When you need a loan to buy a second car, the lender requires verification that the vehicle being purchased is as described. This is usually done by sending an inspector out to visit and review the vehicle details, at a significant cost to the financial institutions.
An easier solution is to allow either the buyer or the seller to record the required information and send it to the lender. However, this process is open to exploitation as people can fake vehicle information to secure a a fraudulent loan, commonly sending photos of a vehicle that is not located where the seller says it is – known as ‘GPS spoofing’.
By using Quixxi Security and Quixxi Control modules, Verimoto (currently in Beta trial) is a service that allows buyers and sellers of second hand vehicles to securely and truthfully provide information to financial lenders by preventing the use of inaccurate information, particularly related to location. By allowing this kind of self-service Verimoto can save lenders significant time and money.