How it is done
After hijacking the online auction account of a legitimate seller by fraudulently acquiring his password, the fraudster will offer sought-after items at very low prices.
Last September, watch collector Bernard Tan, 53, searched online auction sites for a 1970s Rolex watch. He contacted an auction site in the United States, which had many ‘testimonials from satisfied customers’.
He wired US$4,200 (S$6,400) to a bank in San Francisco for a watch he wanted, as instructed. Ten days later, a rusty 12cm iron strip arrived.
Internet auction sites are still a high risk, especially when expensive items are involved. More tips can be found on http://sg.auctions.yahoo.com