![]() They may even claim that the transaction was fraudulent or made by mistake, so that the initial payment gets reversed. Once the P2P transaction is completed, the criminal will file a chargeback request and report that they’ve never authorized the fund transfer. Chargeback fraudįraudsters can also take advantage of the chargeback feature with the banks on P2P platforms. To combat this kind of scam, don’t be intimidated by these scare tactics and calmly gather evidence, such as screenshots, of your correspondence and transaction with the criminal. In this scenario, not only does the seller lose their funds after releasing the crypto, but they can also be threatened to not report the canceled transaction to the authorities. The scammer might call their bank to cancel the transaction by claiming that the transfer amount is wrong or that their account was hacked. ![]() Sometimes a scammer may attempt to void the P2P transaction after it’s been completed. ![]() Never release funds based on receipts only. To avoid falling for a fake receipt scam, always make sure to carefully check your bank account or crypto wallet to confirm that you’ve indeed received the funds that are supposed to come your way from a P2P trade. Once you comply with the scammer's demands without actually checking if you’ve received the funds they had supposedly sent, you will likely lose your money with slim chances of getting anything in return. Scammers can digitally manipulate screenshots and claim they’ve completed their part of the deal – pressuring you to do the same. It’s also essential to closely check the information sent to you by the counterparty when engaging in a P2P trade. Don’t click on unknown links before you have verified the source. Some scammers may send you fake security alerts regarding your account via email or text message, but the tactics are the same. To avoid falling for such scams, only seek assistance from the official P2P exchange and double-check the website domain. The fake customer support agent can then redirect you to a site that looks identical to the genuine one, and convince you to enter your account details or crypto wallet credentials, leaving them vulnerable to theft. For example, if you’re having technical difficulties on an established P2P platform and ask for assistance on a social media platform, a scammer might claim to represent the P2P exchange and offer their help. Fake customer representativeįake technical support messages are a common scam in the crypto and NFT space. Below are some common P2P scams you should be aware of. The best protection for users of any P2P trading platform is to be aware of the most common scam tactics, so that you can better equip yourself to avoid them. While user safety is Binance’s priority, it’s always worth being vigilant. What Are Some Common P2P Fraud and Scams? However, even with robust safeguards in place, all trading activity comes with risks, and P2P is no exception. For example, Binance P2P has implemented an escrow service, regular security updates, a stringent identity verification process, among other measures to keep users safe. While older P2P exchanges came with higher risks of thefts and scams, many current P2P trading platforms have greatly improved their security compared to earlier versions. Trusted by millions of users worldwide, Binance P2P offers the best liquidity, top-of-the-line security, and access to over 700 payment methods and 100 fiat currencies. Historically, P2P trading was one of the first ways people could trade crypto before first centralized exchanges emerged. Peer-to-peer (P2P) trading lets users buy and sell crypto directly between each other using their preferred payment methods and currencies. Keep on reading to learn how to spot common scam and fraud schemes on P2P marketplaces to always trade safely and securely. And don’t hesitate to report any suspicious behavior. When you trade peer-to-peer, it is important to be aware of the most common scam tactics to be able to recognize them.ĭon’t mark the trade as complete before you’ve made sure to check your account or crypto wallet and confirm that you’ve received the funds that are supposed to come your way from a P2P trade.Īlways take screenshots of all your transactions as proof that they were completed. Still, the first line of defense against fraud and scams is the user themselves. User protection being Binance’s utmost priority, we’ve implemented complex and robust security measures across our ecosystem.
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