The Rise of P2P Scams: How to Protect Yourself from Fraudulent Activities‼️‼️‼️‼️‼️
P2P fraud losses reached an estimated $1.7 billion in 2022, a 90% increase over 2021. Cases at four large US banks increased by $165 million between 2021 and 2022.
Common Types of P2P Scams:
1. Phishing Scams: Scammers pose as legitimate buyers or sellers, tricking victims into revealing sensitive information.
2. Chargeback Scams: Buyers dispute transactions, claiming they didn't receive goods or services, and receive a refund.
3. Advance Fee Scams: Victims pay a fee for a service or product that is never delivered.
4. Investment Scams: Fraudsters promise unusually high returns on investments, but the investment is either non-existent or worthless.
Red Flags:
- Unusual or generic usernames
- Poor profile completion
- Low reputation scores
- Urgency to complete the trade quickly
- Unwillingness to provide necessary verification
Protection Strategies:
- Verify profiles and reputation thoroughly
- Use official escrow services
- Set clear trade terms and conditions
- Be cautious of unusually high or low prices
- Never share personal payment information
- Keep personal information private
- Research the platform and user before trading
Conclusion:
P2P scams are a serious threat to online traders and investors. By understanding the tactics employed by scammers and implementing the strategies outlined in this article, you can significantly reduce the risk of falling victim to these fraudulent activities. Stay vigilant, trade safely, and remember: security is everyone's responsibility.
