Trustap Combats Online Accommodation Scams
New Cork-based startup, Trustap is helping people to combat online accommodation scams, in addition to many other types of fraud. Recently, Neil Prendeville highlighted how he is frequently contacted by people who have been scammed in Ireland.
“There isn’t a week that goes by that I don't get an e-mail from somebody who's been scammed. If it seems too good to be true then it probably isn't true, but unfortunately, because scammers throw their nets so wide, they're always catching people and you can never get your money back from them, until now”.
Ireland has a big problem with scams, particularly regarding rental accommodation. People are losing their deposits to these fraudsters, and sometimes worse! Due to the lack of available accommodation, people in desperation are willing to not only pay a deposit but additionally three months’ rent in advance.
How Can Trustap Protect Buyers?
Trustap’s CFO Mark Boylan joined Neil by phone to discuss how Trustap helps buyers stay protected when transacting.
“Trustap is a transaction platform which is designed to protect both buyers and sellers when they're buying or selling online with people they don't know. So essentially what we do is we hold the money in the middle until all transactional milestones are finished. Until both sides are happy… we hold the verified buyer’s money, and we keep it in the middle until they get the keys or until they sign the lease of the apartment, until all is legit. The money doesn't get past to the seller until the buyer is happy”.
Escrow services have been around for years and are not uncommon. However, Trustap works not only for high-value items but for everyday transactions. Not only can Trustap be used to buy cars and houses but to buy tickets, jewelry, collectibles, etc.
The majority of peer-to-peer transactions are done through bank transfers or Revolut. In cases of fraud, these payment methods offer zero protection. However, with Trustap you are 100% protected.
“So when you are on Done Deal transacting, whether you're buying something for a few hundred quid from somebody you don't know, again we can facilitate that transaction on Trustap by holding the money in the middle until your item has been delivered.. any sort of transaction where you're not too sure of the other party, we're very much positioned to help you with that”.
What are Trustap’s Fees?
Trustap offers zero selling fees. Therefore, Mark goes on to explain that if a seller is legitimate, there is no valid reason for them to not want to accept payment through the
platform. He has often found it to be a red flag if a seller is unwilling to transact via Trustap. In more cases than not these sellers usually turn out to be scammers themselves.
In exchange for full buyer protection, Trustap’s payment solution relies on the buyer to pay a small transaction fee. This fee depends on the amount being transacted, which can range from 3% for lower-value items to 1% and below for higher-value items.
Upon receiving their item, the buyer is offered a 24-hour inspection period where they can verify the product's legitimacy before the funds are released. The money does not get released to the seller unless the buyer has verified they have got what they have paid for.
Trustap - The Secure Transaction Platform!
Mark stresses that it is the landlords’ responsibility to reassure their tenants of the property's legitimacy. Renters shouldn’t have to be concerned about rental scams. Especially those who have moved to Ireland from overseas and who may be unaware of Ireland's housing crisis and shortages.
The Cork-based startup has continued to roll its service out into the market over the last six to nine months and has seen very positive responses. In addition to its development in Ireland, Trustap has had transactions from all around the world, across the United Kingdom, the United States, and they have even secured a major partner in Malaysia.
Trustap can be downloaded from the App Store and Google Play Store.
