In Pakistan, P2P (peer-to-peer) scams in banking, especially on crypto platforms, have been on the rise. These scams involve fraudsters exploiting the flexibility of P2P exchanges to manipulate transactions and deceive users. Hereâs how these scams usually unfold:
1. Fake Payments and Receipts: Scammers trick people into releasing assets like cryptocurrency by using fake payment confirmations or manipulated screenshots. They might also reverse payments after receiving crypto, leaving you with no funds.
2. Account Blocking: In a common scam known as "bank chain disputes," scammers initiate payment reversals after trading, which leads to bank accounts being frozen. This creates significant disruption for the seller, as multiple linked accounts may be blocked.
3. Phishing and Fake Websites: Scammers may lure victims into entering their credentials on fraudulent websites, often by offering higher profits if they trade outside official P2P platforms, where thereâs no protection from escrow services.
Tips to Stay Safe:
Stick to Reputable Platforms: Only use verified P2P platforms with strong security measures and built-in escrow services to ensure funds are locked during transactions.
Avoid Off-Platform Deals: Never take deals outside the platform, even if they promise higher returns. Always complete transactions within the platform's chat and follow its guidelines.
Monitor for Red Flags: Suspicious offers, overpayments, or demands for urgency are common warning signs. Scammers often pressure victims with time-sensitive deals.
If your bank account gets blocked after a P2P transaction, immediately appeal to the platform and the bank to resolve the issue, providing all necessary documentation.
Staying vigilant and adhering to best practices can help you avoid falling victim to these scams.
