Topic: Be careful of scammers on p2p exchanges (Read 376 times)

Should have opted for bank transfer. That protects you from 99% of those chargeback problems.

And that guy won the dispute I assume?

Eh it was chargedback like after a week.

With all these good notifications some persons still play the dumb game and end up been scammed.

This is why it is very mandatory to always check the account balance before releasing coin, depending on the transaction receipts alone is not enough prove of payments as most banks operate 10mins - 30mins cashback policy, this is why I always go against using Paypal for any p2p transactions.

I also have some transactions on the Binance platform, most of which are transferred from other wallets to operate here. There are very few transactions in usdt\btc, and this part of the operation is very smooth.

When I usually use the P2P function, I will confirm:
1. The reputation of the merchant and the number of transactions
2. Transaction amount
3. Confirm whether my payment amount has increased by this amount
4. Put the coin after confirmation

It seems to be very easy, some people still have some episodes,

"Watch your wallet"

I had similar case couple years ago, i put BTC for sell, he made payment, ofc I was going to confirm but after few days the payment was 'chargebacked'. Crypto was sort of banned then so I did not proceed with legal as I thought that would be like beating a dead horse.

I want to share a story too, Axie Infinity has been taking over the Philippines crypto scene with a lot of people of all ages playing it. An acquaintance of mine got scammed around thousands USD worth of in-game currency called Smooth Love Potion and the scammers are getting more crafty now and more blatant because they had every measures to do prevent the possibility of scam, they have talked to the scammer with a camera on in Discord and they even have the Drivers License shown as a proof that they won't get scammed but they still got scammed.

You don't have to trust the other person on LB, you just need to be careful and not release the coins before you have received the payment, simple as that. Before getting to know a trader on LB in real life and since then dealing only with him I probably traded with 10-20 people, never have I been scammed. Open your bank app, see that the money is there, and only then release the built-in escrow.


This thing about the targeting of new accounts make me wonder what their strategy is, I mean it's not like you're approaching every new trader, you put up our offers there and you wait for a guy with a new account to bite but for that, you would need yourself to have if not just the best offer around but also an older account, and once you scam somebody that is done for. Also, if you put offers like that an experienced user might want to take advantage of this so you're either going to have to cancel the deal and get a bad review or take the loss.

I think this is more like opportunistic scamming rather than a fully targeted one, they see a chance and they try to scam knowing that they might get away with it blaming it on technicalities.

That's a good notification. Binance doesn't make claims they can't prove or verify. They are simply informing the customer that the buyer claims to have sent the payment. Before releasing the crypto, it's recommended the seller makes sure that he has received his money.

A bad notification would say that the payment has been sent by the buyer and the seller should release the coins as soon as possible. However, that is not the case here and Binance has done the job properly.   

Binance has very strict rules for verifying merchant on their peer2peer exchange, for every verify merchant must have record of transacting on other peer2peer exchange before even been listen to, plus other requirements. I have tried several to get my application approved but since I haven't traded with any records on other peer2peer sites, is kind of difficult. That been said, I believe there isn't any verified merchant that'll put his reputation at stake for fee dollars as you probably must haven't been trading much for him to want to scam you.

Now if the trader you're trading with isn't a verified merchant then it could be you were been tested which could have resulted to a scam. On a general note though, the nigerian banking system is very bad and network failure us quite common over here which also the scammers are using to their advantage as an excuse to why you haven't received your funds even though they claim to have sent it.

I have stayed 3days (weekend) before receiving the funds I transacted on Binance P2P but luckily this wasn't our first transaction so we (the buyer and me) trusted ourselves and waited on the bank to resolve the issue which they did and we completed our trade. Just to be on the safest side, I'll advice to only trader with verified merchant from binance (there's an option for that). Scammers are actively looking for gullible victims to exploit.

Adding to this

Some scammers initiate the trade and when you send them the fiat currency they keep you waiting.
Then they talk to you and persuade you to cancel the payment from your end and retry.
Many people don't know that when we send fiat to someone and then cancel the payment from our end then the trade is closed and we cannot get back that money again.

P2P exchanges also trying to deal with such scammers by implementing feedback system, response timing and they always tells the users that banking transactions are almost irreversible so they recommend it for the users and these scammers also the main reason that p2p exchanges are forced to implement KYC so they may assure that they eill be having the identity if someone involved in scamming.

This is the disadvantage thats why I hate to do p2p trade since its really hard to trust anyone over the net, thats why I always prefer to buy at exchange although sometimes the fee is high but we can call out our friends if they want to buy the same coins to lessen up the fees.

Also now this is a good learning experience to the person who almost got scam and for sure he will be more csreful next time.

If his friend actually there when the trade was happening then he might be scammed but luckily OP was there and he knows since he has experience in the cryptocurrency scammers through bitcointalk and various sources that is why OP is advising about this to newbies because not every newbie is going to have someone like OP when they are noob with such things.

It's nearly impossible to get scammed on Binance p2p with the terms and conditions bodly written on every p2p transactions and also the same message is  sent to seller as sms to notify he/her not to release any coin without confirming payment first

You Always need to be careful in this crypto market so as to ensure your funds have been transferred safely.If you are dealing in P2P transaction then you might need to be very careful as scammers might trap you into this scam very easily through various options and you would not know it until the funds are lost.Some of them include like:
1)Once you transfer the funds no response from the other party
2) Making Fake receipt by the scammers so as to deal that they have make the payment by forging the document and ask you to do the same.
3) Cancellation of transaction so as to tell you that payment is not received but it is not true.
4)Sending fiat to some other account and sharing the screenshot with you with similar information so as you can't find details easily and they get bitcoin without sending any dime.

So we must be careful about them and follow proper protocol and must have proof of the payment in screenshot form and ensure first the funds are transferred to your bank account and then send the coins or use the legit escrow service and go through that method to avoid any loss.

I haven't used the Binance DEX so I am not sure about their notification system and what exactly it says.

@Oshosondy
You said that you received a notification from Binance in which it is said that the buyer claims to have send fiat to your bank account. I assume that is an automatic notification that gets sent to sellers as soon as the buyer marks the transaction as paid.

What exactly does the Binance notification say?
Are they just informing their clients that payment has been made, or do they advise them to manually check their bank accounts to ensure payment has been made before releasing their coins? If they aren't doing the latter, it's an inadequate way to notify users, which can, as we have seen, lead to the loss of coins for those who don't know how the system works, and it needs to be changed asap.

Could we see the notification message? Feel free to cover any private info that might be in it.

This is probably one of those ambitious p2p buyers that posted a huge buying offer. I already saw some of them and posting a really different rate on binance. Of course their price are really enticing. Who would have offered a higher rate than the actual market isnt it? But this is pbably due to that they are luring newbies on their trap and once fooled they wouldnt release any money at your bank at all. Just lile what happened to OP but good thing here is youve posted it OP so many will be warned about their modus. Gonna tell you its deposited, but the best way to confirm it is open your mobile account and check it yourself if the money was really deposited.

Scammers are introducing different device to penetrate to people nowdays so to detect them currently is very difficult, more  especially in terms of exchanges via p2p,  op your right because a friend told that is been scammed via exchanges last month, then i began to wonder while people associated or indulge their self into this unbearable attitude of scam, let us take an adequate measure to protect ourselves from the hands of scammers, because this p2p transaction is inviting much people who are not trust worthy to transact with people.

I mean, yes, I got that but I was thinking of another thihng but either way, I hope his friend didn't get scammed.

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I'm not a seller in the P2P exchange but I'm pretty sure you just click the release button even if you have 2FA codes. (When I'm trading my crypto to FIAT. Is this true, OP?

Mistakenly bitcoin release can be from carelessness and lack of 2FA for Bitcoin release.

If you set up 2FA requirement for Bitcoin release action, it will be a second confirmation, a second reminder for you to check all things before you release your Bitcoin for a trade.

Without 2FA setup for Bitcoin release, you or your children can release your bitcoin in one second. In addition, bitcoin transaction is irreversible.

Choose 2FA application, not SMS code (Sim swap attack or problems to get SMS code).