AIA Warns of Fraud

By Staff Writer March 25, 2020

Auction Insurance Agency issued a statement warning of the increased chance of fraud as digital sales participatiion grows.

To begin with, online sales tend to bring several new buyers to an auction since they do not have to travel and be physically present. As with any new customer, it is important to set a reasonable buying limit for these new buyers while they establish a business record with your auction,” AIA’s release stated. “AIA has also experienced situations where online buyers that are new to an auction are far more likely to walk on a purchase, as they do not have a personal relationship with the auction and are more anonymous than an in-person customer.

The statement added, “Disputes regarding arbitrations, payment methods, etc. will likely rise as a result of dealers being unaware of differences between online and in-lane transactions. As with in-lane purchases, it is important to have the appropriate controls in place for online buyers.”

AIA urges businesses to be aware to verify emails they receive involving payment methods, etc., are accurate and they should contact the known business via phone to confirm authenticity. Check email addresses and hyperlinks for misspellings that are signs of deception.

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Last modified on Thursday, 26 March 2020 13:46

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