🚨Watch Out for P2P Chargeback Scams
Recently, P2P chargeback scams have been prevalent in Africa, particularly in Kenya. In these scams, fraudsters purchase cryptocurrency via P2P platforms and arrange for an unrelated third party to transfer the money through a bank, who might be either unaware or an accomplice. The seller, upon receiving the bank transfer details, releases the crypto without verifying if the P2P buyer's name matches the bank payee's name.
Subsequently, the third party initiates a chargeback, resulting in the seller losing funds.To prevent such scams, it is crucial to refuse third-party bank payments. As a P2P seller, always confirm that the buyer's name matches the payee's name on the bank side. As a P2P buyer, ensure you use only your own bank card for payments. By following these precautions, P2P transactions can become safer and more efficient.
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