Key findings
Learn how to identify and avoid fake email scams to protect your sensitive information and stay safe online.
Always make sure to verify the authenticity of an email sender, stay up to date with security measures, and never release any cryptocurrency without confirming fiat payments.
Learn about the most common types of email scams that sellers face while using Binance P2P.
We certainly live in a digital age. We are all embracing technology in its new and exciting forms, but so, unfortunately, are bad actors and scammers. One of the most common scams you will come across is the fake email scam, a type of phishing attempt.
These emails are designed to trick users into releasing cryptocurrency before they have received any payment into their bank accounts.
Scammers have become more sophisticated in their methods, making it harder for people to identify and avoid these types of scams. However, with this article, you will learn exactly how to spot and avoid fake email scams and keep your personal information safe online.
How Fake P2P Email Scams Work
P2P fake email scams work by tricking users into believing they can hand over their assets to the P2P counterparty. The buyer might claim that their fiat payment is being held in escrow at Binance, for example. The scammer would ask the seller to check their email for a message that supposedly supports their claim. However, this email is actually fraudulent.
Once the seller releases the cryptocurrency, the scammer keeps the cryptocurrency and the funds (since they never made the payment). Once the seller releases the cryptocurrency, it is difficult to get it back because they have already confirmed that they received the fiat money.
The example shown above is just one of the most common methods used for P2P email scams. Being aware of the different types of scam emails out there will help you improve your security.
Four most common fake email scams and how to spot them
Release crypto
The scammer will claim that your fiat funds are safely stored in a Binance escrow service and insist that you release your coins. They might even go as far as sending a fraudulent email, falsely confirming the presence of your fiat money in a Binance escrow service, along with a threat to block your account if you don’t release the cryptocurrencies.
You can detect this attack by paying attention to:
Grammatical and spelling errors in the messages/emails you receive.
Suspicious sender addresses (e.g. @binancep2p.trade.com).
Requests for release of cryptocurrencies urgently.
Emails or messages stating that funds are in escrow and that you will receive the money after the cryptocurrency is released.
Phishing emails
These emails often include a call to action that prompts users to click on a link. However, the link will direct them to a fake website designed to closely mimic a legitimate one. Users are then pressured to enter their login credentials, which are then confiscated by the scammer.
You can detect this attack by paying attention to:
Grammatical and spelling errors in the messages/emails you receive.
Suspicious sender addresses (e.g. @gmail.com instead of the official @binance.com domain).
Links that appear harmless but lead to unexpected or fake websites.
Emails that do not include your antiphishing code
Late payment
You receive an email stating that due to a network problem the transfer will be delayed. However, you are assured that you will receive the payment within 48 hours. At the same time, the buyer pressures you to release the cryptocurrency. In fact, the payment is not delayed and has simply not been sent.
You can detect this attack by paying attention to:
Grammatical and spelling errors in the messages/emails you receive.
Suspicious sender addresses (e.g. @binancep2p.trade.com).
Requests for release of cryptocurrencies urgently.
Buyer warnings about network congestion or other possible delays.
CS or Tech Support Scams
Scammers claim to be Binance support agents, who inform users about issues with their devices and offer assistance. However, the process often involves granting the scammer remote access or providing sensitive information that can be misused.
You can detect this attack by paying attention to:
Unsolicited offers of technical support.
Requests for remote access to your device.
Support payment requests with unusual payment methods.
Attachment Scams
Fake emails can often contain malicious attachments, such as PDF or word processing files, which can infect your device with malware or viruses when opened.
You can detect this attack by paying attention to:
Unexpected or unsolicited attachments.
File names that are inconsistent or unrelated to the content of the email.
Suspicious or malicious file extensions (e.g. .exe, .js, .vbs).
Tips to protect yourself from fake email scams
Pay attention to the warning signs mentioned above and trust your instincts!
Always verify the email sender's address and the authenticity of any website you visit.
If you are unsure about an email, please contact Binance Customer Support or check out our guide on how to identify phishing emails.
Do not provide sensitive information via email or enter it on unknown websites.
Keep your devices and security software up to date to protect against the latest scams and malware.
Do not hand over any cryptocurrency as a P2P seller if you have not verified that you have already received the fiat money. You can file an appeal if you have any issues with the payment.
Please note that Binance P2P does not process fiat payments or deposit fiat currencies.
Please activate the anti-phishing code feature on your Binance account.
Stay safe by educating yourself about scams
Fake email scams can be quite convincing, but by educating yourself on their tactics, you can better protect yourself and your assets. Remember to be vigilant and always think twice before taking any action prompted by a suspicious email or person. And as always, don't hesitate to contact Binance if you have any concerns.