitimately committed, and means that funds can be paid out instantly once the verification process is completed and approved. That means less risk, a quicker sale and faster payouts for sellers. Compared to the traditional ways of selling a second-hand car, the DoxAI Asset Verification process keeps sellers safer.
DoxAI is committed to keeping customer data safe. One way they do this is by maintaining SOC2 Type 2 certification. This is a high-level security accreditation for businesses handling sensitive data and demonstrates the company’s commitment to protecting customers' information. In order to hold this certification, the business must undergo regular external audits. These audits are typically done over a period of 3-12 months and assess the design and operating effectiveness of the company’s security controls over time. DoxAI is also PCI DSS compliant. PCI DSS compliance is a set of security standards that applies to businesses handling credit card information. It requires adherence to 12 specific requirements and defines processes such as maintaining a secure network and protecting cardholder data.
If you are selling a vehicle second-hand, you may receive a link to complete Asset Verification through DoxAI. Don’t be alarmed – the process is completely safe and exists to protect both the buyer and seller from potential scams and fraud. As the seller, there are 4 steps in the Asset Verification process that you will be required to complete. These include photo verification to confirm your identity and the vehicle, providing evidence of registration papers and verifying where you want the funds from the sale to be sent. Once you’ve completed all of the required steps, the buyer's lender/broker can review and approve the sale. You’ll then be paid out instantly. This process protects you from fraud or scams while offering assurance that a buyer is fully committed to the deal. That means no more sketchy interactions, uncertainty or “is this still available?” messages.
If you’re still feeling unsure, our Car Loan team is here to help. Give us a call directly at 0721 117 700.
Still have questions? Our team is just a call or email away. Reach out and we’ll do our best to help you get the answers — or the loan — you’re looking for.
