An auction is a process of buying and selling goods or services by offering them to bid, taking bids, and then selling item to the winner bidder. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange.
The following are some e-auction prevention:
1. User Identity Verification
They are offering their social security number, driver’s license number, and the date of birth.
2. Authentication Service
It is a way of determining whether an item is genuine and described appropriately.
3. Spoof (fraudulent) Web site Protection
It is enable members to protect their accounts by indicating when they are on the site.
4. Item verification
It is a way of confirming the identity and evaluating the condition of an item through verification.
5. Physical Inspection
It is providing for a physical inspection can eliminate many problems.
6. Feedback forum
It allows buyers and sellers to build up their online trading reputations. It provides user with ability to comment on their experiences with other.
7. Appraisal Services
Appraisers use a variety of methods to appraise items.
8. Grading services
It is a way of determining the physical condition of an item such as “poor quality” or “mint condition” and so on.
9. Escrow services
It is a service that provided when either the buyer or seller feels the need for additional security when there is a big amount during payment
10. Insurance policy
It is a way of providing a protection for the online customers during e-auction.
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