Peer-to-Peer (P2P) trading on Binance has become one of the most popular ways for users to buy and sell cryptocurrencies directly. However, despite its convenience, users should also be aware of various types of fraud that may occur during the transaction process. This article will discuss ways to stay SAFU (safe) when using the P2P feature on the Binance app and avoid common scams that often occur.
What is STAY SAFU?
STAY SAFU is an initiative initiated by Binance to educate users about security in the cryptocurrency world. SAFU stands for Secure Asset Fund for Users, which also refers to Binance’s emergency fund used to protect users from various security risks. In the context of P2P, “Stay SAFU” means maintaining security during transactions by understanding potential risks and avoiding fraudulent traps.
Common Types of Scams on Binance P2P
Here are some common types of scams to watch out for when using the P2P feature on Binance:
1. Fake Payment Fraud
This is one of the most common scams in P2P trading. In this scam, the fraudster will send fake proof of payment or claim to have paid you, when in fact the funds have not been sent.
• How to Avoid: Always check your bank account or digital wallet directly to make sure payment has been received before releasing cryptocurrency from escrow. Don’t just rely on screenshots or messages sent by the seller or buyer.
2. Payment Requests Outside the Platform
Some scammers may try to convince you to complete a transaction outside of the Binance platform for reasons such as “lower fees” or “faster processing.” They may try to communicate via social media platforms, WhatsApp, or email.
• How to Avoid: Always use the Binance platform for all communications and transactions. Binance provides escrow that will hold cryptocurrency until payment is confirmed, ensuring the security of the transaction. If anyone asks you to make a transaction outside the platform, it is a sign of a scam.
3. Overpayment Scam
In this scheme, the buyer will send you an amount greater than the agreed price and ask you to return the excess. This can be a scam involving payment using an unauthorized method, such as using a stolen account.
• How to Avoid: Never refund funds claimed as overpayment without further verification. If an overpayment occurs, immediately report it to Binance via Customer Service for assistance.
4. Phishing
Scammers will try to imitate the Binance interface or send fake emails to steal your personal information and account logins. This can happen through fake emails, links, or websites that look like Binance.
• How to Avoid: Never enter your login information on an unofficial or suspicious-looking site. Always check the URL before logging in and use 2FA (Two-Factor Authentication) to protect your account from unauthorized access.
5. Chargeback Scam (Payment Cancellation)
This scam occurs when a buyer makes a transaction using a payment method such as a credit card or certain payment services, then submits a chargeback request after receiving the cryptocurrency. In this way, they try to cancel the payment after the transaction is complete.
• How to Avoid: Use a secure, non-reversible payment method, such as a direct bank transfer. If using a service that supports chargebacks, make sure the buyer has a good reputation and do a more thorough check.
6. Fake Escrow Scam (Escrow Palsu)
Scammers may pretend to be a “neutral” third party and offer a fake escrow service outside of Binance to secure transactions. They will convince both parties to entrust crypto or funds to them, then run away with the funds.
• How to Avoid: Only use Binance’s official escrow service. Binance automatically provides escrow for every P2P transaction on its platform. Never trust any third party offering escrow outside of the Binance platform.
How to Stay Safe When Trading P2P on Binance
Here are some important tips you can follow to stay safe while trading on the Binance P2P platform:
1. Use Sellers or Buyers with Good Reputations
• Before starting a transaction, make sure to always check the reputation and number of transactions of the seller or buyer.
• Choose users with high ratings and a large transaction history.
• You can view a user's reputation on the Binance P2P platform based on feedback from other users, which gives an indication of their reliability.
2. Make Sure Funds Are Received Before Releasing Crypto
• If you are selling crypto, make sure the funds have actually reached your bank account or digital wallet before releasing the crypto from escrow.
• Don't just rely on screenshots or buyers' claims that they have paid.
3. Use In-App Communication
• Avoid communicating outside the Binance app with sellers or buyers. All conversations related to transactions should be conducted within the app so that Binance can monitor the activity.
• If there is a dispute, Binance can refer to this conversation to resolve the issue.
4. Aktifkan Two-Factor Authentication (2FA)
• Make sure you always enable Two-Factor Authentication (2FA) to add an extra layer of security to your Binance account. With 2FA, every time you log in or make a transaction, you will be required to enter an additional verification code sent to your device.
5. Avoid Phishing
• Never click on suspicious links or give your login information to anyone.
• Make sure you only log in via the official Binance app or website with the binance.com domain.
6. Report Suspicious Activity
• If you suspect fraudulent activity or feel you have been a victim of fraud, contact Binance Customer Service immediately and report the issue. Binance has a customer support team available 24/7 to assist users with security-related issues.
Conclusion
P2P trading on Binance offers users the convenience and flexibility to buy and sell cryptocurrencies for their local currency. However, as with any online transaction, security should be a top priority. By understanding the common types of scams and following the safety measures outlined above, you can protect yourself and stay SAFU when trading on Binance’s P2P platform.
Never hesitate to report suspicious activity and make sure to always trade with trusted users. Stay alert and careful to keep your trading experience smooth and safe.