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Online Auction Sale: How to Tell a Fraud from a Genuine One
from: Home Biz AdvisorAmong the many consumer fraud complaints The Federal Trade Commission receives every year, those dealing with online auction fraud account for roughly 48%.
In an online auction sale, sellers sell their products directly to consumers through an intermediary internet auction site which won't take responsibility for any problems that may arise between buyers and sellers. In these internet auction sites prior registration of buyers and sellers is mandatory, before they can make purchases by bids or place items for sale.
Here Are Some of the Tips on How to Distinguish a Genuine From a Fraud One:
* The first time you register, read the Terms of Use, and review any information the site offers such as provision of free insurance or guarantees for items that are not delivered, not genuine or not what the seller claims.
* Genuine auction sites publish ratings of sellers based on experiences and comments by other buyers, check the feedback on the seller you're considering buying from. Also, you should be cautious as these comments and ratings sometimes are submitted by the seller himself or through "shills" paid by the seller. A seller may also build up his ratings by initially selling low cost items before making fraudulent sales of higher cost items.
* Most sellers lack expertise or resources to service the goods they sell, so check whether the item comes with a warranty and whether follow-up service is available. Also look for words like "refurbished" or "discontinued," and other important terms which are in a contract that may be found by following a hyperlink in the listing. Also see if the seller has a "Refund" policy to return the product in case you aren't satisfied.
* Make payments only through an escrow service though it involves a small fee. Before using an escrow service verify that it's a legitimate and reputable company and also verify it's privacy policy and security measures. Never disclose your Social Security number, credit card number or bank account information to a seller.
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