Things to take note to prevent e-auction fraud when a consumer participating in an e-auction.
Become familiar with the auction website.
Look into the websites protection policies. Never assume you are protected from auction fraud.
Before placing a bid, learn as much as you can about the seller.
If you can’t find anything out about the seller, than avoid doing business with them. Never fall for promises of better deals by moving away from the original auction website.
User identity verification
Such in IC number, driver’s license number or date of birth. For example, verified eBay user, the voluntary program, encourages users to supply eBay with information for online verification.
Authentication service
It is to determine whether an item is genuine and described appropriately. It difficult to perform because their training and experience, experts can detect counterfeits based on subtle detail.
Grading services
It is a way to determine the physical condition of an item, such as ‘poor quality’ or "mint condition". Different item have different grading systems. For example, trading cards are graded from A1 to F1, while coins are graded from poor to perfect uncirculated.
Feedback forum
It allows buyers and sellers to build up their online trading reputations. It provides user with ability to comment on their experiences with other.
Insurance policy
For example, eBay offers insurance underwritten, users are covered up to $200, will with a $25 deductible. The program is provided at no cost to eBay user.
Escrow services
Both buyers and sellers in a deal are protected with an independent third party. Buyer mails the payment to escrow services which verifies the payment and alerts the seller when everything checks out.
Non-payment punishment
It is to protect sellers, a friendly warning for first-time nonpayment. A sterner warning is for second-time offense, with a 30 day suspension for a third offense and an indefinite suspension for a fourth offense.
Appraisal services
It use a variety of methods to appraise items. It includes expert assessment of authenticity and condition, and reviewing what comparable items have sold for in the marketplace in recent months.
Item verification
It is a way of confirm he identity and evaluate the condition of an item. Third parties will evaluate and identify an item through a variety of means. For example, some collectors have their item “DNA tagged” for identification purpose. It provides a way of tracking an item if it charges ownership in future.
Physical inspection
It can eliminate many problems especially for collectors’ item.
Related links:
1. http://www.crimcheck.com/background-check-news/whats-internet-auction-fraud-and-how-do-i-prevent-it.
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