Things to take note to prevent e-auction fraud when a consumer participating in an e-auction

Nowadays, more and more people involve theirselves in the e-auction, though the number of fraud cases in e-aution are still staggering. 51,000 cases of internet fraud cases were reported in 2002. In 2006, that number ballooned to 97,000. (quoted from http://www.crimcheck.com/background-check-news/whats-internet-auction-fraud-and-how-do-i-prevent-it)


However, we can lower our risk by taking note few things as follow^^

1. User Identity Verification

As to provide a safe e-auctioning platform, e-auctioneer will verify their user identity. Lelong.com.my has 3 categories of application of membership. Their users have to verify as buyer, seller or a company by offering their personal information, such as Mykad or hand phone number. RM10 fee is required and all verification of the e-auction will need to be submitted online (http://www.lelong.com.my/verified).

Lelong Membership verification^^

2. Feedback forum

The Lelong.com.my allows registered buyers and sellers to build up their online trading reputation. It gives users a place to comment on their experiences with other individuals. But, beware of feedback from buyers dated only a few days following a sale — it may be a fake. Delivery usually takes several days, and most buyers typically use their products for several days before responding with comments to the seller.

3. Escrow Service

An escrow service acts as a third party or intermediary for buyers and sellers who have reached an agreement on terms of the transaction. With escrow service, both parties in the trade are protected. Lelong.com.my, eBay, Yahoo! and other large online auction sites provide escrow service.

How lelong.com.my escrow service works???