TaKE nOTE!! e-aucTion FRAUD!!!
Online auction sites are amongst the top destinations for e-business and e-commerce trading. There are more than 250 online auctions so far. The most well-established being: eBay, Yahoo, and Amazon auctions.
With respect to forms of online auction fraud, there are several activities which constitute fraudulent behaviour including:
- Non-delivery
- Misrepresentation
- Non-payment
- Triangulation
- Black-market goods
- Multiple bidding
- Shill bidding
- Shield bidding
Things to take note to prevent e-auction fraud when a consumer participating in an e-auction:
- Be aware of phishings
- DO NOT entertain emails received from outside of the auction website mentioning that the highest bidder has withdrawn and you are now entitled for a product.
- NEVER make a deal with a seller outside the auction. Although they sound lucrative, you are at a very high risk of being cheated.
- READ the auction website’s terms and conditions, buyer protection policy, refund policy before making a transaction.
- Use appropriate warranty and documentation with it. If not, make sure that you intend to purchase it without that protection.
- BE WARY of products that offer revolutionary results. In most cases, they are fraudulent claims.
- DO NOT respond to emails that ask for your personal information, such as your log in details or credit card details.
- READ the online auction website for feedback on the seller and a rating that they give to sellers and buyers. Most online auctions rate the sellers and buyers based on their transactions’ feedback.
- READ the product features and the model number that you intend to purchase. Verify these with what is being advertised by the seller.
- Avoid making a transaction if anything in the auction seems suspicious to you.
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