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E-Auction Frauds - A Survey

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Executive Summary

The current business arena shows unimaginable augmentation through applications providing all sorts of electronic customer services. One major proliferation was the overture of online auctions enabling the customer community to bid for and purchase large variety of goods. The nature of Internet auctions is high degree of anonymity, number of legal opportunities to buy and sell, and low costs for entry and exit, etc., fraudsters can easily establish frauds in auction activities. Clear fact is that information asymmetry between sellers and buyers and lacking of immediately examining authenticity of the merchandise, the buyer can't verify the seller and the characteristics of the merchandise until after the transaction is completed.

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