Internet auction fraud involves schemes attributable to the misrepresentation of a product advertised for sale through an Internet auction site or the non-delivery of products purchased through an Internet auction site. In advance of making a purchase on an Internet auction site, be sure to review the site's fraud prevention tips and additional security alerts.
Online Auction Fraud
Don’t Let it Happen to You
Computers, sports memorabilia, rare coins, designer fashions, and even cars.
These are just a few of the items offered for sale every day on legitimate online auction sites. They’re also just a small sample of the items used to lure unsuspecting victims into online auction fraud schemes.
Most of the one million-plus transactions that take place each day on these websites are legitimate; just a fraction actually result in some type of fraud.
Auctions are unique — in experience, in sound, in practice.
Many auction attendees find the experience addictive. They report that there’s nothing quite like the thrill of finding something they want and then bidding against others who want the same thing.
But you don’t have to be a seasoned auction attendee to be able to experience the thrill of auctions. Auctioneers across America are glad to welcome new bidders to their auctions. And though almost everyone has heard the old story about the person who attended an auction, scratched his nose and came home with an item he’d not intended to buy, pay no heed to that myth.
Auctions are the most unique and valuable way of selling almost any type of personal property. Some of the most popular auctions are those that involve household items, or livestock or antiques. But auctions involve so many more possessions: automobiles, office equipment, art, machinery, industrial equipment, electronics. One very rapidly growing area is real estate. More and more people are buying and selling their homes and land by the auction method.
When you arrive at the auction site you may need to register with the auctioneers in order to obtain a bidding number, the information required is usually your name and address and you may also need to pay a returnable deposit. You should be familiar with the registration requirements for the particular auction before you arrive in case a large deposit is required.