Now how do they uses to verify their exchange account such as Binance main while before your identity could be used for verification on Binance p2p trade it should be that your bank name and your kyc details tally correctly before you could execute trade on binance, this same thing applicable to the buyer and the seller and if both details aren't complete Binace wouldn't allow such trade. At this point where and how taking account number will lead to scam each other?
You know the extent scammers can go. It is possible that some people are impersonated among the victims and asked to give them details that can be used to steal money from their bank so that they can receive their high yield investment profit. In my country, this scam is very common in a way that scammer can steal your money from the bank which is through impersonation and if you give them what they requested for, your money in your bank account would be stolen. But some people carry it to the next level of using crypto instead of doing the scam directly. 
Topic: Be careful with your identity documents and KYC - page 3. (Read 423 times)
From your explanation something seems to be unclear here.. Now let say; normally when people got involved in airdrops campaign and possible they could asked for kyc to get verified on their platform or website as the case seems to be.
Now how do they uses to verify their exchange account such as Binance main while before your identity could be used for verification on Binance p2p trade it should be that your bank name and your kyc details tally correctly before you could execute trade on binance, this same thing applicable to the buyer and the seller and if both details aren't complete Binace wouldn't allow such trade. At this point where and how taking account number will lead to scam each other?
Even though someone's account is being used Binance must request for kyc name to correspond with the account number and if that doesn't work there will be no trade, although I don't know if Binance changes the policy already.
What we must be very careful of is our Documents they can easily used them to pass kyc in some exchange. The only scam that is common with p2p is for seller to mark paid while they haven't paid and when funds are being released to them and you didn't receive alert this shows such person has been scammed.
Now how do they uses to verify their exchange account such as Binance main while before your identity could be used for verification on Binance p2p trade it should be that your bank name and your kyc details tally correctly before you could execute trade on binance, this same thing applicable to the buyer and the seller and if both details aren't complete Binace wouldn't allow such trade. At this point where and how taking account number will lead to scam each other?
Even though someone's account is being used Binance must request for kyc name to correspond with the account number and if that doesn't work there will be no trade, although I don't know if Binance changes the policy already.
What we must be very careful of is our Documents they can easily used them to pass kyc in some exchange. The only scam that is common with p2p is for seller to mark paid while they haven't paid and when funds are being released to them and you didn't receive alert this shows such person has been scammed.
How the P2P scams happen
One way P2P scammers steal user data is with the help of fake crypto-centered channels on Telegram that promise high profits or airdrops. Many gullible users looking to make a quick profit often join these channels and share their personal banking information. In many other cases, the scammer simply buys or steals the user’s personal information.
The stolen data is then used to create a P2P account on any popular P2P platform — Binance and WazriX are common in India.
The scammer then initiates a buy order on the P2P platform looking for unsuspecting sellers. Once they match with a seller, they send the money to the seller using the victim’s account. Thus, they complete the P2P transaction on the platfrom where the buyer receives the cryptocurrency and the seller receives the money in their bank account.
The buyer (scammer) then vanishes with the crypto and the victim whose bank account was used to send the money only realizes it after the money has been deducted from their bank account.
One way P2P scammers steal user data is with the help of fake crypto-centered channels on Telegram that promise high profits or airdrops. Many gullible users looking to make a quick profit often join these channels and share their personal banking information. In many other cases, the scammer simply buys or steals the user’s personal information.
The stolen data is then used to create a P2P account on any popular P2P platform — Binance and WazriX are common in India.
The scammer then initiates a buy order on the P2P platform looking for unsuspecting sellers. Once they match with a seller, they send the money to the seller using the victim’s account. Thus, they complete the P2P transaction on the platfrom where the buyer receives the cryptocurrency and the seller receives the money in their bank account.
The buyer (scammer) then vanishes with the crypto and the victim whose bank account was used to send the money only realizes it after the money has been deducted from their bank account.
Those banks must have really horrible security, because I can't imagine this happening to me even if my government id got leaked to scammers. My banks use fingerprints, face id, phonecalls, email, in-app chat for extra verificiation, and they have risk assesment algorithms. When I make typical transactions, they can processed in an instant, but if something is off, they would do extra verifications to make sure it's really me doing the transaction.
People should vote with their wallets and use modern digital banks with secure infrastructure.
The case in your OP is different from the usual seller refusing to release funds from escrow or buyer not actually sending funds but marked the order as paid, etc.
Thank you for telling me this. I have edited the OP to make it perfect for people to understand. The people that submit their KYC documents to scammers unknowingly are the victims which are not even involved in the transaction between buyer and seller, but because their bank account details was known to the scammers, it was used to make transaction from the victims bank account. I see this as a way not to steal directly from the victims bank account, but instead, they use it to buy crypto from a centralized exchange.
Make sure that you release money from escrow only when the money has been seen in your bank account if you are the seller. If you are the buyer, make sure you report the seller after you you have sent money if he does not want to release the coin from escrow.
The case in your OP is different from the usual seller refusing to release funds from escrow or buyer not actually sending funds but marked the order as paid, etc. The source in your OP is talking about identity theft, scammers are buying and stealing people's banking details and using it to carry out peer to peer trades, i don't really know how much info you'd have to give away for a scammer to be able to send money out of your bank account without you knowing, (but i guess it has to be so much).Thus the warning has to be that users should protect their personal details, don't post it anywhere or inadvertently send it to scammers when looking for cheap buck. Once the scammer makes this anauthorized payment and receive the coins, there is no way to retrieve it or trace them because it was your details that was used for the registration process.
I was reading this, that bitcoin and other crypto were banned in India in 2018. The ban was lifted, but later 30% crypto tax was imposed on crypto users and this led to Indians preferring to exchange crypto and rupee within themselves which can be on decentralized exchanges or centralized exchanges.
The scammers will have the information to bank details and other necessary personal documents of the victim through fake airdrops and others means to lure the victims to provide their personal data. They will use the victims documents and necessary bank details to register on a centralized exchange. Create a centralized exchange P2P buy order, using the victims money that he has in bank to pay and receive crypto in return. And the scammer will transfer the coins out of the exchange.
You can read about this in complete from https://cointelegraph.com/news/crypto-p2p-scams-india
Avoid giving out your personal documents and personal data because it can be used to steal all your money.
How the P2P scams happen
One way P2P scammers steal user data is with the help of fake crypto-centered channels on Telegram that promise high profits or airdrops. Many gullible users looking to make a quick profit often join these channels and share their personal banking information. In many other cases, the scammer simply buys or steals the user’s personal information.
The stolen data is then used to create a P2P account on any popular P2P platform — Binance and WazriX are common in India.
The scammer then initiates a buy order on the P2P platform looking for unsuspecting sellers. Once they match with a seller, they send the money to the seller using the victim’s account. Thus, they complete the P2P transaction on the platfrom where the buyer receives the cryptocurrency and the seller receives the money in their bank account.
The buyer (scammer) then vanishes with the crypto and the victim whose bank account was used to send the money only realizes it after the money has been deducted from their bank account.
One way P2P scammers steal user data is with the help of fake crypto-centered channels on Telegram that promise high profits or airdrops. Many gullible users looking to make a quick profit often join these channels and share their personal banking information. In many other cases, the scammer simply buys or steals the user’s personal information.
The stolen data is then used to create a P2P account on any popular P2P platform — Binance and WazriX are common in India.
The scammer then initiates a buy order on the P2P platform looking for unsuspecting sellers. Once they match with a seller, they send the money to the seller using the victim’s account. Thus, they complete the P2P transaction on the platfrom where the buyer receives the cryptocurrency and the seller receives the money in their bank account.
The buyer (scammer) then vanishes with the crypto and the victim whose bank account was used to send the money only realizes it after the money has been deducted from their bank account.
The scammers will have the information to bank details and other necessary personal documents of the victim through fake airdrops and others means to lure the victims to provide their personal data. They will use the victims documents and necessary bank details to register on a centralized exchange. Create a centralized exchange P2P buy order, using the victims money that he has in bank to pay and receive crypto in return. And the scammer will transfer the coins out of the exchange.
You can read about this in complete from https://cointelegraph.com/news/crypto-p2p-scams-india
Avoid giving out your personal documents and personal data because it can be used to steal all your money.
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