I always try to deal with traders who are professional and have good rating and trading history to avoid wastage of time dealing with issues arising from newbie dealers. I kinda predicted this kind of issues as well and have been exchanging without any issues but still want to ask if it's still risky if I continue using p2p exchanges and deal with traders who are professional and have a good and long trade history?
I wasn't aware about CK so also thanks for that @OP.
Topic: A new risk has surfaced in p2p trading, beware and stay safe! (Read 511 times)
Till now I was using Wazirx. So its time for me to leave it and trade in this forum with a trusted user. Thanks for posting this information in the forum. I had once traded via hiribi.com and the deal went ok. I think I need to use that again for trading btc with paypal.
I consider WazirX to be safe and sound since I am using it from a long time. I don't think it will be risky to use WazirX.Besides that, paypal is riskier since the person has the capability to revert the amount back to his account.
To be on the safer side it's better if we transact a lower amount. I have never transacted over 5000rs on WazirX. Hence never actually faced an issue, neither with banks nor WazirX.
Till now I was using Wazirx. So its time for me to leave it and trade in this forum with a trusted user. Thanks for posting this information in the forum. I had once traded via hiribi.com and the deal went ok. I think I need to use that again for trading btc with paypal.
Hiribi seems scammy to me, they are buying at way above market price.
This is nothing new. I was sent fraudulent citris cash funds and even after I filed an FIR, I couldn't get my money back. Here sending money from fraudulent bank accounts means the hackers are risking such a huge fraud so it would be for money in lakhs. But since the receiver also is falling in trouble, it's dangerous to receive such money as you can also look like the perpetrator.
Are authorities okay with knowing that those funds were for selling of BTC?
Till now I was using Wazirx. So its time for me to leave it and trade in this forum with a trusted user. Thanks for posting this information in the forum. I had once traded via hiribi.com and the deal went ok. I think I need to use that again for trading btc with paypal.
You must check users review here https://bitcointalk.org/index.php?topic=1766844.360 before using hiribi.com
Most users complaining of their paypal getting limited for receiving funds from hiribi
Till now I was using Wazirx. So its time for me to leave it and trade in this forum with a trusted user. Thanks for posting this information in the forum. I had once traded via hiribi.com and the deal went ok. I think I need to use that again for trading btc with paypal.
Yes the same experiences to happen to me in one of the big p2p exchange site, so we have to be careful before going to do any deals in p2p exchange, we have to cross check the seller or buyer full details with their proof.
Absolutely and Localbitcoins have provisions for that. 
Yes the same experiences to happen to me in one of the big p2p exchange site, so we have to be careful before going to do any deals in p2p exchange, we have to cross check the seller or buyer full details with their proof.
Paypal is reversible so don't trade unless you personally knows that person.
LBC is safe as long as you are trading with verified trader and get the identity verified with the name of the bank account.
I know and I deal with people who are known to me since 5+ years. LBC can be tricked too as people can submit fake IDs like it happened with Paytm.
Paypal is reversible so don't trade unless you personally knows that person.
LBC is safe as long as you are trading with verified trader and get the identity verified with the name of the bank account.
I know and I deal with people who are known to me since 5+ years. LBC can be tricked too as people can submit fake IDs like it happened with Paytm.
I have been using localbitcoins since a long time now. And by God's grace, never faced any such issues! But what local exchange do you prefer to cash out ypur bitcoins?? I have never used anything other than LBC, so a recommendation will be helpful!
I am seriously thinking of leaving LBC now due to such risks! Also I am wondering how an Indian crypto exchange is still operating their business banking accounts in India even after the RBI ban on crypto businesses!
Currently I am using PayPal only and dealing with my trusted dealer/friend and am waiting to see the RBI case result. I don't trust LBC at all as you never know which user can cheat you.
LBC is safe as long as you are trading with verified trader and get the identity verified with the name of the bank account.
I have been using localbitcoins since a long time now. And by God's grace, never faced any such issues! But what local exchange do you prefer to cash out ypur bitcoins?? I have never used anything other than LBC, so a recommendation will be helpful!
I am seriously thinking of leaving LBC now due to such risks! Also I am wondering how an Indian crypto exchange is still operating their business banking accounts in India even after the RBI ban on crypto businesses!
Currently I am using PayPal only and dealing with my trusted dealer/friend and am waiting to see the RBI case result. I don't trust LBC at all as you never know which user can cheat you.
Yes! And the worst part is that you won't know it immediately! While you are happy that you have received the money against your bitcoin and released the escrow, probably you will get a police visit on the next day or so! In the meantime, hacker are getting away with your bitcoin. It's better to look the reputation of the trader first!
You must be aware of escrow.ms case so it's really too risky to even deal with reputed users. Those users may have also received hacked funds and will forward it to you. That's why I always dealt with Indian exchanges that sent money through their bank accounts rather than private individuals whose source of money is unknown. I got a call immediately from citrus when this happened to me so it doesn't take long.
I have been using localbitcoins since a long time now. And by God's grace, never faced any such issues! But what local exchange do you prefer to cash out ypur bitcoins?? I have never used anything other than LBC, so a recommendation will be helpful!
I am seriously thinking of leaving LBC now due to such risks! Also I am wondering how an Indian crypto exchange is still operating their business banking accounts in India even after the RBI ban on crypto businesses!
Better safe than sorry.P2p is even more risky as you dont know who you are dealing with.
Yes! And the worst part is that you won't know it immediately! While you are happy that you have received the money against your bitcoin and released the escrow, probably you will get a police visit on the next day or so! In the meantime, hacker are getting away with your bitcoin. It's better to look the reputation of the trader first!
You must be aware of escrow.ms case so it's really too risky to even deal with reputed users. Those users may have also received hacked funds and will forward it to you. That's why I always dealt with Indian exchanges that sent money through their bank accounts rather than private individuals whose source of money is unknown. I got a call immediately from citrus when this happened to me so it doesn't take long.
This is nothing new. I was sent fraudulent citris cash funds and even after I filed an FIR, I couldn't get my money back. Here sending money from fraudulent bank accounts means the hackers are risking such a huge fraud so it would be for money in lakhs. But since the receiver also is falling in trouble, it's dangerous to receive such money as you can also look like the perpetrator.
Yes! And the worst part is that you won't know it immediately! While you are happy that you have received the money against your bitcoin and released the escrow, probably you will get a police visit on the next day or so! In the meantime, hacker are getting away with your bitcoin. It's better to look the reputation of the trader first!
This is nothing new. I was sent fraudulent citris cash funds and even after I filed an FIR, I couldn't get my money back. Here sending money from fraudulent bank accounts means the hackers are risking such a huge fraud so it would be for money in lakhs. But since the receiver also is falling in trouble, it's dangerous to receive such money as you can also look like the perpetrator.
there is a glitch in Paytm which few hackers or carders are using to scam on locabitcoins
these are:
https://localbitcoins.com/accounts/profile/singghost93/
https://localbitcoins.com/p/JAINPRAMOD/
https://localbitcoins.com/accounts/profile/vatanmishra290393/
pls be careful of these. Few have been reported and few not.
But how you know them? Do you had trade with them earlier or someone who knew got scammed?these are:
https://localbitcoins.com/accounts/profile/singghost93/
https://localbitcoins.com/p/JAINPRAMOD/
https://localbitcoins.com/accounts/profile/vatanmishra290393/
pls be careful of these. Few have been reported and few not.
Chances of scam through localbitcoin is none because there is escrow in process.
there is a glitch in Paytm which few hackers or carders are using to scam on locabitcoins
these are:
https://localbitcoins.com/accounts/profile/singghost93/
https://localbitcoins.com/p/JAINPRAMOD/
https://localbitcoins.com/accounts/profile/vatanmishra290393/
pls be careful of these. Few have been reported and few not.
these are:
https://localbitcoins.com/accounts/profile/singghost93/
https://localbitcoins.com/p/JAINPRAMOD/
https://localbitcoins.com/accounts/profile/vatanmishra290393/
pls be careful of these. Few have been reported and few not.
I think banks are closing accounts due to RBI pressure and has nothing to do with hacking. Same applies to Paytm accounts.
if the funds are from hacked accounts then the owner can first request a reversal from banks rather than directly lodging an FIR against the seller. Just a theory.
if the funds are from hacked accounts then the owner can first request a reversal from banks rather than directly lodging an FIR against the seller. Just a theory.
KYC on localbitcoins not upto the mark. If you are willing to sell your crypto in India try p2p services on local exchanges like koinex(loop) etc. Localbitcoins allowing buyers / sellers to set their own trading rules. Most sellers ask your entire verification documents and most of them will be sold in dark web. If anyone know any safe ways for a p2p trade please comment.
Like the above post mentioned even after you completing KYC you still need the bank account with the same name of the person and it is not possible to make transactions without OTP which is a good feature from Indian banks this is actually not available on most international banks even. 
Quote
The only way a bank account can be hacked is if the owner of the bank account is stupid to fall victim to social engineering or malware attacks.
Social engineering is a big word for guessing the right password based on your personal details. And there can be no way that a hacker has accessed the bank account as well as the 2FA mobile phone required to approve a transaction. And like I said, only a moron would lose both or disabled 2fa otp.
Social engineering is a big word for guessing the right password based on your personal details. And there can be no way that a hacker has accessed the bank account as well as the 2FA mobile phone required to approve a transaction. And like I said, only a moron would lose both or disabled 2fa otp.
CK guy is knowledgeable in laws and regulation but doesn't understand how "hacking" works.
Thanks for the warning! but it is possible to hack a bank account?
I am not doing trades regularly at localbitcoin but I trusted lbc's reputation for trading so I don't dig too deep while trading.
But it is possible to find out the person from localbitcoin site because they need government ID to be verified for start trading right?
I am not doing trades regularly at localbitcoin but I trusted lbc's reputation for trading so I don't dig too deep while trading.
But it is possible to find out the person from localbitcoin site because they need government ID to be verified for start trading right?
Dear fellow community members,
We all use p2p exchanges to cash out our earning but recently a new type of scam/fraud has surfaced. Hackers are using hacked bank accounts to send money to the sellers. But due to police complaints lodged against such hacked accounts, the seller's bank account is getting freezed and FIRs being lodged against them. 8-10 such cases have been reported in recent times for trades executed in localbitcoins website.
Please watch this video to get a better perspective of this incident,
https://youtu.be/sbvJ-m_4quM
Stay safe guys! Don't trade with a new trader just for getting a better price. Rather look at the ratings and number of trades before you finalize a trader to deal with.
We all use p2p exchanges to cash out our earning but recently a new type of scam/fraud has surfaced. Hackers are using hacked bank accounts to send money to the sellers. But due to police complaints lodged against such hacked accounts, the seller's bank account is getting freezed and FIRs being lodged against them. 8-10 such cases have been reported in recent times for trades executed in localbitcoins website.
Please watch this video to get a better perspective of this incident,
https://youtu.be/sbvJ-m_4quM
Stay safe guys! Don't trade with a new trader just for getting a better price. Rather look at the ratings and number of trades before you finalize a trader to deal with.
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