E-Auction
Auctions are common in markets where the goods sold are valuable (like art) or when their prices can't be easily determined. Buyers make bids and seller place offers; characteristic by the competitive and dynamic nature by which the final price is reached. But E-auction is becoming very common in recently, for example, we can bid a price for products (eg, watches, computer hard/software and tickets) at e-bay.com. Somebody will treat this as an entertainment when they are free because it is very convenience and easy.
The ways to protecting against e-auction fraud:
- User identity verification- The validity of a user is very important; we can identify the users’ personal details to verify them. Eg, IC number, date of birth.
- Authentication services- To determine whether an item is genuine and described appropriately.
- Grading services- To determine the physical condition of the item. User can estimate the price for bidding.
Feedback forum- A platform that to allow buyers and sellers to exchange the experience in E-Auction and build up their online reputations.
- Escrow services- Each transaction in the E-auction, both buyers and sellers are protected with a independent third party.
- Non-payment punishment- That will be a record that if an user no fulfill the payment and taking some actions against them.
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- Physical inspection- Can eliminate many problems especially for collectors’ items.
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