Trading cryptocurrencies, especially USDT, is becoming more and more popular. However, scammers take advantage of this opportunity to carry out scams to steal your assets. Below are common scams and detailed ways to avoid them.
Common Scams
Fake Payment Receipt
Trick: The scammer sends you a fake bank transfer receipt, making you believe that they have successfully completed the transaction. These receipts can be elaborately crafted, looking exactly like the real receipt with the bank logo, time, and transaction code. The scammer asks you to release the USDT before you can check your bank account. Once you release the USDT, you will find that no money has actually been transferred to your account.
How to avoid: Always check your bank account and confirm that the funds have been deposited before releasing USDT. Never rely on the bank receipt provided by the scammer. Ask your trading partner to wait until the funds are actually in the account.
Fake Accounts & IDs
Trick: Fraudsters create multiple fake accounts on trading platforms using fake IDs, or even hire someone to act as their alias. These accounts often have information and profiles that appear to be valid and trustworthy, in order to trick you into thinking they are real users. Fraudsters will build trust by trading small amounts to reassure you, and then they will make large trades to steal your USDT.
How to avoid: Carefully check the trading profile of the counterparty, consider the number of transactions, the time of operation and the reviews from other users. Only trade with people who have verified their identity and have a good reputation, especially those accounts with a long trading history.
Attractive Price To Seduce
Tricks: Scammers offer higher buy/sell prices than the market to attract you to trade. For example, if the market price is 1 USDT = 24,000 VND, scammers may offer 25,000 VND, which will attract you. When you make a trade, they will try to scam you by not transferring money or disappearing immediately after receiving USDT.
How to avoid: Before entering into any transaction, carefully check the market price and be wary of unusually high or low prices. If the price is significantly different from the general price, it may be a sign of a scam.
A Detailed Guide to Protecting Your Assets
Trade Only With Verified People
Details: Major trading platforms often provide identity verification (KYC) features to protect users. Only trade with users who have passed identity verification and have positive reviews from previous transactions. Choosing a reputable trading partner will help you avoid risks from scammers.
How to do it: Before trading, carefully check the partner's profile and history. Prioritize users who have many successful transactions and receive positive feedback from the community.
Wait for Payment Confirmation Before Releasing USDT
Details: Many scammers will try to rush you into releasing your USDT before you have time to double-check the payment. Always make sure you check your bank account and confirm the transaction is complete. Never release your USDT based solely on a remittance receipt or any notification from your trading partner.
How to do it: Always stick to the principle of “only release USDT when money is in the account.” If the transaction has not appeared in your account, do not release USDT even if the partner urges you.
Using Margin Feature on Binance
Details: Binance and other major exchanges often offer escrow services, which ensure both parties fulfill their commitments before the assets are released. This service helps protect you from the risk of being scammed by holding your assets until payment is completed.
How to do it: When making a trade, choose the margin option of Binance or the trading platform you are using. This helps you keep your assets safe until both parties agree to complete the trade.
Report Suspicious Activity and Stay Vigilant
Report Suspicious Behavior to Binance
Details: If you encounter any suspicious activity or realize you have been scammed, please contact Binance customer support or the platform you are using to report it immediately. These reports will help the platform verify and handle it promptly, preventing scammers from scamming others.
How to do it: Use the “report user” feature or contact the platform directly via its support channel. Provide complete information about the trading partner and evidence for easy verification by the platform.
Always Be Vigilant In Transactions
Details: Never be complacent when trading cryptocurrencies, especially with people you don't know. Stay vigilant and follow asset protection principles to minimize risks. Always be prepared to check the partner's information and don't be swayed by attractive offers.
How to do it: Make it a habit to check your partners, confirm payments, and use escrow services. Vigilance and discipline are key to protecting your assets from scammers.
The above steps will help you better protect your USDT assets. Always be vigilant and take safety measures in every transaction.
