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New online auction frauds in UK.

INTERNET BUSINESS NEWS-(C)1995-2004 M2 COMMUNICATIONS LTD

Fraud prevention and payment processing solutions provider ClearCommerce has warned of a new online auction scam known as triangulation, which robs UK retailers of millions of pounds (GBP) worth of goods every year.

The typical scam looks as following: the fraudsters are advertising for high value goods that they do not own at highly discounted prices, which attracts attention from bidders. Then they place an order from a legitimate retailer to deliver the goods to the customer. Usually, at this point customer pays the fraudster for the goods. The retailer becomes the victim because it is difficult to track down the fraudster who has already accepted the payment or to claim the money from the bidder who has purchased the item in good faith.

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Title Annotation:ClearCommerce Corp.
Publication:Internet Business News
Article Type:Brief Article
Geographic Code:4EUUK
Date:Aug 17, 2004
Words:143
Previous Article:Haven and British Holidays to implement Tridion R5.
Next Article:Frontbridge stopped more than 40m viruses in July.
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