How does Gaifong protect my items?

At Gaifong, there is nothing more important to us than the safety of your items. In this article, we will cover the ways in which lending out your equipment on Gaifong is safe and secure.

  1. The Security Deposit System
  2. ID Checks
  3. Fraud-checking using Stripe Radar

1. The Security Deposit System

As mentioned in previous blog posts and inside the app itself, the Security Deposit system is the cornerstone of safety on Gaifong. 

When you list an item onto Gaifong, you must state a security deposit amount. This amount must be at least 50% of the item’s value.

When a borrower rents your item, the security deposit amount you stated will be frozen on his or her payment method. What this means is that they will not run away or damage your item without consequences—the deposit is already authorised on their payment method. 

For example, you’re renting out your Canon 5D—a popular model on our platform, you could put a deposit as $9,000 HKD (~$1,300 USD). This amount will be held on the borrower’s card, making sure they don’t run away. 

2. ID Checks

All borrowers of equipment above $5,000 HKD (~$700 USD) will be asked to go through an ID check. Currently, you will be asked to upload a copy of your HKID or passport, along with a photo of yourself holding this. This ensures that the borrower is who they say they are, and that they are not using a false identity. 

Report the following situation to us immediately:

  • If someone requests you to send money to them outside of Gaifong
  • If a person asks you for an exemption of the security deposit

This is a red flag for suspicious behaviour, and we will be able to investigate and blacklist such users immediately. 

Learn more about security deposits in the FAQ section inside the app.

3. Fraud-checking using Stripe Radar

Gaifong uses Stripe as our payments gateway partner.

Lastly, Gaifong’s bookings System is supported by Stripe, a PCI Level-1 (highest) payment gateway trusted by many major online businesses, including Lyft, Shopify, and Deliveroo. All information is sent through secure connection, and never reaches Gaifong’s servers.

When a borrower submits their payment information, Stripe automatically checks this against all past transactions to identify suspicious or stolen cards. Borrowers also need to enter details such as address, CCV, and full name, to make sure that they are not using a stolen identity or payment method. 

As an Owner, therefore always insist that the Borrower books through the system, so that they can go through the security check.

Bottom line: the Gaifong booking system protects your items and keeps out thieves and evildoers. We will update our security measures periodically to be even more airtight. For suggestions and questions, please reach out to us through the Help Centre in the app.

(last updated: Aug 30, 2018)

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