Auctions are common in markets where the goods sold are valuable (like art) or when their prices can't be easily determined. The process of an auction aims to find a fair price for the goods by identifying buyers who need them the most. Such auctions are called forward auctions. In forward auctions buyers compete with each other by placing bids for the goods to be sold.
At metaljunction, we pioneered the concept of eAuctions for steel by moving the entire process of auctions to the Internet. With state-of-art technology and unique services to support buyers and sellers in the decision making, financing and logistics stages we make sure that our auction tools help enterprises realize their sales and procurement goals with considerable cost savings.
However, the fraud occurring today became the big problem for the people who doing the transactions. Besides, e-auction fraud can also appear in a way whereby fake photos are taken and misleading descriptions given, improper grading techniques, selling reproductions as originals, failure to pay the auction house, high shipping costs and handling fees, failure to ship merchandise, loss and damage claims and others.
Things to take note to prevent e-auction when a consumer participating in an e-auction:
i User identity verification – a voluntary program that encourages users to supply eBay with information for online verification.
ii Authentication service – a service to determine whether an item is genuine and described appropriately.
iii Grading services – a service that determines the physical condition of an item.
iv Feedback forum – a forum that provides users with the ability to comment on their auction experiences with other individuals.
v Insurance policy – investing in insurance policy that offers by the auction websites.
vi Appraisal services -Appraisers use a variety of methods to appraise items, including expert assessment of authenticity and condition and reviewing what comparable items have sold for in the marketplace in recent months.
At metaljunction, we pioneered the concept of eAuctions for steel by moving the entire process of auctions to the Internet. With state-of-art technology and unique services to support buyers and sellers in the decision making, financing and logistics stages we make sure that our auction tools help enterprises realize their sales and procurement goals with considerable cost savings.
However, the fraud occurring today became the big problem for the people who doing the transactions. Besides, e-auction fraud can also appear in a way whereby fake photos are taken and misleading descriptions given, improper grading techniques, selling reproductions as originals, failure to pay the auction house, high shipping costs and handling fees, failure to ship merchandise, loss and damage claims and others.
Things to take note to prevent e-auction when a consumer participating in an e-auction:
i User identity verification – a voluntary program that encourages users to supply eBay with information for online verification.
ii Authentication service – a service to determine whether an item is genuine and described appropriately.
iii Grading services – a service that determines the physical condition of an item.
iv Feedback forum – a forum that provides users with the ability to comment on their auction experiences with other individuals.
v Insurance policy – investing in insurance policy that offers by the auction websites.
vi Appraisal services -Appraisers use a variety of methods to appraise items, including expert assessment of authenticity and condition and reviewing what comparable items have sold for in the marketplace in recent months.
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