What are online auction frauds – buyers and sellers?
• Four in ten buyers and half of sellers claim they have encountered problems with Internet auctions. The most common problem for buyers is late delivery. Other problems include receiving items that are different than those promised, items arriving in damaged condition, and never receiving the items at all. Sellers report problems such as late payment, non-payment, buyer’s changing their minds, checks bouncing and buyers using stolen credit cards. What is Nigerian 419 Advance Fee Fraud? • Nigerian 419 Advance Fee Fraud broadly follows the following steps. • An individual or company receives a letter or fax from an alleged “official” representing a foreign government or agency; • An offer is made to transfer millions of dollars in “over invoiced contract” funds into your personal bank account; • You are encouraged to travel overseas to complete the transaction; • You are requested to provide blank company letterhead forms, banking account information, telephone/fax numbers; • You receiv
