E-auction is a market mechanism by which buyers make bids and seller place offers and it characterized by the competitive and dynamic nature by which the final price is reached. It is conducted by online. There are many types of E-auction fraud such as bid shielding, shilling, give fake photos and misleading description, improper grading techniques, selling reproductions as originals, failure to pay, failure to pay the auction house and etc. There are some prevention for the E-auction fraud. Such as:~ User Identity Verification: A voluntary program that encourages users to supply eBay with information for online verification such as NRIC.
~ Authentication service: A way of determining whether an item is genuine and described appropriately relies on the expertise of the authenticators.
~ Grading services: A way of determining the physical condition of an item.
~ Feedback Forum: Allows registered buyers and sellers to build up their online trading reputations and comment on their experience with another.
~ Insurance policy: eBay offers insurance underwritten by Lloyd’s of London at no cost to eBay users.
~ Escrow services: Both seller and buyers in a deal are protected with an independent third party. The buyer mails the payment to the escrow service which verifies the payment alerts the seller when everything is checked.
~ Non payment punishment: A policy against those who do not honor their winning bids.
~ Appraisal services Expert assessment of authenticity and condition and reviewing what comparable items have sold in the marketplace.
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