Be cautious of P2P chargeback scams. Recently, these scams have been reported in Africa, particularly in Kenya. Scammers purchase cryptocurrency through P2P platforms and arrange for an unrelated third party to transfer the money via a bank (this third party might be either unaware or an accomplice). The seller, upon receiving the bank transfer information, releases the crypto without verifying if the P2P buyer's name matches the payee's name on the bank transfer. The third party then initiates a chargeback, causing the seller to lose funds.

To prevent such scams, always refuse third-party bank payments. As a P2P seller, ensure the buyer's name matches the bank payee's name. As a P2P buyer, always use your own bank card for payments. Following these guidelines will make P2P transactions safer and smoother.

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