E-Auction is defined as a bidding market mechanism where buyers compete to grad the desired products at low price.Ebay.com is one of the popular auction websites where users can get the products for low price. However, fraud aspect should be taken into consideration before bidding the products.
One of the examples of e-auction fraud is bid shielding. Bid shielding is one of the ways to mislead the real bidders. Fake participant starts bidding with very high price and they quit the bidding at last minute. The real bidder who bid for low price will eventually pay for it. The purpose is to mislead the real buyer’s concentration to their products.
There are a few ways of preventing e-auction fraud. First of all, users are highly encouraged to get a better understanding on the running of e-auction such as knowing the obligations of buyer and seller. In addition, Users are advised to utilize identification verification for safety purposes. In other words, disclosure of personal data to outsiders is totally discouraged.
Users can ask for warranty or insurance policy for assurance if there is any problem on item purchases. Moreover, users can review the feedback rating of the seller. Logically thinking; buyers will not bid on the items if the particular sellers have notorious feedback. In order to avoid any redundant cost, users are advised to read the information about the shipping and handling fees carefully. Clarification must be made before bidding is started.
One of the examples of e-auction fraud is bid shielding. Bid shielding is one of the ways to mislead the real bidders. Fake participant starts bidding with very high price and they quit the bidding at last minute. The real bidder who bid for low price will eventually pay for it. The purpose is to mislead the real buyer’s concentration to their products.
There are a few ways of preventing e-auction fraud. First of all, users are highly encouraged to get a better understanding on the running of e-auction such as knowing the obligations of buyer and seller. In addition, Users are advised to utilize identification verification for safety purposes. In other words, disclosure of personal data to outsiders is totally discouraged.
Users can ask for warranty or insurance policy for assurance if there is any problem on item purchases. Moreover, users can review the feedback rating of the seller. Logically thinking; buyers will not bid on the items if the particular sellers have notorious feedback. In order to avoid any redundant cost, users are advised to read the information about the shipping and handling fees carefully. Clarification must be made before bidding is started.
Related Articles: How to prevent e-auction fraud and how to avoid online auction fraud
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