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

There are few Internet auctioneer which is famous in Msia such as eBay,Lelong which has introduced several measures in an effort to reduce fraud. Following are action to prevent e-auction fraud, you have to learn to PROTECT YOURSELF :

1. User identity verification there should be no reason to give out your IC number or driving license number to the seller.

2. 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. An example of a provider of online escrow services is I-Escrow.

3. Non-payment punishment. To protect sellers, there will be a friendly warning for first-time non-payment. A sterner warning is for second-time offense, with a 30 day suspension for a third offense and an indefinite suspension for a fourth offense.

4. Feedback forum. It allows buyers and sellers to build up their online trading reputations. It provides user with ability to comment on their experiences with other.

5. Insurance policy. eBay offers insurance underwritten, users are covered up to $200, will with a $25 deductible. The program is provided at no cost to eBay user.

6. Item verification which is a way of confirm 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.