Are chances of fraud very high on Binance P2P transactions ? - page 2.

tabas

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Quote from: fokinlipat on October 20, 2023, 11:16:29 PM

Quote from: _act_ on October 20, 2023, 09:21:46 AM

What that is most important is to avoid giving your identity documents to people. Those sites too can misuse your identity documents that you submitted to them.

But if you do not give identity documents in these big websites or exchanges, they will put limit or restrictions on your account. Even to do P2P transactions on Binance, some sellers and buyers demand identity documents and they will deny the deal without these documents.

I think he meant about the other end that you're trading with, the other person but not the exchange. Although it's also true that these exchanges might misuse our identities and they'd say a guarantee that all of our data are safe with them. @OP, I've seen a lot of deals in Binance P2P transactions and just as what khaled said about following the guidelines, you'll have no problem. Because there were some cases that the other end is gonna try to rush you just for you to send him the payment without even verifying that they've already sent you what you're trading to them. Don't be in a hurry there because you'll never know the new tactics of fraudsters and scammers there but yeah, the platform is legit but it can be misused and abused by these cons.

fokinlipat

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Quote from: _act_ on October 20, 2023, 09:21:46 AM

What that is most important is to avoid giving your identity documents to people. Those sites too can misuse your identity documents that you submitted to them.

But if you do not give identity documents in these big websites or exchanges, they will put limit or restrictions on your account. Even to do P2P transactions on Binance, some sellers and buyers demand identity documents and they will deny the deal without these documents.

sokani

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Quote from: fokinlipat on October 20, 2023, 09:04:57 AM

I have heard that some scammers are making fake accounts on Binance for P2P and using hacked bank accounts for transfer. If we deal with them for P2P deals, our bank accounts can also get feezed. Have you ever faced this problem on Binance ? How can we reduce the chances of getting affected by this ?

I've used the Binance P2P service and I've not had any challenges but that doesn't mean there are no scammers. A user can get his account frozen by unknowingly trading with a fraudster who's laundering money through the exchange and possibly looking for a way to hide the stolen funds by trading with innocent users. Sadly, one of the setbacks of P2P trades is that you don't know who you're transacting with and the source of the person's funds and I doubt if there's anything can be done to mitigate this risk.

I find this topic very interesting, you can read it up and get more information.

Solution to bank account frozen by cyber police due to P2P trade.

taufik123

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From the beginning Binance launched the P2P Feature I have been using it until now and no fraud has occurred.

Maybe it's just a transaction that is not processed because some sellers make the price cheaper just to attract attention,
but don't process it or the Merchant makes a price input error.

If you follow the Binance P2P guidelines correctly, there will be no chance of being scammed.
Those who are scammed are usually released immediately without seeing valid proof in the bank account whether the funds have been received or not.
Scammers will only send fake proof and urge them to be released immediately.

Whatever it is, make sure to choose a merchant with a lot of transactions with 90%-100% accuracy and a lot of positive feedback.
Those who are the best merchants will provide a fast response and will make appropriate payments.

khaled0111

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Usually, if you follow Binance p2p guidelines to the letter, you should be fine. One of the guidelines/rules is that you should not release the coins if the bank account details doesn't match with the buyer's details. The buyer's name must be the same as the name of the person who sent you the money.
Scammers always come up with new tricks. Therefore, you need to be vigilant and don't be tempted by high rates offers.

famososMuertos

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There is a great risk of being in trouble when doing P2P that includes personal data, third party accounts may be involved in money laundering crimes, for example, it happened to a friend, he was called to testify in an extortion case.

The account they used to make the transfer to their Fiat Bank account for the sale of cryptocurrencies, it received funds from a kidnapping crime, and when they tracked it down, they became involved him.

He had to go to testify and verify that it had nothing to do with the crime that was being attributed to him.

It is dangerous, if you need to sell crypto to carry Fiat Local*, it is preferable that you buy/sell to Binance, and not from a third party of verified sellers.
^{*Binance allows buying and selling and subsequently making Fiat deposits from the platform to your account, but not all countries}.

Quote from: _act_ on October 20, 2023, 09:21:46 AM

..//..::.

OP refers to P2P transactions, in reality doing KYc on Binance is already complicated, imagine giving personal data to a supposed seller on a platform that the only thing that attributes to them is something like a verified seller.

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Quote from: fokinlipat on October 20, 2023, 09:04:57 AM

I have heard that some scammers are making fake accounts on Binance for P2P and using hacked bank accounts for transfer. If we deal with them for P2P deals, our bank accounts can also get feezed. Have you ever faced this problem on Binance ? How can we reduce the chances of getting affected by this ?

Hacked bank accounts ? How ? If anyone has hacked a bank account, he would rather withdraw the money rather than spending it slowly to pay for the P2P deals. Wouldn't the original owner get notified that a transaction is made from his bank account without his knowledge Huh

Anyways. in case this happen in some part of the world, it is better to deal with verified merchants. You may find non-verified merchants rates a bit more attractive, but it is not worth taking the risk.

One more thing which i personally follow is that do not make a single big P2P deal. If you want to have a transaction of 1000 dollars (example) better do it in parts so that your capital is less exposed to risk in case any mishap happens.

CryptopreneurBrainboss

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Quote from: fokinlipat on October 20, 2023, 09:04:57 AM

I have heard that some scammers are making fake accounts on Binance for P2P and using hacked bank accounts for transfer. If we deal with them for P2P deals, our bank accounts can also get feezed. Have you ever faced this problem on Binance ? How can we reduce the chances of getting affected by this ?

I'm not a big fan of Binance when it comes to P2P so I haven't gotten this experience but since the exchange is very popular in my country, I have heard countless stories of it happening to my country men especially on twitter. Binance is very popular so there'll always be scammers looking to take advantage of newbies just registering on the exchange to trade. In addition to what others have said, I'll suggest if you must use Binance centralized P2P you should go through their guideline as they have it on their platforms and follow up what they said to avoid becoming a victim to P2P scams. You can't save yourself from receiving stolen funds but you can reduced the risk of that happening by;

Avoiding high rate sellers/buyers and only trade with verified merchants Scammers are known for using high rate to attract victims.
Avoid offline transaction, scam marchants are known for trying to take customer off the official exchange platforms then they can trade with you with stolen coins or fiats.
Avoid transaction from third party accounts, OmegaStarScream already emphasize on that.
Also don't accept payment from multiple account and report any suspicious activity to Binance exchange customer care to have evidence when the authorities comes knocking on your door.

Stolen funds will always be sent from a different account from that of the user you're trading with, so report such activities when you encounter them irrespective of the exchange you're using to trade P2P.

OmegaStarScream

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Quote from: fokinlipat on October 20, 2023, 09:04:57 AM

I have heard that some scammers are making fake accounts on Binance for P2P and using hacked bank accounts for transfer. If we deal with them for P2P deals, our bank accounts can also get feezed. Have you ever faced this problem on Binance ? How can we reduce the chances of getting affected by this ?

I would imagine that someone using the method you mentioned would get caught quickly. I mean, for how long could someone use a bank account account that's not his? Regardless though, you can try to reduce the chances of dealing with such individuals by:

1. Dealing with individuals who have a lot of feedback.
2. Merchants (because they have to go through advanced verification).
3. Refuse to deal with anyone who has a Binance account with a different name than the bank account's name. A lot sellers would ask if you're okay with them sending funds from "their partners/friends account".

_act_

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It has not happened to me, but I posted about it some weeks ago. You can read it from these link: You data is not safe on centralized exchanges

This happened in Hong Kong but it can also happen at anywhere in the world. It is an effective way to steal from someone's bank account.

What that is most important is to avoid giving your identity documents to people. Those sites too can misuse your identity documents that you submitted to them.

fokinlipat

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I have heard that some scammers are making fake accounts on Binance for P2P and using hacked bank accounts for transfer. If we deal with them for P2P deals, our bank accounts can also get feezed. Have you ever faced this problem on Binance ? How can we reduce the chances of getting affected by this ?

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