E-auction, auction conducted online, have been in existence for several years in local area network and were started on the internet in 1995. Host sites on the internet serve as brokers, officing services that enable sellers to post their goods for sales and allow buyers to bid on those items.
The e-auction fraud rate is become higher and higher, in order to protect the buyers from e-auction fraud, there are some prevention of e-auction fraud that have to take notewhen participating in an e-auction.
User Identity Verification: It is encourages that the users to supply information for online verification. By offering their name, identity card number and etc. to avoid any e-auction happening.
Authentication service: Product authentication is a way of determining whether an item is genuine and describe appropriately. Authentication is very difficult to perform because it relies on the expertise of the authenticators. So, only the experts can detect counterfects based on subtlee details.
Feedback Forum: It allow the registered buyers and sellers to build up online trading reputation. The buyers and sellers have an ability to comment on their experiences with others.
Escrow Services: With escrow service, both sellers and buyers are being protected because online escrow service will holds the payment until buyers confirm that what they were promised within an agreed upon inspection period, which then sends a check to the seller.
Nonpayment punishment: It is help to protect the sellers and avoid those buyers that do not honor their winning bids. When the buyers did not make payment, the sellers must give warning to them.
References:
wps.prenhall.com
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