A new era in used car sales! The Secure Payment System is being implemented.

Complaints of fraud in the sale of second-hand vehicles made online or through applications loaded onto mobile phones are increasing. In addition to the methods known as 'phishing' and 'change', scammers have started to victimize people who want to sell their second-hand vehicles with a new method called 'IBAN fraud'.

MINISTRY STEPS IN

The Ministry of Trade announced that the Secure Payment System, which was implemented to prevent victimization in the sale of second-hand vehicles, will become mandatory on September 27th. The Ministry of Trade shared the following post on its official social media account:

"We are transitioning to a new system that will make second-hand vehicle transactions much safer and completely eliminate fraud cases. The Secure Payment System, implemented in collaboration with our Ministry of Trade and the Union of Turkish Notaries, will become mandatory as of September 27th."

HOW WILL THE PROCESS PROCEED?

According to this, with the system that will ensure that fraud cases become history, the seller will initiate the secure payment process first, then the buyer will deposit the money to the intermediary institution with the reference number before going to the notary. After the approval of the sale, the money held in the secure account will be transferred to the seller's account instantly. Thus, vehicle buying and selling transactions will be secured.