You've probably already read similar articles!? I assure you there will be something new here.
Protecting your crypto money is the first thing you need to do. “It’s better not to lose than not to earn”... Let's go:
Crypto-peer-to-peer (P2P) transactions are a blast 🔥 and have become super popular due to their convenience. But, like any cool thing, there are also pitfalls. Let's figure out how to avoid falling into the trap.
Can you be scammed using P2P transfers?
Honestly? Yes they can. Crypto scammers are real virtuosos. They know how to disguise themselves as respectable sellers and can fool you so much that you won’t even notice. But knowing how they work, you can avoid most problems.
How does P2P crypto scam work?
The main trick of scammers is to play on the trust and anonymity of P2P transactions. They use different methods to scam you out of money or personal information. Knowledge is power and by understanding their tricks you will be prepared for any situation.
Proof of Payment Fraud
Fraudsters may fake payment screenshots and pressure you to release funds without verification. Never rely on screenshots alone! Always check your bank account or e-wallet. 💡
SMS fraud
This is when you receive fake SMS from supposedly banks or wallets. Never trust such messages! Check everything through the official website or application of your bank. 📱
How to avoid payment confirmation scams:
1. Always check your bank account or wallet.
2. Do not give in to pressure from the counterparty.
3. Check funds directly, not via SMS.
Chargeback Fraud
Fraudsters initiate chargebacks after receiving them. For example, they can use third-party accounts for payments, making it easier to cancel transactions.
Protection Tips:
1. Check that the buyer's name matches the name on the payment details.
2. Avoid payments from third accounts.
3. If someone offers to pay by check, this is a red flag 🚩.
Man-in-the-middle (MitM) fraud
In this case, the scammer poses as a reputable seller and contacts you through external channels such as Telegram or WhatsApp. The victim transfers funds to the scammer's account without knowing about the deception.
How to avoid:
1. Communicate only within the P2P platform.
2. Never agree to transactions outside the platform.
3. Check your bank account details within the platform.
4. Do not trust offers or information received through external channels. 🕵️
Triangle Fraud
Here two scammers work together to create confusion and trick you into releasing funds without verification.
How to avoid:
1. Confirm receipt of all funds before releasing assets.
2. Be careful with the proof of payment provided.
Crypto exchange platform
Fraudsters may pose as crypto exchange employees and contact you through unofficial channels, asking for personal information.
Protection Tips:
1. The platform will never ask you to complete a P2P transaction via email.
2. Don't share personal information in chat.
3. Check official channels for confirmation.
Conclusion
P2P transactions are convenient, but it's important to be careful. By being aware of common scams and following security tips, you can protect your money and assets. Be vigilant, be skeptical of suspicious offers and always check transactions and payment receipts.
So if an offer seems too good to be true, it probably is. Follow these tips to avoid falling victim to crypto scams and protect your investment. 🚀💼
