Online auctions: Going, going, gone to wrack and ruin

NEWS Online auctions are the largest source of fraud investigations according to the US Internet Fraud Complaints Center (IFCC). A fresh report from the IFCC found nearly 50 per cent of all the internet frauds involved online auctions. The total number of frauds reported in the US last year was 16,775. Average loss per individual was $435. The study also found the over 60s to be the most likely victims of internet scams. The IFCC claimed it was expecting the complaints to rise dramatically over the next few years.