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

E-auction is a part of strategic sourcing process. It is a procurement tool using web-based software that allow suppliers to bid online for a contract for the supply of goods and services. The objective is typically arrive at the lowest total cost as distinct from the lowest price. Auctions can rapidly disposal of items that needs liquidation or a quick sale, they offer trading opportunities for both buyers and sellers that are not available in conventional channels and they ensure cautious execution of contracts.

Things to take note to prevent e-auction fraud

Know well of e-auction procedure , Find what obligations you have as a buyer, and what obligations the seller has before you make a bid. Next, read the comments left by previous buyers on the seller, to find out if it's a reputable seller. This step may use to verify the seller identification.

User identity verification such in IC number, driver’s license number or date of birth. By offering their Social Security number, driver’s license number, and date of birth, users can qualify for the highest level of verification on .

Authentication service. Product authentication is a way of determining whether an item is genuine and described appropriately. It difficult to perform because it relies on the expertise of the authenticators, Because of their training and experience, experts can (for a fee) often detect counterfeits based on subtle details. However, two expert authenticators may have different opinions about the authenticity of the same item.

Item verification is a way of confirm he identity and evaluate the condition of an item. Third parties will evaluate and identify an item through a variety of means. For example, some collectors have their item “DNA tagged” for identification purpose. It provides a way of tracking an item if it charges ownership in future.

Escrow services. Both buyers and sellers in a deal are protected with an independent third party. Buyer mails the payment to escrow services which verifies the payment and alerts the seller when everything checks out.

Try to obtain a physical address rather than merely a post office box and a phone number. Call the seller to see if the number is correct and working.

Send an email to see if they have an active e-mail address and be wary of sellers who use free email services where a credit card wasn't required to open the account.

Make sure the transaction is secure when you electronically send your credit card numbers.

Ask for warranty policy if there have any warranty or the exchange policy if there is a problem on the item purchases. Next, Check whether the shipping and delivery fees are included in the price, so you won't be any surprises when you get the shipping and delivery bills.

As a conclusion, users in e-auction is advised to be more carefully when making a deal in e-auction . Hope the above information can help seller and buyer in e-auction become a smart internet users. Any latest information can post ur comment on our comment field . THX

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