Scammers are becoming increasingly sophisticated in targeting P2P transactions. Here's how they typically operate:
The Transaction Appears Normal
You complete a P2P trade and receive the payment in your bank account, making everything seem fine. However, the scam is just beginning.
The Dispute Process Begins
The scammer contacts your bank, falsely claiming that the payment they made was fraudulent. They exploit vulnerabilities in the banking system to initiate a chargeback or dispute.
Bank Freezes Your Account
Without verifying your side of the story, the bank freezes your account. The scammer then pressures you to return the funds, claiming it’s the only way to resolve the issue and lift the freeze.
At this point, you might feel coerced into refunding the money, especially if your account holds more funds than what was originally sent.
This scam has already impacted many users, including some people I know, and I’ve seen similar reports on Binance. It’s important to stay informed and vigilant to avoid becoming a victim.
How to Safeguard Yourself??:
🔒 Follow these precautionary steps before engaging in a P2P trade:
Check Buyer Reputation
Ensure the buyer has at least 1,000 completed orders with a completion rate of 95% or higher. This gives you confidence in their reliability.
Read Negative Reviews
Review any negative feedback. If there are multiple complaints about scamming or suspicious behavior, avoid trading with that user.
Examine Terms and Conditions
Before finalizing the trade, take the time to read the buyer's terms and conditions carefully. This can help you avoid unpleasant surprises down the line.
If you’ve been scammed or know someone who has, please share your experience in the comments. Your story might help someone else stay safe. Stay alert and protect your funds!