Mock Auction
 |
Definition of 'Mock Auction'A scam in which con artists work as a team to sell low-quality or fake goods to customers who believe they are getting a good deal. During a mock auction, members of the scam team pretend to be very satisfied customers. They will act as if they have just received very high-quality or high-value goods for a bargain price. This entices real customers to purchase nothing more than an empty box or a broken item. The con artists pack up and leave quickly before anyone notices. |
 |
Investopedia explains 'Mock Auction'The scammers may walk around a crowd with an expensive item that they claim was just purchased for an extremely low price. The scam artists may pass the item around without the customers noticing so that it appears that many customers have received a great bargain. When an actual customer buys the item, it is typically a cheap replica, a broken item, or even a box containing blocks of wood or other items to give it weight. |
Related Definitions
Articles Of Interest
-
Homeowners, Beware These Scams!
If you're in a pinch for money, you're the prime target for con artists and thieves. -
The Biggest Stock Scams Of All Time
Where there is money, there are swindlers. Protect yourself by learning how investors have been betrayed in the past. -
Avoiding Tax Scams
These schemes can lead to fines - and even jail time - for both the scammer and his victims. -
What Is A Pyramid Scheme?
Considering joining an "investment club" that promises phenomenal returns on your sign-up fee? Read this article and think again! -
Playing The Sleuth In A Scandal Stock
Learn the legwork involved in finding out whether your investment can weather a storm. -
Stop Scams In Their Tracks
Find out how to protect yourself and your loved ones from financial fraudsters. -
Online Investment Scams Tutorial
To bamboozle someone out of their money is an age-old ruse. Learn about some of the gimmicks modern-day swindlers use and avoid becoming a statistic. -
How To Identify A Micro-Cap Scam
Discover how to distinguish a real investment opportunity from a fraudulent one. -
5 Unethical Collection Scams That Consumers Should Be Aware Of
Here are a few of the ways that scam artists prey on those in debt. -
The True Cost Of Pharmaceutical Scandals
"Big Pharma" has faced many scandals. Here are some of the biggest and the fines that resulted.
Free Annual Reports
