P2P Scams in Pakistan & Solutions

1. How P2P Users Fall for Scams:

Fake Payment Scams: Scammers send fake SMS or screenshots of payments to trick sellers into releasing their crypto. Always confirm the payment is in your bank account before marking an order as complete.

Chargeback Scams: Scammers may reverse payments made via JazzCash or EasyPaisa or claim the transaction was a mistake, causing your account to freeze. Wait for payments to fully clear before releasing crypto and avoid large transactions on these platforms.

2. Security Tips to Avoid Scams:

Trade with Verified Merchants: Only trade with verified merchants with a high completion rate (above 98.2%), good feedback (above 92%), and a significant number of trades (1,000+ trades, including 100+ in the last month).

Build Trust: Stick with merchants you trust to reduce the risk of being scammed.

3. Best Method to Avoid Account Freezes:

Use Two Bank Accounts:

Use one account (e.g., MCB) just for crypto transactions and another (e.g., UBL) for personal use.

Withdraw funds from the crypto account quickly before confirming the order to ensure you have the money before releasing crypto.

Avoid transferring funds between these two accounts to protect your savings if one account gets frozen.

Why This Works:

Separate Funds: Keeps your personal money safe if one account gets frozen.

Quick Withdrawals: Reduces the risk of chargebacks or disputes.

Track Transactions: Keep a record of your transactions to explain them to your bank if needed.

Following these steps can help protect P2P users from scams and frozen accounts.

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