Auction is a market mechanism by which sellers place items for buyers to make bids online. E-auction is auction conducted online and it has been in existence for several years.
However, there may be some fraud conducted by sellers, buyers, or others. This fraud such as bid shielding, shilling, fake photo and misleading descriptions, improper grading techniques, bid siphoning, selling reproductions as originals, failure to pay, failure to pay the Auction House, high shipping costs and handling fees, failure to ship merchandise, loss and damage claims, fake escrow services, switch and return and other frauds.
To prevent e-auction fraud, there are some services provided in internet. For example, Escrow.com protects online buyers and sellers from fraud by providing Escrow service. For buyers, receive merchandise before the seller is paid; for sellers, protect from credit card and payment fraud. For buyers to be protected, Escrow.com tracks the shipped merchandise and verifies it was delivered. Besides, the seller isn’t paid until the buyer accepts the merchandise, or the inspection period expires. For sellers to be protected, Escrow.com confirms when the buyer receives merchandise. Further, the seller is authorized to ship only after Escrow.com verifies good funds.Escrow.com reduces the potential risk of fraud by acting as a trusted third party that collects, holds and disburses funds according to Buyer and Seller instructions. Escrow services are provided by a licensed and regulated escrow company.
Other protecting against e-auction fraud are user identity verification, authentication service, grading services, feedback forum, insurance policy, nonpayment punishment, appraisal services, physical inspection, item verification and other security services.
However, there may be some fraud conducted by sellers, buyers, or others. This fraud such as bid shielding, shilling, fake photo and misleading descriptions, improper grading techniques, bid siphoning, selling reproductions as originals, failure to pay, failure to pay the Auction House, high shipping costs and handling fees, failure to ship merchandise, loss and damage claims, fake escrow services, switch and return and other frauds.
To prevent e-auction fraud, there are some services provided in internet. For example, Escrow.com protects online buyers and sellers from fraud by providing Escrow service. For buyers, receive merchandise before the seller is paid; for sellers, protect from credit card and payment fraud. For buyers to be protected, Escrow.com tracks the shipped merchandise and verifies it was delivered. Besides, the seller isn’t paid until the buyer accepts the merchandise, or the inspection period expires. For sellers to be protected, Escrow.com confirms when the buyer receives merchandise. Further, the seller is authorized to ship only after Escrow.com verifies good funds.Escrow.com reduces the potential risk of fraud by acting as a trusted third party that collects, holds and disburses funds according to Buyer and Seller instructions. Escrow services are provided by a licensed and regulated escrow company.Other protecting against e-auction fraud are user identity verification, authentication service, grading services, feedback forum, insurance policy, nonpayment punishment, appraisal services, physical inspection, item verification and other security services.
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