E commerce and Internet auction fraud
In financial terms, eBay offers an annual turnover of nearly $ 105 million and Wall Street in more than $ 11 billion. The company now has more than 95 million registered users, with more than five million transactions per week and for more than twelve million items for sale at some point. During the year 2004, eBay expects revenue for the year, how many $ 3 billion. The company’s net income for the fourth quarter jumped 64 percent to $ 142.5 million from $ 87 million a year earlier.
As the largest online marketplace eBay offers its users a comprehensive website and a broad range of services. It offers both buyers and sellers useful tips for safe online commerce and provide comprehensive information on trade security, authentication, dispute resolution, payment options, review and the protection of members of the “reputation collateral and options.
Yet, despite these efforts and continuous improvements in security and fraud prevention systems, eBay is not immune against fraud online auction. In one of the largest Internet fraud cases documented, eBay was chosen as a platform.
In the case of USA v. Teresa Smith, No.02CR40029-NMG (D. Mass.) More than 300 victims were involved, totalling more than $ 800000 loss. The first complaint by Ms. Smith to the Internet Fraud Complaint Center (IFCC) concluded in February 2002 and was the Massachusetts State Police. At that time nobody knew that more than 300 other complaints filed on the same theme, would IFCC. From April 2001 to October 2002, Ms. Smith has sold hundreds of computers to buyers on Internet Web sites auction. Their scheme was simple: they deceive their victims, by selling a computer, ask them to pay before, and then everyone has not sending the merchandise and rejection of any form of refund request . It was also discovered that Ms. Smith was a number of different identities by eBay to perpetrate their fraud. Each time, eBay, the complaints against Ms. Smith, they would suspend their actions on their website. However, Ms. Smith, simply switch to another identity and the process would start again since the beginning of los. Ms. Smith has condemned the 4/10/03 for 4 years, 9 months Federal Prison.
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