. Name and describe five types of possible abuses and frauds that may occur with auctions?

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Question

Answer 1

Answer #1

Some of the abuses and frauds that may occur with auctions are

Bid rigging: agreeing offline to limit bids or using shills to submit false bids that drive prices up
Price matching: agreeing informally or formally to set floor prices on auction items below which sellers will not sell in open markets
Shill feedback, defensive (offensive): using secondary IDs or other auction members to inflate (deflate) ratings
Feedback extortion: threatening negative feedback in return for a benefit
Transaction interference: emailing buyers to warn them away from a seller
Bid manipulation: using the retraction option to make high bids, discovering the maximum bid of the current high bidder, and then retracting the bid
Non-payment after winning: blocking legitimate buyers by bidding high, then not paying.

Answer 2

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