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

Have you participated in electronic auction market?

The e-auction process is actually same with the traditonal auction, but it takes place through online. The virtual marketplace for trading between seller and buyer is provided by company, such as Ebay and Lelong.

Fraud exists everywhere, e-auction market is not the exception. However, i don't mean to discourage you from participating in e-auction, but i think we should try our maximum effort to prevent getting loss from e-auction fraud.

Here are some guidelines for you to prevent being cheated:

1) Use a secure payment system, if there is. For example, Lelong.com provides "Safetrade Services", it acts as an intermediary. This process begins when the buyer pays to the lelong.com, once received, they will inform seller to ship the goods to the buyer, the process end with ending money to the seller.

2) Trade with the verified seller only. Verified seller refer to those sellers had submitted complete details to the market place provider. It includes photocopy of MyCard, home phone number(will be called to verified). Thus the reliability of member is enhanced
Example: Process to become verified member

3) Know more about the sellers. You can try to track their trading history and check any feedback or rating about them from other members or previous buyers.

4) Don't simply bank in your money to anyone's bank. You have to be alert when the account's name is diffrerent from the seller name, or the race is different.

5) Dont Trade with the seller whose phone is not working. Those people are highly suspicious and so far most fraud cases fit into this category. They will stay anonymous until they receives your money and then disappear.

6) Don't trade with seller who is not responsive.

7) Get the seller's address. In case the goods is found faulty/spoil.

8) Be alert when the price is abnormally lower than market price. This is one of their tactics to attract you as you think you've found a good price.

For more information, you can refer to Lelong.com's security and protection and eBay's security centre.
Besides, you may also refer our post about Phishing: Examples and its prevention methods, it may give you some ideas about how to prevent fraud.