An auction is 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. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange.Electronic auctions(e-auctions)are auctions conducted online.Electronic auction fraud is rated as the top cyber-crime taking place today, and is claiming new victims everyday.Fraud can be conducted by sellers as well as buyers or others. There are bid shilling, non-delivery of merchandise, product authenticity, bid shielding, and non-delivery of payment. Those auction is conducted by online.
First, Understand as much as you can about how the internet auctions work, what your obligation are as a buyer, and what the seller’s obligations are before you bid.
Then, Watch out for “Advance-fee demand” – you need to look carefully at any seller of goods or services who wants you to send checks or money orders immediately to a post office box, before you receive the goods or services.
Third, Find out what actions the websites takes if a problem occurs and consider insuring the transaction and shipment.
Next, Do not simply disclose your personal data – if you see e-mail messages from someone you do not know that ask you for personal data for examples, credit card number, account number, or password, do not just send the data without knowing more about who is asking.
Fifth, Review the feedback rating for the seller, and use common sense; if the seller has a history of negative feedback, then the participants do not bid with the particular seller.
Lastly, Must 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.
As a conculsion, consumers must be aware when online auction to prevent any losses.
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