Protect Yourself from Reverse Fund Scams on Binance P2P
*What is Reverse Fund Scam?*
Scammers request refunds or reversals after receiving cryptocurrency, citing:
- Non-receipt
- Incorrect payment
- Technical issues
*Red Flags:*
- Buyers seeking refunds after confirmation
- Sellers demanding refunds for "overpayment"
- Pressure for quick transactions
*Prevention Strategies:*
- Verify blockchain transactions
- Use Binance's escrow service
- Communicate via Binance chat
- Set clear payment terms
- Be cautious of urgent requests
- Verify counterparties' reputation and ratings
- Use secure payment methods (e.g., bank transfers)
*Safety Measures:*
- Document transactions and communications
- Report suspicious activity to Binance support
- Freeze assets if suspicious
- Enable two-factor authentication (2FA)
*Best Practices:*
- Trade with reputable users
- Outline clear payment terms
- Use Binance's dispute resolution process
- Stay calm and patient
*Reporting Scams:*
- Contact Binance support immediately
- Provide transaction IDs and evidence
- Report suspicious users
Stay vigilant and trade safely!
Additional resources:
- Binance P2P Trading Guide
- Crypto Security Tips
- Scam Detection and Prevention
- Binance Support Center