E-Fencing

For those that haven’t heard this word, this is nothing but selling stolen goods on the internet. E-fencing is a big business on the internet fetching several billions of dollars in revenues. This is revolutionized because of e-bay.

This is how it works:
Products are stolen from the shelves of retail stores. They are then sold on the internet at a rate much cheaper than MSRP most likely through E-Bay. In E-bay as most people know, all business transactions happen through seller and buyer trust. These E-fencers build up good reputation on EBay and so they’ll have no problems selling it.

One guy who was interviewed on CNBC said that he was a student and made close to $45000 per annum by e-fencing. He was quoting that before E-bay he found it much harder to sell such stolen goods. But now life is easy for him.

So next time you buy something on E-bay, it could be stolen goods.

I personally think that it should be up to E-Bay and Internet Security experts to stop these. We are just consumers looking for good bargains. So I don’t think we should care.

What do you think?