Internet Fraud

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Recommended: Annotated Bible On Internet Fraud

Internet fraud is a problem that has become very widespread in recent years. Internet fraud was first monitored by the Internet Fraud Watch organization in 1996. The Fraud Watch has stated that each year after its inception internet fraud has increased. In 1998, the Securities and Exchange Commission established the Office of Internet Enforcement to fight online securities fraud which was another sign of how large the problem is becoming (Clausing). Despite the SEC¡¦s efforts this problem has not been alleviated, but instead continues to grow. According to the Internet Fraud Complaint Center (IFCC), ¡§the total dollar loss from all referred internet fraud cases was $54 million in 2002; this amount is almost three times as much than was lost in 2001¡¨(IFCC). This increase shows that the problem of internet fraud is becoming more widespread. The most widely reported type of internet fraud by the IFCC is online auction fraud. In 2002, 46.1% of all internet fraud complaints were online auction related (IFCC). Because of how many people are affected by online auction fraud alone we decided to focus our study solely on this one type of fraud.

Why study online auction fraud?

Due to the large percentage of fraud that online auctions make up we have chosen to narrow our study to online auction fraud. The fact that online auction fraud is such a growing concern we would like to make people aware of several ways to avoid falling victim to one of the online auction scams. Also upon researching each type of online fraud we found that there was much more information about online auctions than any other type. The group then discussed that the type of online fraud that we have heard the most about and have the most experience with is online auction fraud. Each member of our group has in some way purchased merchandise from an online auction. In our experiences we have also fell victim to a form of online auction fraud. Jesse Zirillo attempted to purchase a Nintendo Entertainment System at the online auction site E-bay. Zirillo outbid all other bidders and assumed that he would receive the item within the stated period of delivery. After weeks of waiting Zirillo then contacted E-bay and the seller of the item only to find out that the item he bid on did not exist. Zirillo had become a victim of non-delivery and lost the money that he paid for the item. Our second group me...

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...s Bureau, state attorney general or consumer protection agency for any complaints about a particular online payment service.

Tips for Sellers

„h The seller is required under federal law to advertise their product or service and terms of sale honestly and accurately.
„h Illegal goods are prohibited from being auctioned.
„h Shipping of the item must take place within the specified time frame. If no specific time is posted, then within 30 days of the auction¡¦s closing date.

Advertising Your Product

„h Describe the condition of the item as new, used or reconditioned.
„h Answer all possible questions the buyer might have, within the description of the item.
„h Include a picture of the actual item.
„h List the minimum bid you are willing to accept.
„h Specify the amount and who will pay the shipping charges. Also, tell if you are willing to ship overseas.
„h List your detailed return policy, and who is responsible for return shipping costs.

Dealing with Bidders

„h Answer questions the buyer may have about the item quickly and thoroughly.
„h Contact the winning bidder as soon as the auction closes; confirm the winning bid, shipping charges and how they can pay for the item.

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