Domain name auction & scam

Some people earn by work , some by writing. There is another way to earn is to sell on online site like ebay. You can sell everything from your undergarments to your soul (aaaha ) ,yea , people doing it. There are people who selling air which was collected when some so called "celebraty" was there . There are thousands of such exaples for it.

But, when there is good side of it ,then there is also bad side of it like scam. Just recently, www.ganesh.com has made it hadelines with "Hindu" & "Indian express" about it's domain name auction sale. Newspapers amazed that the domain name is worth 12 lakh !!!

when the auction started , it started with awesome bid with 5 Rs. & it went as high as 3,50,000 Rs. Now, I really don't understand how such big bull's jump has done to this auction ? may be it's really such worth it , LoL.
so, our estimed auctioner finally closed it with no match with reserve price.

On September issue's editorial , Deepak Ajwani (excutive editor, Thinkdigit) too noted about this domain name sale. He was little heart broken that our "God" oriented domain is loosing in terms of history's higest auction bid's like "sex.com". He lastly reported when bid was @ 50,000 Rs.

Now, Tom Sanders from Itnews.com.au has wrote about such auction on ebay recently.

"Scammers have turned to automated bots to create Ebay accounts with a positive feedback record, reports security vendor Fortinet.

Online criminals use the automated scripts or bots to create vast collections of user accounts with positive feedback records. Those accounts can then be used to attract buyers by offering high value items that are never delivered after the bot-master criminals have received payments.

Ebay uses feedback ratings to allow its users to build up a reputation. Sellers with a low feed back typically deliver poor customer service or have failed to deliver goods. Buyers are also suspicious of sellers who lack any feedback, especially when it comes to buying and selling more expensive goods.
The bogus accounts typically sell virtual items such as wallpapers and e-books through a "buy it now" auction for one cent and no shipping costs. Those items are then bought by another fraudulent Ebay account, all in an automated fashion.

"Most [of the sellers'] user names are made of six to eight random letters and bear around 15 evaluations. Having a look at these profiles reveals that they’ve bought roughly the same items – all for one cent," Fortinet noted on its website.

Further indicating a level of automation, each buyer is leaving identical comments for each transaction.

"With that one cent rate, building 100 accounts with 15 positive feedbacks each costs US$15. And 100 accounts are a reasonably solid base to set up a good deal of bogus auctions."

The auctioning website is a popular target for online scam artists.

source -http://www.itnews.com.au/newsstory.aspx?CIaNID=35511

I remember when last year or something 1 charity bollywood starts programme was organised in Mumbai. They arranged various online bidding on ebay like tea with celebrity & etc. There was a bid such that started with 15,00,000 Rs & when I cheked lastly it was around 24,000 Rs (Ouch ) .