Business Services Industry
Internet Fraud Virtually Nonexistent at eBay.com; Pioneer of person-to-person online auctions safeguards against fraud with self-policing trading environment
Business Wire, Sept 18, 1997
SAN JOSE, Calif.--(BUSINESS WIRE)--Sept. 18, 1997--eBay, the inventor of person-to-person online auction classifieds, announced that more than 99.99 percent of the trades on its online auction site ebay.com are successfully completed, providing strong assurance to potential traders that eBay's self-policing auction environment is both safe and effective.
Out of 1 million auctions completed between May and August 1997 on eBay's auction site, only 27 were deemed fraudulent by eBay and its users, then forwarded to the U.S. Postal Service and the National Fraud Information Center's Internet Fraud Watch section for investigation. More than 2 million auctions have been successfully completed on eBay.
Pierre Omidyar founded eBay in 1995 with the premise that the vast majority of people will conduct trades in an honest manner. A central feature of eBay's auction site, and a key reason why the site has attracted more than 225,000 registered users, is the continuous information sharing among users to establish trust. Users always have access to the "Feedback Forum," which allows traders to give references about other users by submitting remarks that form "online reputations." Traders with excessively negative reputations are permanently suspended from trading on eBay.
Omidyar is an established pioneer of the online auction industry, having led Ink Development Corp. into the then-uncharted waters of online shopping. The company, renamed eShop, was later sold to Microsoft, allowing Omidyar to launch eBay.
eBay's web site, http://www.ebay.com, hosts on average more than 100,000 auctions a day in 315 categories, including collectibles, antiques, memorabilia, trading cards, toys, dolls, coins, stamps, books and magazines, and jewelry and gemstones. More than 12,500 new items are added daily. -0-
Note to editors: Mr. Omidyar is available to comment on protective measures consumers can take to mitigate Internet fraud. Please call Schwartz Communications for information.
CONTACT: Schwartz Communications, Inc.
Patty Allison or Johnny Wong, 415/512-0770
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