To answer my own question, in order worst to least concerning.
1. Card alteration.
2. Grading company incompetence. To me this is bound up with card alteration -- I believe a staggeringly high number of altered cards (by most people's definition) have made their way into holders with number grades.
3. Failure to pay.
4. Shill bidding.
5. Fake memorabilia, only b/c I don't collect, if I did would be right up there with card alteration.
EDIT TO ADD Of course these categories are not mutually exclusive. I imagine there have been many occasions when someone was shill bid on an altered card that a grading company incompetently slabbed.
Last edited by Peter_Spaeth; 08-16-2009 at 02:55 PM.
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