What are the latest trends and innovations in online auction fraud prevention?

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Online auctions are a popular and convenient way to buy and sell goods, but they also pose some risks for both buyers and sellers. Auction fraud is a type of online scam that involves misrepresenting, manipulating, or failing to deliver the items or services offered in an auction. In this article, we will explore some of the latest trends and innovations in online auction fraud prevention, and how you can protect yourself from becoming a victim.

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Rich Schur

Master & Champion Auctioneer, Realtor, Master Asset Appraiser
Cameron Rowe

Building Autonomous Technology to help people @ Hover | Techstars '23 | FreshFounders | Dragon’s Den ‘23 | Ironman

1 Types of auction fraud

Auction fraud is a serious issue and can take many forms. Bid shielding is when a fraudster places an exorbitant bid to discourage other bidders, only to withdraw it at the last minute and leave a low bid from an accomplice as the winning bid. Shill bidding is when a fraudster or an accomplice bids on their own item to drive up the price or create an illusion of demand. Bid siphoning is when a fraudster contacts a losing bidder and offers them a similar item at a lower price, but then fails to deliver it or sends a counterfeit or damaged item. Non-delivery occurs when a seller does not ship the item or service after receiving payment, or sends something different than what was advertised. Finally, counterfeit goods are when a seller sells fake or unauthorized items, such as designer clothing, electronics, or collectibles, that do not match the description or quality of the original.

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Cameron Rowe

Building Autonomous Technology to help people @ Hover | Techstars '23 | FreshFounders | Dragon’s Den ‘23 | Ironman
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Types of Fraud: 1. Shill Bidding: Fake bids to drive up prices. 2. Bid Shielding: Placing low bids to deter others, then retracting them. 3. Payment Fraud: Using stolen credit cards or fake payment methods. 4. Non-Delivery: Sellers not delivering the items after payment. 5. Bid Siphoning: Redirecting bidders to fraudulent auctions. Being aware helps you to avoid these.

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2 How to prevent auction fraud

In order to prevent auction fraud, there are several steps you can take. Research the seller and the item before bidding to check their feedback, ratings, and history. Verify the authenticity and condition of the item and ask for more details, photos, or proof of ownership if necessary. Use a secure and reputable payment method such as a credit card or an online payment service that offers buyer protection and dispute resolution. Review the terms and conditions of the auction site to understand the rules, fees, policies, and procedures of the site and how they handle fraud cases. Additionally, check the seller's return and refund policy as well as what recourse you have if you receive a faulty or different item. Lastly, keep records of your transactions by saving all communication, invoices, receipts, and tracking information related to your purchase. Report any problems or issues to the seller and the auction site as soon as possible.

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3 How technology can help detect and deter auction fraud

Technology can be a powerful tool to detect and deter auction fraud. Artificial intelligence, machine learning, and big data analytics can help identify suspicious bidding activity, multiple accounts, or fraudulent feedback. Biometric, facial, or voice recognition can be used to verify the identity and location of sellers and buyers. Blockchain technology can also create a secure and transparent record of transactions. Chatbots, virtual assistants, or online tutorials can provide users with information and tips on how to avoid auction fraud. Ultimately, by being aware, vigilant, and proactive, you can protect yourself from auction fraud and have a positive online auction experience.

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4 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Rich Schur

Master & Champion Auctioneer, Realtor, Master Asset Appraiser
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For Auctioneers and Sellers: Review your terms and conditions to ensure you have protections from "bad bidders". For example, requiring cash or wire transfer payments over a certain amount; verifying credit cards; not shipping to addresses other than where the card is registered; not shipping until payment posts and clears. For new bidders, simply Googling their name or address might reveal information that indicates a higher risk, or reduces your concern. It also pays to keep notes on individual bidders with information about slow or no-pay, failure to pick up, complaints and chargebacks.

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What are the latest trends and innovations in online auction fraud prevention?

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1 Types of auction fraud

2 How to prevent auction fraud

3 How technology can help detect and deter auction fraud

4 Here’s what else to consider

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