An auction is a competitive process in which a seller solicits consecutive bids from buyers (forward auctions) or a buyer solicits bids from sellers (backward auctions). The prices are determined dynamically by the bids. Electronic auctions are auctions conducted online. For examples, www.ebay.com, www.dellauction.com and www.lelong.com.my
Because of the lack of meaningful consumer protection with respect to online auctions in the form of consumer education efforts and appropriate regulation and effective enforcement thereof, the rising numbers of online auction fraud victims are left with no meaningful avenues of relief.
Below are some tips on keeping your risk at a minimum when purchasing items from an online auction website.
Become familiar with the auction website. Look into the websites protection policies. Never assume you are protected from auction fraud and check the courier services provided to make sure the delivery are delivered on time without any problem.
Learn as much as you can about the seller before placing a bid. If you can’t find anything out about the seller, then avoid doing business with them. Never fall for promises of better deals by moving away from the original auction website.
If the seller wants you to use an escrow service you’ve never heard of, look into it. Check out the website. Escrow Services is a licensed and regulated company. They collect, holds, and send buyer’s money to the seller according to instructions agreed by the buyer and seller. Once the buyer receives the items and approved, the escrow service will sends the payment to the seller within the agreed time frame. If you can’t confirm the legitimacy, don’t use it.
Never ever give out your social security number, drivers’ license number, credit card number, or bank account information until you have thoroughly checked out the seller and the escrow service.
Always save 100% of the transaction information. You’ll be glad you did in the event your case makes it to court.
Always give attention to the feedback forum. Feedback forum allows buyers and sellers to build up the online trading reputations. Most of buyers will give comment on the business; therefore, you can understand the performance of the business.
Because of the lack of meaningful consumer protection with respect to online auctions in the form of consumer education efforts and appropriate regulation and effective enforcement thereof, the rising numbers of online auction fraud victims are left with no meaningful avenues of relief.
Below are some tips on keeping your risk at a minimum when purchasing items from an online auction website.
Become familiar with the auction website. Look into the websites protection policies. Never assume you are protected from auction fraud and check the courier services provided to make sure the delivery are delivered on time without any problem.
Learn as much as you can about the seller before placing a bid. If you can’t find anything out about the seller, then avoid doing business with them. Never fall for promises of better deals by moving away from the original auction website.
If the seller wants you to use an escrow service you’ve never heard of, look into it. Check out the website. Escrow Services is a licensed and regulated company. They collect, holds, and send buyer’s money to the seller according to instructions agreed by the buyer and seller. Once the buyer receives the items and approved, the escrow service will sends the payment to the seller within the agreed time frame. If you can’t confirm the legitimacy, don’t use it.
Never ever give out your social security number, drivers’ license number, credit card number, or bank account information until you have thoroughly checked out the seller and the escrow service.
Always save 100% of the transaction information. You’ll be glad you did in the event your case makes it to court.
Always give attention to the feedback forum. Feedback forum allows buyers and sellers to build up the online trading reputations. Most of buyers will give comment on the business; therefore, you can understand the performance of the business.
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