ONLINE AUCTION FRAUD - PowerPoint PPT Presentation

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ONLINE AUCTION FRAUD

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Ebay.com, Amazon.com, Yahoo!Auctions, eHammer.com ... A Mr. Walton was suspended from eBay because he entered bids on his own objects ... – PowerPoint PPT presentation

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Title: ONLINE AUCTION FRAUD


1
ONLINE AUCTION FRAUD
  • WCBA

2
Introduction
  • This presentation is to inform consumers about
    online auction fraud
  • Last updated by Sarah White

3
ONLINE AUCTION FRAUD
  • Facts about online auctions
  • Online auction fraud statistics
  • Examples of online fraud
  • Prevention
  • Terminology

4
Facts about Online Auction
  • There are more than 1,400 online auction sites
  • Ebay.com, Amazon.com, Yahoo!Auctions, eHammer.com
  • Online auctions are the fastest growing segment
    of electronic commerce
  • Expected to top 19 billion by 2003

5
Online Auction Fraud Statistics
  • Online auction fraud is the number one internet
    fraud
  • Average auction fraud is 248 per complaint
  • 3.2 million was lost due to fraudulent activity
    in 1999

6
Examples of Online Fraud
  • Man lost 2000 when he won the bid for a computer
    systemthe computer was never delivered
  • A Mr. Walton was suspended from eBay because he
    entered bids on his own objects
  • Site selling votes for president

7
Prevention
  • Use common sense
  • Use a credit card
  • Check the sellers reputation
  • Find out return policy
  • Use escrow service
  • Take time to learn true value of items before you
    bid

8
Terminology
  • Shilling Sellers use another account to make
    bids on their own goods (drives price up)
  • Shielding Bidder places low bid on item, and
    then places other much higher bids on same item
    using different account names. Scares off other
    biddershigh bids are withdrawn within seconds of
    the end of the auction
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