Prevention of E-Auction Fraud When a Consumer Participating in an E-Auction
An auction is a market place where the buyers make bids and sellers place offers. Electronic auctions (e-auctions) is refer to the auctions conducted online and have been in existence for several years on local area networks.
Besides that, e-auctions are becoming important as a buying and selling channels for many companies and individuals. It also allows buyers to access goods and services anywhere auctions are conducted.
Fraud is the most serious in e-auctions among all e-commerce activities conducted over the internet. It may be conducted by buyers and sellers. There are some examples of fraud, including bid shielding (a buyer’s action), shilling (a seller’s action), improper grading techniques, selling reproductions (a seller’s action) and so on.
The following are some protecting against e-auctions fraud:
First is authentication service. Product authentication is a way of determining whether item is described properly. Authentication is very difficult to perform because it relies on the expertise of the authenticators. Moreover, experts can often notice counterfeits based on subtle details because of their training and experiences. However, the authenticity of the same item for two expert authenticators could have different opinions.
Second is an appraisal service. Appraisers use a variety of methods to appraise items. It is included condition and expert assessment of authenticity and reviewing what comparable items have sold for in the market place. Besides that, an appraisal value is usually precise at the time of appraisal. But it may change over time as an item becomes less or more popular in the marketplace.
Next, the grading services. Grading is a way of determining the physical condition of an item. The actual grading system depends on the type of item being graded and different items have different grading systems.
Finally, verification is the one way of confirming the identity and evaluating the condition of an item. Neutral third parties will evaluate and identify an item through a variety of means with verification.
Besides that, e-auctions are becoming important as a buying and selling channels for many companies and individuals. It also allows buyers to access goods and services anywhere auctions are conducted.
Fraud is the most serious in e-auctions among all e-commerce activities conducted over the internet. It may be conducted by buyers and sellers. There are some examples of fraud, including bid shielding (a buyer’s action), shilling (a seller’s action), improper grading techniques, selling reproductions (a seller’s action) and so on.
The following are some protecting against e-auctions fraud:
First is authentication service. Product authentication is a way of determining whether item is described properly. Authentication is very difficult to perform because it relies on the expertise of the authenticators. Moreover, experts can often notice counterfeits based on subtle details because of their training and experiences. However, the authenticity of the same item for two expert authenticators could have different opinions.
Second is an appraisal service. Appraisers use a variety of methods to appraise items. It is included condition and expert assessment of authenticity and reviewing what comparable items have sold for in the market place. Besides that, an appraisal value is usually precise at the time of appraisal. But it may change over time as an item becomes less or more popular in the marketplace.
Next, the grading services. Grading is a way of determining the physical condition of an item. The actual grading system depends on the type of item being graded and different items have different grading systems.
Finally, verification is the one way of confirming the identity and evaluating the condition of an item. Neutral third parties will evaluate and identify an item through a variety of means with verification.