Online auctions are a relatively recent phenomenon, beginning in 1995. Buyers have a “virtual” market in which to choose items to purchase from anywhere in the world. Likewise, sellers have a huge market in which to sell their goods.
What Are the Risks Involved?Online auctions can be risky. The Federal Trade Commission (FTC) receives thousands of consumer fraud complaints annually, and many of them consist of those dealing with online auctions. Some complaints include:
Internet auctions are different from business-to-person sites where the site has the merchandise. In Internet auctions, the seller has the merchandise. Internet auction sites have their own rules and requirements for buyers and sellers. It is important to check the rules of the auction site.
Buyers and sellers can protect themselves from fraud. Tips include:
If you have a problem with an online auction, you should try to work them out with the seller, the buyer, or the site operator. If there is no resolution, you can file a complaint with:
A lawyer may be helpful in dealing with government agencies that you may need to turn to for help. An experienced lawyer may alert you of your rights and obligations in an online auction transaction.
Last Modified: 11-19-2017 10:43 PM PSTLaw Library Disclaimer
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