What is online auction?

Bidding on the auction sites is advantageous and exceedingly financially cost-effective.

appetising auction, such as a low starting amount. Once a buyer wins an auction and pays for it, the fraudulent seller will either not pursue with the delivery,[17] or send

The vast majority of the auction gateways give mechanized bidding a huge number of posting classifications and subcategories.

a less valuable version of the purchased item (replicated, used, refurbished, etc.). Protection to prevent such acts has become readily available, most notably Paypal's

for the purchaser, bidding on online auctions is fun and to a great degree simple.

buyer protection policy. As Paypal handles the transaction, they have the ability to hold funds until a conclusion is drawn whereby the victim can be compensated.[18]

The site gives all the fundamental devices and assets to help individuals bid with guaranteed security and certainty.

Sale of stolen goods

To keep the auction straightforward, sell off sites additionally give all important data about the item and vendor

Online auction websites are used by thieves or fences to sell stolen goods to unsuspecting buyers.[19] According to police statistics there were over 8000 crimes

An online auction is a service in which auction users or participants sell or bid for products or services via the Internet.

involving stolen goods, fraud or deception reported on eBay in 2009.[20] It has become common practice for organised criminals to steal in-demand items, often in bulk.

These items are then sold online as it is a safer option due to the anonymity and worldwide market it provides.[21] Auction fraud makes up a large percentage of

Virtual auctions facilitate online activities between buyers and sellers in different locations or geographical areas

complaints received by the FBI’s Internet Crime Complaint Center (IC3). This was around 45% in 2006 and 63% in 2005.[22]

Bidding techniques

Online auction sees individual properties offered with eBay style bidding on a web based platform

Auction sniping

Marketing of the Online Auction lots includes extensive promotion, open house viewings, sometimes with legal packs in place.

Auction sniping is a controversial bidding technique used in timed online auctions.[23] It is the practice of placing a bid in the final stages of an auction with the aim of

removing other bidder's ability to place another bid before the auction ends. These bids can either be placed by the bidder manually or automatically with the use of a

Bidders will register their interest, provide ID and then gain access to the bidding system.

tool.[24] There are tools available that have been developed for this purpose. However, the use of these tools is the subject of much controversy.[25]

There are two different approaches employed by sniping tools.

Online: These are hosted on a remote server and are a service run by a third party.