🚨Peer-to-peer (P2P) traders in Pakistan are increasingly falling victim to scams, but by following certain security measures, you can safeguard your funds and avoid becoming a victim. Here’s how:
1️⃣ How Scammers Trick P2P Users:
Fake SMS Scams: Scammers send fake payment confirmations via SMS or screenshots, tricking sellers into releasing their crypto.
💡 Solution: Always verify that the payment is in your bank account before marking the transaction as complete. Ensure that the payer’s name matches the one on the P2P platform.
Chargeback Scams: Using services like JazzCash or EasyPaisa, scammers can reverse payments or claim a mistake to freeze your account.
💡 Solution: Wait for payments to settle and avoid using these platforms for larger transactions.
2️⃣ Security Measures to Avoid Scams:
Trade with Verified Merchants: Choose merchants with a verified status, completion rates above 98%, positive feedback over 92%, and a high trade volume (1,000+ trades).
Stick with Trustworthy Merchants: If a merchant has proven reliable in the past, trade with them again to reduce scam risk.
3️⃣ Two-Bank Strategy to Avoid Freezing of Funds:
Separate Bank Accounts: Use one bank account (e.g., MCB) for receiving payments from crypto transactions and another (e.g., UBL) for personal use.
Immediate Withdrawals: After receiving payment, withdraw the funds immediately before releasing the crypto on the platform. This ensures that the funds are in your possession before confirming the trade.
Avoid Interbank Transfers: Do not transfer funds between accounts. If the MCB account is flagged, your personal account (UBL) will remain untouched.
This two-bank approach ensures isolation of funds and quick access to your money while protecting your savings if your account gets frozen.
Encourage fellow traders to adopt these strategies to protect their funds and avoid scams!
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