A P2P (peer-to-peer) scam refers to fraudulent activities carried out on peer-to-peer platforms where individuals can trade, lend, or exchange goods or services directly with one another, often bypassing intermediaries. These scams typically exploit trust-based systems, and they can occur on a variety of platforms, including those used for financial transactions, cryptocurrency trading, or even marketplaces for goods and services.
Here are some common types of P2P scams:
Cryptocurrency Scams: On P2P cryptocurrency exchanges, scammers might promise to buy or sell digital currencies but either fail to pay after receiving the assets or trick victims into sending money without delivering the agreed-upon currency.
Fraudulent Transactions: In P2P payment apps (like Venmo, PayPal, or Zelle), scammers may trick users into sending money for products or services that don’t exist, or use stolen credit cards to initiate payments that later get reversed, leaving the victim without their money.
Fake Listings or Goods: On P2P marketplaces like Craigslist or Facebook Marketplace, scammers may advertise fake goods or rentals. Once they receive payment or a deposit, they disappear, leaving the buyer without the promised product or service.
Loan Scams: In P2P lending platforms, scammers may pose as borrowers, soliciting loans with no intention of repaying, leaving lenders with financial losses.
Social Engineering: Scammers often employ tactics like impersonation or emotional manipulation, convincing users to send money through P2P platforms based on fabricated stories (such as a fake emergency or urgent need).
Fake Investment Opportunities: Fraudsters may promise high returns on P2P investment platforms, encouraging victims to invest money that they will never see again, often part of Ponzi or pyramid schemes.
To avoid P2P scams, users should be cautious of suspicious offers, avoid transacting with unknown parties without verification, and use platforms that have built-in fraud protection mechanisms.