P2P scams on platforms like Binance often involve manipulating the trading system to deceive users. Here's how these scams typically unfold:
1. Fake Payment Proof: Scammers send falsified proof of payment, such as edited screenshots or fake transaction IDs, to convince the victim that theyâve paid. The victim, believing the payment is legitimate, releases the cryptocurrency, only to find out later that the payment was never made.
2. Payment Reversal: After receiving the cryptocurrency, the scammer may use a stolen bank account or credit card for the payment. When the true account owner notices the unauthorized transaction, they reverse it, leaving the victim without their cryptocurrency and without the payment.
3. Impersonation: Scammers might pose as Binance support or other trusted individuals, tricking users into handing over funds or sensitive information.
4. Overpayment Scam: A scammer might overpay for the cryptocurrency and then request the excess amount to be returned. After the victim returns the extra funds, the scammer reverses the original payment, leaving the victim out of both the cryptocurrency and the returned money.
5. Fake Disputes: Scammers may initiate a fake dispute on Binance, claiming they didnât receive the cryptocurrency or alleging a problem with the transaction. This can lead to a prolonged dispute process, during which the victim may lose their funds.
đHow to Protect Yourself:
Confirm Payments: Always ensure the payment is actually in your bank account or wallet before releasing cryptocurrency.
Check User History: Review the trading history and reputation of the person youâre dealing with.
Use Escrow Services: Utilize Binanceâs escrow service, which holds the cryptocurrency until both parties confirm the transaction.
Communicate Through the Platform: Keep all communication within Binance to maintain a record in case issues arise.
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