P2P trading is a popular form of trading in the crypto market because it only requires a bank transfer. However, there are many cases where some of us when conducting P2P trading on Binance are scammed by bad traders, causing us to lose money with no way to get it back, the following are the forms P2P scams are common on Binance that sellers, buyers, and even traders using Binance should know to avoid!
I/ COMMON FORMS OF P2P FRAUD 1. Fraud using photoshop
This is a P2P scam on Binance that both buyers and sellers encounter, especially those new to P2P who do not have much experience.
For example: The buyer/seller places an order to buy/sell coins via P2P, then photoshops the photo of the successful transfer, clicks "confirm transfer, notify seller" then sends a message to the seller and confirms the transfer. Urging the seller to quickly unlock the coins for them.
The sellers now see the photo of a successful transfer from the buyer/seller, thinking they have already transferred money but do not check whether their bank account has money or not, but quickly unlock the coin and click on it. “PAYMENT RECEIVED”. So the seller lost money due to his negligence. The way to avoid this form of fraud is to carefully check your account
2/ Fix the selling price The seller sets a selling price that is quite cheap compared to the general level so that the buyer can click to buy, however the seller may have "set a BOT to adjust the price" making the selling price higher at that time without the buyer noticing. Pay attention then transfer money and complete payment. The next time you look at the incorrect amount, the transaction has already been completed. For example, initially you see the price is 23,000 VND/usdt, but when you complete the transfer, the price you have to pay increases to 30,000 VND/usdt.
To solve this problem, you should not rush to transfer money immediately, but when reviewing the transfer information and the amount, you need to recalculate to see if they match. If you have already transferred money and completed the purchase order, you should report it to the chat box and contact Binance support staff to block the fraudulent account.
3/ Fraud and threats of dirty money This is probably the form that most people encounter, because I see that most groups have people complaining about this problem. It is possible to trade a large amount of money, about $5,000 or more. At this time, dirty traders send private messages threatening that it is dirty money, then lure the seller to other platforms and ask for information. Private information such as cccd, video call, statement, etc. then enticed that the payment has been completed so that they can report it to the police to resolve it, then lose everything. Or maybe more sophisticated than impersonating Binance employees to commit fraud. To avoid this scam, if the amount is large, you should do a reputable OTC transaction or divide the amount into small parts for trading.
4/ Seduce buyers to cancel orders
This is another scam when trading P2P on Binance, this method is often exploited by sellers to scam money from buyers who are new to P2P. Specifically, the buyer placed a buy order and transferred the money but was tempted to cancel the order like giving away more coins, something wrong, etc.
The buyer at this time is gullible and listens to the seller's words and then the seller receives the money and dives right away. With this form, even if you sue Binance, they will not be able to resolve it!
To avoid this problem, you must not cancel the order according to the seller's instructions and all P2P transactions need to go through Binance to be resolved. Remember to take a screenshot of the successful transfer with the correct order book as proof if The seller does not unlock the coins for you.
5/ Loss of money due to incorrect transfer content. This form is not necessarily considered a scam because in the buying/selling section, Binance has clearly instructed and recorded it, so it is the buyer's fault.
Specifically, when trading P2P, the buyer only needs to note the transfer content according to the order book and the order will be executed. However, there are subjective buyers who do not read the instructions, just transfer money without the order book content or write down buying USDT, buying Bitcoin, buying some coin... In general, in this case, the seller may not Return the money because you violated the regulations when trading P2P and buying/selling crypto is an activity not protected by Vietnamese law. You can contact Binance to get the seller's phone number and ask them to transfer the money back. If you're lucky, you'll meet a sincere seller and you'll get your money back, or maybe pay a small fee for the "stupid" one. Otherwise, you'll lose everything.
6/ Place multiple buy orders at the same time
In this form, the buyer places multiple orders at the same time with the same purchase amount, but then when transferring payment, they will transfer 1 or 2 orders missing but still press "Transfer money, notify". For the seller". At this time, the seller sees the chimpanzee account continuously, thinking that the buyer has transferred enough without carefully checking again and unlocking all the coins for the buyer. Sellers should be more careful when customers place multiple buy orders at the same time with the same amount of money. Only when there is enough money that the buyer needs to transfer will it be unlocked. If they do not transfer enough money, only unlock the order books that match the transfer content you receive.
7/ Place 2 identical orders from 2 different accounts
This scam is as follows, there are 2 accounts A and B placing the same order to buy coins from the seller for the same amount. Then A transfers money to the seller (A does not confirm that he has transferred money through the app) but takes a screenshot and sends it to B, B sends a picture to the seller and B clicks on "Transfer money, notify seller" later. Then ask the seller to unlock the coin for you. The seller did not pay attention at this time, so he unlocked it for B. At this time, A clicked "Transfer money, notify seller". So when there is a dispute, A still has reason because A has already transferred money with evidence of money transfer to the seller. As for B, he hasn't transferred money yet but still has coins.
To avoid this situation, the seller needs to confirm the correct name and order book with the correct order of the transferor to unlock the coins for that correct order book.
8/ Extend the time for the order to be canceled
This is the method applied to new buyers trading P2P for the first time on Binance. At this time, the buyer does not know how to buy or sell, so he texted and asked the seller first. The seller will guide the buyer from the order placement step to the transfer step. However, to prolong the time, the seller will send a series of messages so that the buyer does not notice and does not select "Transfer money, notify seller". After 15 minutes, the order will be automatically canceled and if the buyer does not notify the seller, the money will be lost.
People new to P2P should first learn about the process of buying coins through P2P before starting to trade and practice buying and selling with small amounts first.
9/ Lack of money in transfer
This is a form that everyone has probably encountered at least once and may unfortunately be involved in. For example, the Buyer will buy coins with an amount that is difficult to remember, for example, they buy the amount of 258,375,823 but only transfer 238,375,823, only 1 number is different. If the seller didn't look carefully and clicked "Confirm", they would have lost tens of millions of dong. Or simply buy number 258,375,823 but only transfer 25,837,582, the difference is hundreds of million dong. According to Binance's regulations, if the buyer transfers a lack of money, the buyer will need to transfer the missing amount along with any additional fees to the seller. However, if the buyer does not respond or refuses to transfer more money, the seller will have to return the money to the buyer, so the buyer dares to do so. To avoid this, you must look carefully at the number before clicking confirm because if they accidentally click confirm, they may lose money when Binance cannot resolve the dispute.
10/ Misinformation This is a form of fraud that buyers need to pay attention to when conducting P2P transactions on Binance because this form of fraud is very sophisticated. Specifically, the seller will confuse you when the seller's bank account/card number information in the "Payment to seller" section is different from the transfer information notes section. That means there will be 2 different account numbers with the same name and if you transfer it to the wrong account in the notes/description section, the order will be considered unsuccessful while your money is still lost. To avoid this situation, you should copy the exact account number and select the beneficiary bank, confirm the correct name of the seller before transferring money. The account number information you need to transfer money to will be in the payment section as shown below
II/ A few tips when trading P2P - Choose a reputable merchant on P2P by checking the success rate and number of successful trading orders, the higher the rate and the more completed trading orders, the more reputable it is. , don't be cheap and lose both lead and fish.
- Limit buying in the evening, specifically at 11pm or when the market has strong fluctuations, traders grasp the psychology of needing money to catch the bottom or pump up to make things difficult, in addition, many banks maintain maintenance hours at night. So the money transfer will have problems. - The way to avoid fraud when trading P2P on Binance is that both buyers and sellers need to be very careful, look carefully and fully read the instructions of Binance as well as the seller before trading. Usually you just need to transfer money with the content of the order book with your name and then press notify the seller.
- If this is your first time trading P2P, you should only try trading with a small amount of money, then after you have mastered it, you can trade a large amount. - When trading with large amounts of money, you should choose the OTC trading channel or divide the order into smaller pieces to avoid causing difficulties - Need to set up safe account security, keep personal information, email address, phone number private. register. Set up only me mode for all self-introduction information on the exchange, to avoid bad guys stealing information and taking advantage of it.
- Make it a habit to take screenshots of all your major buy/sell orders as proof that they have been completed. In case of scam, screenshots serve as primary evidence and can be proven with support.
- Do not click on strange links, or scan any QR codes, do not provide personal information to any party on other social networking platforms such as Zalo, FB, etc. Because Binance staff only supports users. For use only on official websites and applications
- Do not confirm the transaction until you are sure you have received the money into your account. Always double check your account to confirm that the transaction was completed successfully. Also, don't trust anything provided by a partner because the images are easy to edit
