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Tue Feb 28 2006 15:39:53

Google and the Problem of Fraud

By: Ina Steiner

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I just wrapped up an interview with Jeff Grass, CEO of BuySafe, for a feature interview on AuctionBytes.TV. I was asking him about online fraud and the BuySafe bonding service. Because Google payments was on my mind, I also asked him if he thought Google has a chance of competing in the space.

He had an interesting answer about the four components Google needs to do ecommerce: infrastructure, the ability to drive buyers, payment processing, and trust - a mechanism for buyers and sellers to feel comfortable doing business with one another.

Google has the first three components, but the problem of fraud is one of the unanswered questions when it comes to Google and P2P ecommerce. Sounds like BuySafe thinks they might be able to offer a solution to Google. Unfortunately, I didn't ask any follow-up questions on tape, but I will follow up and see if I can learn anything further.

Since bonding is such a highly regulated industry, there is a barrier of entry for other companies wanting to use bonding in the ecommerce area. (Now that I think about it, BuySafe's model is one of the only ones on the Internet not copy-catted!)

Google's approach to online fraud - both on the part of sellers and buyers - may make a huge difference in how it is accepted by users. Stay tuned for the AuctionBytes BuySafe interview. We'll be launching the NextWorth interview tomorrow.




Comments (3) | Permalink

Readers Comments

Google and the Problem of Fraud   Google and the Problem of Fraud

by: Pat

Mon Mar 6 20:50:41 2006

Hi! Just watched the interview and found it interesting (I'm an ebay seller) but am curious as to why you didn't ask for clarification of how BuySafe prevents buyers from double dipping. If the buyer has made a successful chargeback through Paypal, does BuySafe know and therefore disallow a claim?

Google and the Problem of Fraud   Google and the Problem of Fraud

by: Hans Dreyer (VP Operations, buySAFE)

Thu Mar 23 09:57:44 2006

Great question, Pat. We avoid the situation that you describe through well coordinated communication with the sellers whose items we bond. Prior to paying a claim to a buyer, we notify the seller of the amount and payee so that they can compare it to any funds already debited from their PayPal account. Additionally, we include a letter with all reimbursement checks, which states that, by cashing the check, the recipient has not already been paid by any other source. Thanks.

Google and the Problem of Fraud   Google and the Problem of Fraud

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