Things to take note to prevent e-auction fraud when a consumer participating in an e-auction

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The internet provides an infrastructure for executing auction at lower administrative cost and with many more participating sellers and buyers. Electronic-auction or E-auction, which are auction conducted online, has been in existence for many years. Individual consumers and corporations alike can participate in this rapidly growing and very convenient form of e-commerce.

Prevent E-Auction Fraud

Escrow services

It is an easy-to-access link to a third-party escrow service; both partners in a deal are protected. The buyer mails the payment to the escrow service, which verifies the payment and alerts the seller when everything checks out. At that point, the seller ships the goods to the buyer. After an agreed-upon inspection period, the buyer notifies the service, which then sends a check to the seller.

Authentication service

Product authentication can detect whether the item is genuine. It is difficult to perform because it relies on the expertise of the authenticators. It needs experience in order to detect counterfeits based on subtle details. But, two authenticators may have different opinions about the authenticity of the same item.

Verification
The third parties will evaluate and identify an item through a variety of means such as some collectors have their item “DNA tagged” for identification purposes. This provides a way of tracking an item if it changes ownership in the future.

As a conclusion, consumers enjoy the convenient of e-auction, but they also need to aware that they are save from the online auction activities through gaining more knowledge before participating in the e- auction.