Things to Take Note to Prevent E-auction Fraud when a Consumer Participating in an E-auction

Auction is a market mechanism that allows buyers making bids and sellers placing offers. On the other hands, auction is also a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the winning bidder. The word “auction” is derived from the Latin augere, which means “to increase” or “augment”. Auctions can be categorized into primary types of auction (English auction, Dutch auction, Sealed first-price auction and Vickrey auction) and second type of auction (All-pay auction, Buyout auction, Combinatorial auction, Non-reserve auction and Reserve auction). The most popular types of auction is e-auction.

Here, I would like to share some tips that are very useful to prevent e-auction fraud when participating in an e-auction.

1. You do not simply disclose your personal data. When you receive any email from anyone which required your personal data for example credit card number, account number or passwords, you do not just send the data required without verification of who is the one requires your personal data.
2. You are advised to ask the seller when delivery can be expected if not specified in the listing, and about warranty, exchange or return of merchandise you find unsatisfactory.
3. You must read the extra information and the listing about shopping and handing fees carefully to avoid the unexpected cost. If there is no specific information provided, you may want to clarify before you start bidding.
4. Before you starting to bid, you should make all things clear, such as you must know how the internet auction work, what your obligation are as a buyer, and seller’s obligations are.
5. You must aware of the rating of the particular sellers. If the rating for such seller is bad or negative, then you are not suppose to bid with the particular seller.

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