P2P Scams In Pakistan & It's Solution!

P2P Scams In Pakistan & It's Solution!

This article provides a detailed look at how P2P users in Pakistan become victims of scams, along with practical security measures and a unique method to safeguard their funds. Here’s a summary and some insights based on the topics discussed:

1. How P2P Users Become Victims of Scammers:

Fake SMS Scams: Some scammers send fake payment confirmations via SMS or screenshots, tricking sellers into releasing their crypto. To avoid this, it's crucial to double-check that the payment has arrived in your bank account before marking the order as complete. Also, ensure that the payment is from the same name as on the P2P platform.

Chargeback Scams: Scammers can reverse payments made through services like JazzCash or EasyPaisa using certain codes. They might also claim to their bank that the payment was a mistake, leading to an account freeze. Sellers should wait for payments to settle in their accounts before releasing any crypto and avoid accepting payments from these platforms for larger transactions.

2. Security Measures to Avoid Scams:

Trade with Verified Merchants: Engage only with merchants who have a verified status, a high completion rate (above 98.2%), positive feedback (above 92%), and a significant number of trades (over 1,000 completed, including 100+ in the last 30 days).

Building Trust: If a merchant has proven to be trustworthy in previous trades, consider sticking with them for future transactions. This reduces the likelihood of encountering scams.

These practices help minimize the risk of falling victim to scams, but they do not fully protect against the freezing of accounts.

3. Best Method to Avoid Freezing of Funds:

A novel approach to safeguard against account freezes is using two separate bank accounts:

Two-Bank Strategy: Have one bank account (e.g., MCB) dedicated solely for receiving payments from crypto transactions, and a separate account (e.g., UBL) for personal use.

Immediate Withdrawals: When you receive payment in the MCB account, withdraw the funds from an ATM immediately before confirming the order on the P2P platform. This ensures that the amount is physically in your hands before releasing the crypto.

No Interbank Transfers: Avoid transferring funds between the two accounts (MCB and UBL). If the MCB account gets frozen due to suspicious activity, the funds in your UBL account remain untouched.

Why This Approach Works:

Isolation of Funds: Keeping funds separate ensures that if one account gets flagged or frozen, your primary savings remain unaffected.

Quick Access: Withdrawing the funds quickly reduces the risk of chargebacks or disputes affecting your bank balance.

Compliance Awareness: It’s a good idea to always be aware of the source of the funds and maintain a record of transactions to explain the nature of each transfer to your bank if needed.

This strategy is particularly beneficial in environments where bank account freezes due to money laundering concerns are a common risk. It is an extra layer of protection that goes beyond the usual advice seen in many articles.

Encouraging P2P traders to follow this method can help them protect their money and reduce the risk of encountering fraudulent transactions. Sharing this advice can raise awareness and help others in the community protect themselves from scams.

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