🛑 P2P Scams: Risе of P2P Trading Scams in India 🇮🇳
The rise in P2P trading has led to a surge in fraudulent activities, particularly scams involving personal and financial data misuse or promises of high profits. In July, a notable incident in Ujjain, India, involved individuals apprehended for a P2P scam related to the Binance platform, using fake accounts and documents to exploit users for a fee of 1,500 Indian rupees ($18).
P2P scammers often use fraudulent crypto-focused Telegram channels to lure users with promises of returns or airdrops, tricking them into sharing sensitive banking information. They then create P2P accounts on platforms like Binance and WazirX to execute scams, targeting sellers and disappearing with cryptocurrency after completing transactions.
Victims often report to the police, leading to frozen bank accounts linked to scams, affecting unsuspecting traders on P2P platforms. In one case, a seller faced police intervention and threats due to a $40 transaction on WazirX, despite completing a P2P transaction. Resolving these issues involves complex processes and limited access to funds, causing significant challenges and fear among victims of P2P scams.
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