Auction is a market mechanism whereby buyers make bids and sellers place their offers on goods. In auctions, a competitive atmosphere established where the process continue until a final price was reached. E-auctions refer to the auction activities through internet. It has an advantage that is lower cost of providing infrastructure for the auctions. It is a rapidly growing commerce activity which involves all level of people and is far more convenient than traditional auction. Since e-auction fraud is growing epidemic worldwide, effective steps have to be taken out to overcome them.
Below are some tips to keep e-auction fraud to minimum level when purchasing items from e-auction.
To be familiar with the auction website. Read through and understand all the websites protection policies. Never assume you are protected from auction fraud.
Escrow services. Whenever there is any expensive bidding, you should use escrow services. The services are commonly offered by the auction website and it will hold your money until you are certain that the item you purchased is genuine.
User identity verification. Before transaction user information such as IC number, driver license number or date of birth, verified eBay user and so on. With this done, the level of verification will be higher.
Always check on Feedback forum for a particular seller information– e Bay had established its own feedback forum that allows registered buyers or sellers to build up their online trading reputations thus provides users with the ability to give comments on their experiences of using the service.
Always keep 100% of the transaction information. This is necessary to be work as a prove or evidence of transaction between two parties.
Contact empowerment parties. If after the sale you feel the item or payment should have been delivered already, try to work it out with the seller or buyer. If at that point you feel that fraud is involved, immediately contact consumer protection parties.
Do not simply disclose your personal data. If you receive e-mail messages from someone you do not know asking you for personal data for examples, credit card number, account number, or password, do not disclose them without further investigation.
Warranty policy. Ask for the warranty policy if there is any warranty or the exchange policy, if there is a problem on the item purchased.
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