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It seems that auction fraud is the new black in the land of cyber crime. According to its website, the Internet Crime Complaint Center (IC3) has recently received a large number of calls reporting fraud involving international automobile auctions online. This particular fraud involves an online auction in which the "winner" pays via wired money for a vehicle that will supposedly be shipped from Europe. The money is wired, and the buyer waits in vain for a vehicle, which, predictably, never shows. Unfortunately, once the money is gone, there is little that can be done in the way of recovering it.
The IC3, a partnership of the FBI and the National White Collar Crime Center, this year released its yearly complaints report, which stated that reports of internet fraud made up 62 percent of crime complaints received, crowning it with the dubious title of most commonly reported cyber crime. Other top complaints include undelivered merchandise or payment, credit and debit fraud, and check, investment, computer, and confidence fraud.
According to IC3, buyers in the United States planning to purchase online a vehicle that is located outside of the United States should exercise caution and thoroughly research any potential sellers or auction houses for legitimacy. Buyers should be aware of the risk of what are known as "second chance auctions," wherein a buyer who lost an "auction" is contacted and told that they may buy the item they bid on at a discount rate, due to the original auction winner defaulting on payment. Buyers should also beware of any monetary transfers requested that don't involve an established and trustworthy method, such as an escrow service.
The IC3 recommends observing the guidelines below to avoid being duped into an online fraud scam:
Educate yourself. Research how the auction works, what your obligations are as a buyer, and what the seller's obligations are before you bid.
Research the seller, especially if the only information you have is an e-mail address. If it is a business, check the Better Business Bureau where the seller/business is located. If you can't find any information, do not place a bid.
Research any feedback from past customers.
Determine the method of payment and where the seller is requesting it be sent.
Be aware that a problem with an international auction transaction may be much more difficult to resolve because of the difference in laws.
Find out the seller's policies on problems, warranties, delivery times, exchanges, and defective merchandise.
Avoid surprise charges by finding out if shipping and delivery are included in the auction price or are charged as separate costs.
Do not give your social security number or drivers license number to the seller. No reputable auction house has any use for them.
One issue that makes an online auction a prime spot for fraudulent exchange is that users can easily be mislead or become confused about the responsibility of the site in question. Some people don't realize that a site such as eBay does not sell the items up for auction; what eBay does is provide a forum for sellers to hock their own goods. Most online auction sites will not reimburse a buyer's losses, and emphasize the importance of using caution when engaging in online commerce.
eBay's Trust and Safety policy states that the site has put in place a safety team dedicated to keeping their "marketplace a safe, well-lit place for people around the world to trade with one other." The site features a number of protection methods in place to benefit users:
Feedback - Users can rate each other, establishing marketplace reputations and acting as watchdogs for dishonest or unfair auction practices (defective merchandise, late payment, inordinately long shipping time, etc.)
Buyer Protection - eBay is set up so that users can pay for their merchandise in a fashion that offers more security than wired cash.
Fraudulent Web Site Protection - eBay offers users a toolbar that alerts users in the event they stumble upon a fraudulent site.
Security Center Features - eBay offers tips on practicing good marketplace habits, as well as information on reporting fraud or other online criminal activity.
Other ways to protect oneself in the world of online auctions include avoiding both buyers and sellers who seem suspicious:
If the seller claims to be located in the United States but wants the payment sent overseas or to someone else, beware. Also, if the seller claims he suddenly had to leave the country for whatever reason, don't conduct business until he is back in the country.
If the seller requests cash payment or wire transfer, do not send it. Using these services leaves virtually no paper trail and no way to recover the money in the event of fraud.
Avoid dealing with sellers who claim to be authorized dealers or factory representatives in countries where you know such positions don't exist.
Do not trust buyers request the merchandise be shipped using methods that avoid customs or taxes.
Sellers should be suspicious of any credit card purchases if the address of the cardholder does not match the shipping address, and be sure to receive the cardholder's authorization before shipping any products.
Users who suspect they may have been a victim of internet fraud are encouraged to contact the IC3 at http://www.ic3.gov/.
It seems that auction fraud is the new black in the land of cyber crime. According to its website, the Internet Crime Complaint Center (IC3) has recently received a large number of calls reporting fraud involving international automobile auctions online. This particular fraud involves an online auction in which the "winner" pays via wired money for a vehicle that will supposedly be shipped from Europe. The money is wired, and the buyer waits in vain for a vehicle, which, predictably, never shows. Unfortunately, once the money is gone, there is little that can be done in the way of recovering it.
The IC3, a partnership of the FBI and the National White Collar Crime Center, this year released its yearly complaints report, which stated that reports of internet fraud made up 62 percent of crime complaints received, crowning it with the dubious title of most commonly reported cyber crime. Other top complaints include undelivered merchandise or payment, credit and debit fraud, and check, investment, computer, and confidence fraud.
According to IC3, buyers in the United States planning to purchase online a vehicle that is located outside of the United States should exercise caution and thoroughly research any potential sellers or auction houses for legitimacy. Buyers should be aware of the risk of what are known as "second chance auctions," wherein a buyer who lost an "auction" is contacted and told that they may buy the item they bid on at a discount rate, due to the original auction winner defaulting on payment. Buyers should also beware of any monetary transfers requested that don't involve an established and trustworthy method, such as an escrow service.
The IC3 recommends observing the guidelines below to avoid being duped into an online fraud scam:
Educate yourself. Research how the auction works, what your obligations are as a buyer, and what the seller's obligations are before you bid.
Research the seller, especially if the only information you have is an e-mail address. If it is a business, check the Better Business Bureau where the seller/business is located. If you can't find any information, do not place a bid.
Research any feedback from past customers.
Determine the method of payment and where the seller is requesting it be sent.
Be aware that a problem with an international auction transaction may be much more difficult to resolve because of the difference in laws.
Find out the seller's policies on problems, warranties, delivery times, exchanges, and defective merchandise.
Avoid surprise charges by finding out if shipping and delivery are included in the auction price or are charged as separate costs.
Do not give your social security number or drivers license number to the seller. No reputable auction house has any use for them.
One issue that makes an online auction a prime spot for fraudulent exchange is that users can easily be mislead or become confused about the responsibility of the site in question. Some people don't realize that a site such as eBay does not sell the items up for auction; what eBay does is provide a forum for sellers to hock their own goods. Most online auction sites will not reimburse a buyer's losses, and emphasize the importance of using caution when engaging in online commerce.
eBay's Trust and Safety policy states that the site has put in place a safety team dedicated to keeping their "marketplace a safe, well-lit place for people around the world to trade with one other." The site features a number of protection methods in place to benefit users:
Feedback - Users can rate each other, establishing marketplace reputations and acting as watchdogs for dishonest or unfair auction practices (defective merchandise, late payment, inordinately long shipping time, etc.)
Buyer Protection - eBay is set up so that users can pay for their merchandise in a fashion that offers more security than wired cash.
Fraudulent Web Site Protection - eBay offers users a toolbar that alerts users in the event they stumble upon a fraudulent site.
Security Center Features - eBay offers tips on practicing good marketplace habits, as well as information on reporting fraud or other online criminal activity.
Other ways to protect oneself in the world of online auctions include avoiding both buyers and sellers who seem suspicious:
If the seller claims to be located in the United States but wants the payment sent overseas or to someone else, beware. Also, if the seller claims he suddenly had to leave the country for whatever reason, don't conduct business until he is back in the country.
If the seller requests cash payment or wire transfer, do not send it. Using these services leaves virtually no paper trail and no way to recover the money in the event of fraud.
Avoid dealing with sellers who claim to be authorized dealers or factory representatives in countries where you know such positions don't exist.
Do not trust buyers request the merchandise be shipped using methods that avoid customs or taxes.
Sellers should be suspicious of any credit card purchases if the address of the cardholder does not match the shipping address, and be sure to receive the cardholder's authorization before shipping any products.
Users who suspect they may have been a victim of internet fraud are encouraged to contact the IC3 at http://www.ic3.gov/.
PHILADELPHIA--(BUSINESS WIRE)-- Comcast Corporation (Nasdaq:CMCSA - News), announced today the findings of its Internet safety and security survey to assess the general knowledge, attitudes and behaviors among U.S. adults and teens. One of the highlights in the independent nationwide survey revealed that although 95 percent of parents believe it is just as important to talk about online safety issues with their children as it is to talk about sex education and the risks associated with drugs and alcohol, only 65 percent have actually had that discussion.
To help parents initiate these conversations with their children as they progress through different developmental stages - teens, tweens, school-age children and preschoolers, Comcast is raising awareness about new discussion guides created by Dr. Michael Rich, Director of the Center on Media and Child Health at Children’s Hospital Boston. The results of the survey and the new guides come as the nation recognizes National Cyber Security Awareness month in October.
“As the nation’s largest residential Internet service provider, we want to continue to provide tips and resources on ways consumers can stay safe online,” said Cathy Avgiris, Senior Vice President and General Manager of Communications and Data Services for Comcast Cable. “Some of the survey results were surprising because they showed that parents and teens may not be on the same page on a variety of online safety issues. As a result, we want to raise awareness about great resources for parents, teachers and caregivers to talk about how to be safe online with their kids or loved ones.”
Among other findings, the survey revealed that when using the Internet, 65 percent of parents say online security and safety is most important to them compared to only 46 percent of surveyed teens. This suggests teens are underestimating or are not fully aware of some of the risks associated with their online activities.
“Because a child’s exposure to and use of the Internet changes over time, it was important to create conversation starter guides for parents that represent the different stages of a child’s life,” said Dr. Rich. “For example, you can’t talk to a preschooler about the Internet the same way you would talk to a teen about the Internet. The short and simple guides that have been developed can help parents navigate talks about things like safety, the amount of time spent online and appropriate online behavior.”
The guides are available to everyone, not just Comcast customers, and can be downloaded for free at http://xfinity.comcast.net/constantguard/Education/For_Parents/The_Internet_Talk/?CID=661 or at the Center for Media and Child Health website at http://www.cmch.tv.
Additional survey highlights include:
Across various Internet-connected devices, including personal computers, laptops, tablets and smart phones, teens feel safer online compared to parents. Thirty-nine percent of teens feel their personal data is very safe and secure on a personal computer or a laptop compared to 25 percent of parents. For smart phones in particular, more than twice as many teens as parents believe their data is safe from hackers or cybercriminals. Teens’ use of passwords is riskier than parents. Teens are much more likely to use the same password for every online account than are parents. Twenty-three percent of surveyed teens report that they use the same password for their online accounts compared to 14 percent of surveyed parents. Roughly two-thirds of parents (66 percent) and teens (61 percent) believe they are in full control of what they post online and can take it down whenever they want. In fact, most parents and teens do not understand the reality that what goes online, stays online – and nearly three in 10 teens have posted something online that they later regretted. Parents vary on the appropriate age for a child to start using the Internet. Thirty-six percent of parents surveyed believe the appropriate age for a child to start accessing the Internet is between the ages of 10 and 13; 35 percent of parents believe the appropriate age is between 6 and 9 and 12 percent of parents think a child 5 years old and under is the appropriate age to start using the Internet. Parents are not aware of what their children are downloading on the Internet. Sixty-eight percent of teens surveyed say that they have downloaded a program or software without their parent’s permission. However, only 35 percent of parents surveyed believe that their children have ever downloaded a program or software without their permission.For more tips about Internet safety and to download four different Internet safety conversation starters, please visit http://xfinity.comcast.net/constantguard/Education/For_Parents/The_Internet_Talk/?CID=661.
For additional survey results, please visit: http://www.comcast.com/MediaLibrary/1/1/About/PressRoom/Documents/pdf/InternetSurveyChartsOct2011.pdf
Earlier this year, Comcast launched the Constant Guard? Protection Suite, the most comprehensive suite of online security and safety of any major Internet service provider in the U.S. The addition of the Constant Guard Protection Suite for Xfinity Internet customers and “The Internet Talk” guides for all consumers are further examples of Comcast’s continued efforts to promote Internet safety awareness and education. In addition, Comcast recently began rolling out Internet Essentials?, a program which offers families with children who are eligible to receive free lunches under the National School Lunch Program low-cost Internet service, affordable computers and digital literacy training.
About Comcast Corporation
Comcast Corporation (Nasdaq:CMCSA - News) (www.comcast.com) is one of the nation's leading providers of entertainment, information and communications products and services. Comcast is principally involved in the operation of cable systems through Comcast Cable and in the development, production and distribution of entertainment, news, sports and other content for global audiences through NBCUniversal. Comcast Cable is one of the nation's largest video, high-speed Internet and phone providers to residential and business customers. Comcast is the majority owner and manager of NBCUniversal, which owns and operates entertainment and news cable networks, the NBC and Telemundo broadcast networks, local television station groups, television production operations, a major motion picture company and theme parks.
*SURVEY CONDUCTED BY AN INDEPENDENT RESEARCH FIRM, PENN SCHOEN BERLAND (PSB) ON BEHALF OF COMCAST. NATIONWIDE 1,610 INDIVIDUALS WERE SURVEYED.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50019925&lang=en
MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50019925?=en
67 WALL STREET, New York - September 14, 2011 - The Wall Street Transcript has just published its REITs Report offering a timely review of the sector to serious investors and industry executives. This REITs Report contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: Acquisition and Financing Costs - Real Estate New Supply - Pricing Power Outlook - Residential and Commercial REITs - Correlation Between Macroeconomy and Real Estate
Companies include: Fannie Mae (FNMA.OB); Invesco Mortgage (IVR); American Campus (ACC) and many more.
In the following brief excerpt from the REITs Report, interviewees discuss the outlook for the sector and for investors.
Douglas Harter, CFA, is a Vice President at Credit Suisse Group covering the mortgage REITs and mortgage insurers. He joined Credit Suisse in 2000 covering the specialty finance sector. Mr. Harter has a B.S. in accountancy and a B.S. in finance from Villanova University.
TWST: What is your overall sentiment and outlook for mortgage REITs and why?
Mr. Harter: I have a positive stance on the mortgage REITs. I believe that while the shares are generally fairly valued, the stocks are going to be able to continue to deliver about a midteens dividend yield, and that's where the majority of the total return should come from. As to why I think the current environment is very favorable, on the agency side, that's because they have a steep yield curve, and on the nonagency side, credit spreads are still very wide from a historical standpoint, even though they have tightened quite a bit since early 2009.
And also today on the nonagency side, the availability of credit, of financing, for those positions is much more available today than it has been really at any point over the past couple of years. And that's leading these companies again to be able to generate midteens returns today. I think that the level of return is sustainable given the weaker economic data points we've seen, which should leave the Fed on hold at least until midyear of next year and probably longer than that.
So that's the near-term positive for the group. The longer-term positive opportunity I see is that, clearly right now, the government has been very involved in the mortgage market. And as the government starts to step back from the mortgage market, I do think that the REITs are going to be a provider of capital to help absorb some of that extra opportunity that should arise.
TWST: What names do you like in the space right now and why?
Mr. Harter: Like I said as we started, I'm generally constructive on the group as a whole, but the two favorite names that I have right now would be Invesco Mortgage (IVR) and Two Harbors (TWO). Those are both hybrid mortgage REITs. Two Harbors invests in both agency MBS and nonagency residential mortgages.
They tend to focus on more-credit-impaired nonagency bonds. They like subprime. They like option ARMs. They feel like those offer better risk/returns given what the assumptions they are able to price into those bonds.
Invesco Mortgage is also a hybrid. In addition to the residential area, they invest in CMBS as well. They tend to focus on less-credit-impaired nonagency bonds. They take a different opinion. They think that those offer better relative returns. But both are seeing better relative opportunity in the nonagency side today, and both recently raised capital to take advantage of some of those opportunities.
TWST: Overall, do you see balance sheets being healthy in this space?
Mr. Harter: Yes. The amount of leverage that the players are holding today is down significantly from precrisis levels. If you look at the agency side, the players used to lever that asset about 10 times debt to equity. Today they are more about seven times debt to equity. So they have definitely reined that in.
The nonagency side is typically levering around one to 1.5 times debt to equity. The one question mark that some people have on the balance sheet side right now, which should be resolved by the time this gets published, would be the whole issue with the U.S. debt ceiling and potential for raising that and the effect that would have on the short-term capital markets.
TWST: What were the key themes from last quarter's earnings, and what are you looking for as we head into earnings season for the second quarter?
Mr. Harter: I think one of the key themes is you have started to see some companies look to increase the amount of hedges that they have against their interest-rate risk, and to look to better position themselves to protect the returns they have today and to really build or extend the current level of returns further out to the future, and to mitigate some of the impact of interest-rate risks. We started to see some of the beginning of that last quarter.
I would expect to see some additional moves along those lines in the coming earnings. I think the other key thing, as evidenced by the capital that's been raised recently, would be the opportunity that these companies continue to see, and how and where they're seeing the opportunities to put that money to work.
The Wall Street Transcript is a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs and research analysts. This REITs Report is available by calling (212) 952-7433 or via The Wall Street Transcript Online .
The Wall Street Transcript does not endorse the views of any interviewees nor does it make stock recommendations.
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