🚨🚨🚨🚨 SCAM ALERT: Beware of P2P Scams on Binance 🚨🚨🚨🚨
Scammers are increasingly targeting peer-to-peer (P2P) transactions, exploiting vulnerabilities to defraud users. Here's an overview of the latest scam and steps to protect yourself.
How the Scam Works
1. The Setup:
You complete a P2P trade on Binance, selling your crypto and receiving payment in your bank account. Everything seems normal, and you believe the transaction was successful.
2. The Scam:
The scammer contacts your bank and files a dispute, claiming the payment was unauthorized or illegal.
Some banks, without verifying the details with you, may freeze your account.
3. The Extortion:
The scammer then contacts you, demanding repayment of the funds they initially sent. They claim this is the only way to have your account unfrozen, leveraging the fact that you likely have more funds in the frozen account than the disputed amount.
Real-World Impact
This scam has reportedly affected several individuals, with repeated cases being shared within Binance communities. Victims often feel forced to comply with the scammer's demands to regain access to their accounts.
How to Protect Yourself
Follow these three steps to minimize risk:
1. Choose Reputable Buyers:
Only transact with buyers who have completed at least 1,000 orders with a 95% or higher completion rate.
2. Review Feedback:
Carefully read negative reviews. If a buyer has been flagged as a scammer, avoid trading with them.
3. Check Terms and Conditions:
Always read the buyer's terms and conditions before proceeding with a trade.
Share Your Experience
If you or someone you know has been a victim of a P2P scam, share your story. Your experience could help prevent others from falling into the same trap.
Stay vigilant, trade safely, and protect your assets.
