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Scam schemes in the P2P trading

P2P trading is successful because of its convenience and simplicity. However, as this popularity grows, so does the number of fraudsters (scammers) who will willingly deceive others for personal gain. They often manipulate people to get money or other valuable resources (such as personal data). In the world of P2P trading, fraudsters can be particularly dangerous because they use the trust and anonymity of the platform to commit fraud.


What are the most common scam schemes?

1. Fake payment receipts and/or SMS messages.

Such a scheme is quite common. The counterparty notes that he has done his part of the deal and made the payment. He even sends you a payment receipt with the date, time and amount of the transfer (fake, of course) to confirm the "fulfillment of the deal". At the same time, the counterparty can emphasize that the funds will arrive later, and you can confirm your part of the deal. In addition, the scammer can also send a fake SMS message about a money transfer. We recommend that you check the balance of your payment system and make sure that the funds have really been credited. Otherwise, you do not need to confirm the deal. If the counterparty pressures you and demands that you confirm the deal, contact technical support.


2. Making payment outside the exchange/platform.

A seller offers a product or service on a P2P platform, but asks you to pay via a third-party app or website, claiming it's more convenient, safer, or more profitable. After making the payment, the seller disappears, and you are left with nothing. In this case, even the technical support of the P2P platform will not be able to help in solving the issue, since the "deal" was done outside the service. Any P2P transfers must only be made on the P2P platform itself.


3. Incorrect amount and/or currency of the transfer.

This scheme is counted on your inattention. For example, the buyer should send you $28,100, and you receive $2,810. In a hurry, you do not notice this and confirm the deal. Another situation: you are waiting for a transfer of $1,000, but you receive ₴1,000. Check not only the correct amount of the transfer, but also the appropriate currency. And it is better to check the balance of your payment system one more time, and then confirm the deal.


4. Fraudster's request for a chargeback (refund).

After a successful transaction, the fraudster calls the bank and complains that he was deceived and wants his money back. The bank, in turn, calls you to find out if you are ready to return the funds. You do not need to confirm such a transfer, because you will lose both the cryptocurrency that you have already sent and the money that the fraudster is trying to get back.


5. Fake support service.

You receive a message from support that allegedly fraudulent activity has been detected in your account and therefore it needs to be checked urgently. In order to "go through the check", you are offered to follow the link in the email. It is not necessary to do this, because, firstly, the support service will not write to you first, and, secondly, when you click on the link, the fraudsters will gain access to your account and/or personal data.


How not to become a victim of a scam during P2P trading?

1. Use only trusted P2P platforms, such as Binance P2P. This safe and secure platform offers more than 100 payment methods, one of which is the Any.Cash wallet.

2. Pay attention to the seller's rating, the percentage of positive reviews and completed orders, etc.

3. Do not send funds until you are sure that the counterparty has actually fulfilled its part of the deal.

4. Do not agree to any payment transactions outside the P2P platform.

5. Do not follow links to "verified" counterparty services for transferring funds.

6. Check the transfer of funds to your payment system (check the balance of your card, wallet, etc.). A receipt and an SMS message from the counterparty are not enough.

7. Keep calm and ignore the urgency of the counterparty. Even if the transfer is really delayed, it is better to wait until the funds are credited than to confirm the transaction and lose everything.