An auction is a market mechanism by which buyers make bids and sellers place offers whereas eAuction is an electronic "reverse" auction where suppliers use internet-based software to bid against each other online and in real time against a published specification.
E-auction Fraud
Bid Shielding
The practice of placing a low bid in an auction online and having a second person enter a bid that is high enough to get other bidders to drop out or not even bid. Then at the last second, the high bid is retracted and the low bid wins.
Bid Siphoning
There is occurs when seller offering to sell the same item at a lower price. They intend to trick consumers into sending money without delivering the item. Therefore, buyers lose any protections the original site may provide such as insurance , feedback forum or guarantees.
There are some tips to prevent e-auction fraud
User identify verification is a payment account information to verify the identify of a user the payment account may be a credit account before providing the user access to computer software. For example, ic number or derivers’ license. Thus, users can quality for the highest level of verification on the sites.
Authentication service means a public or private service that authenticates the identity of an online applicant for a TreasuryDirect account using information provided by the applicant.
Grading service is the third party company that grades a coin according to recognized industry standard and encapsulates the coin.
Feedback forum is a form that a reader on your site fills out and then email to you. So that buyers and sellers can build up their online trading reputations.
Escrow Service is a intermediary people to selling a product on the internet and someone buy it. There is safety between buyers and sellers. For example , provider of online escrow services.
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