Be very careful of third party account

Uhwuchukwu53

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Quote from: Charles-Tim on March 23, 2024, 09:21:35 AM

You are correct. Third party bank account should be avoided.

But also we should be careful of where we are submitting our identity cards and others for verification. Also we should take our security and privacy seriously. Hackers or scammers can get hold of necessary information about someone and use it to access the person's bank account and also to complete KYC on an exchange and buy bitcoin or other crypto by sending money from the person's bank account.

That is reality the dangers of this is very enormous mostly this KYC revailling identity to some exchange, avoidance of most exchange is very necessary.
Just as many has already updated on the forum one just need to apply wisdom and use good wallet in saving because hackers are developing different strategies on daily basis and we too need to improve our knowledge on their techniques to avoid cheap victim.

Barikui1

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Quote from: Stable090 on March 26, 2024, 05:51:16 PM

Quote from: Barikui1 on March 23, 2024, 09:14:32 AM

My country people, i dy greet ona inside this afternoon, today I wan talk about one thing wey most of us know but we fit still fall victim if we no pay close attention to, and that thing na third party account during p2p transaction.

Seriously if no be for now wey I see am wey I go dey careful now, if I dey trade before, immediately I just dey receive money, wey I check my mobile bank and I see say money don enter, I dey release coin immediately, I no even dey check the name of the person wey send d money give me, but I don learn something today be that, I go dey confirm if na d buyer account or na third party account.

But make I ask dis question, if u discover say na third party account d person use send money, are you suppose to appeal or what are you suppose to do at that particular moment? How will the exchange resolve that kind of problem?

To be frank, it has never happened to me before, and I always pay close attention even to the least details, especially when doing p2p transaction, but if such an event really do happened, what am going to do firstly is to escalate it by withholding the asset and report it to the exchange as fraud attempt, and wait for their response, my next line of actions will be determined by the response I get from the exchange, not the buyer, because I believe that's the logical thing to do.

Charles-Tim

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Quote from: Pi-network314159 on March 26, 2024, 05:51:32 PM

But I thought even if someone uses your identity card to complete kyc on centralised exchange, it will still need a face recognition to match with the said identity card. When the face does not match the one on the identity card how will they verify its the scammer?

This is just about what is happening. We heard of scammers using this method on Binance in India last year.

https://cointelegraph.com/news/crypto-p2p-scams-india

Quote from: Pi-network314159 on March 26, 2024, 05:51:32 PM

And another thing I am not clear about is the third party sending money in replacement of the original expected person on the P2P networks. Because I think even if the third person is involved it will not work automatically becauae each user name is linked to his account and if by any reason you decide to use another user to send the cash instead of the expected person the system will not prompt a release asset boton because the senders name does not match. So I wounder how the third party of a thing even works.

I have used third party before on Binance and it worked. I do not know if it will still work. I used it to test something that time.

Barikui1

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Quote from: Charles-Tim on March 26, 2024, 05:14:00 PM

Quote from: Mate2237 on March 26, 2024, 04:56:53 PM

Charles-Tim I have not really understand why di third party of a business account is not good to pay someone in the process of peer to peer transaction in centralized exchanges. Most using of POS and going to ATM to send di money. Frankly speaking, I never know di implication on dat note.

It is because of dispute, so that the sender can show proof that he sent the money and the transaction is already successful. Once the exchange see the name correspond with your exchange name, they will know that you are the one that actually send the money. But if the name is different, they will disregard your report because the exchange will not know if you are the one that send the money or not.

It's actually true, but the primary purpose of this thread, and also why most exchange kick against it is that money can be sent through and account that has been compromised, and you as the benefactor, you didn't pay close attention to the name, wether it matches the name in the p2p platform, and when a police investigation is carried out, you will start now be required to explain how that money gets into your account, which you wouldn't be able to give account off, because you didn't pay close attention to the senders name, so it's very important that the senders name matches in the p2p platform and in the alert that you saw, for safety purpose, so you wouldn't be paying for crime you didn't commit.

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Quote from: Charles-Tim on March 26, 2024, 05:14:00 PM

It is because of dispute, so that the sender can show proof that he sent the money and the transaction is already successful. Once the exchange see the name correspond with your exchange name, they will know that you are the one that actually send the money. But if the name is different, they will disregard your report because the exchange will not know if you are the one that send the money or not.

Very correct sir, this is why we should take the advise of using our real name in both KYC and account to be used in receiving or sending money. Because when e go burst na for you to just forget about that money because you no go fit hold anybody responsible either the exchange of the p2p merchant. Na why exchange dey advise make you name for both dey the same. Mostly when them go get person down na when e wan buy, and na em come send fiat first, that one na otilor because the Marchant go just carry your money zoom, but if the Marchant na good person e fit send you your coin.

Pi-network314159

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Quote from: Charles-Tim on March 23, 2024, 09:21:35 AM

Hackers or scammers can get hold of necessary information about someone and use it to access the person's bank account and also to complete KYC on an exchange and buy bitcoin or other crypto by sending money from the person's bank account.

But I thought even if someone uses your identity card to complete kyc on centralised exchange, it will still need a face recognition to match with the said identity card. When the face does not match the one on the identity card how will they verify its the scammer?

And another thing I am not clear about is the third party sending money in replacement of the original expected person on the P2P networks. Because I think even if the third person is involved it will not work automatically becauae each user name is linked to his account and if by any reason you decide to use another user to send the cash instead of the expected person the system will not prompt a release asset boton because the senders name does not match. So I wounder how the third party of a thing even works.

Stable090

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Quote from: Barikui1 on March 23, 2024, 09:14:32 AM

My country people, i dy greet ona inside this afternoon, today I wan talk about one thing wey most of us know but we fit still fall victim if we no pay close attention to, and that thing na third party account during p2p transaction.

Seriously if no be for now wey I see am wey I go dey careful now, if I dey trade before, immediately I just dey receive money, wey I check my mobile bank and I see say money don enter, I dey release coin immediately, I no even dey check the name of the person wey send d money give me, but I don learn something today be that, I go dey confirm if na d buyer account or na third party account.

But make I ask dis question, if u discover say na third party account d person use send money, are you suppose to appeal or what are you suppose to do at that particular moment? How will the exchange resolve that kind of problem?

Charles-Tim

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Quote from: Mate2237 on March 26, 2024, 04:56:53 PM

Charles-Tim I have not really understand why di third party of a business account is not good to pay someone in the process of peer to peer transaction in centralized exchanges. Most using of POS and going to ATM to send di money. Frankly speaking, I never know di implication on dat note.

It is because of dispute, so that the sender can show proof that he sent the money and the transaction is already successful. Once the exchange see the name correspond with your exchange name, they will know that you are the one that actually send the money. But if the name is different, they will disregard your report because the exchange will not know if you are the one that send the money or not.

Mate2237

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Quote from: Charles-Tim on March 23, 2024, 09:21:35 AM

You are correct. Third party bank account should be avoided.

Charles-Tim I have not really understand why di third party of a business account is not good to pay someone in the process of peer to peer transaction in centralized exchanges. Most using of POS and going to ATM to send di money. Frankly speaking, I never know di implication on dat note.

And whenever I want use third party (POS) pay di seller when I am buying Cryptocurrencies, the seller go refuse to accept. But me I see am as normal since na from POS. So why dem no dey accept even POS transaction?

Manlikefrank1

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Quote from: Barikui1 on March 23, 2024, 09:14:32 AM

My country people, i dy greet ona inside this afternoon, today I wan talk about one thing wey most of us know but we fit still fall victim if we no pay close attention to, and that thing na third party account during p2p transaction.

Even though most exchange dy even warn say make we no accept Payment from third party account, most people, once them see say the person don pay the money, them go just rush and release the asset, not knowing that them fit use a third party account use send the money wey fit put you for serious problem, if na through criminality Dem use gain access to that account them use send you money, so I suggest make we dy careful oo, especially when we dy transact p2p transaction.

In anything that have to deal with deal and payment transaction we should be vigilant of thirds party in a p2p.because you need to be careful of security issues and a lot more in the society

Hatchy

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That's valuable information, buddy. I've seen those third-party warnings on some exchanges but didn't pay much attention because the rules seemed straightforward. If you make third-party payments, you risk losing your trading privileges on certain exchanges, so they'd likely have already taken action if they noticed. It's good that you explained what it means; now I understand better. Sometimes, traders might try to cheat the system or they may not have enough money in their trading account, so they use another account to send payments. Exchanges usually warn to check if the sender's account name matches the name they provided. Breaking this rule is a serious offense and won't go unpunished, as it involves using unregistered accounts to send users' funds.

Benedictare

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Involving a third party in any transaction,posses a high risk of fraud because the transaction is as the same as cash payment , Incase of any fault or mistake,the money can come back to you because there is no third party,like banks or any financial institutions. When you are involve a third party,your accounts are open to attack to freezing and refund request, when third party is involved,you might not receive crypto or cash needed.

Transaction made from someone else's account or third party, does not support the P2P policies ,also one needs to be careful of scammers

cocadalcan

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Most of these frauds involve some dishonest individuals in financial institutions because you give them all your personal information for transactions. Dishonest people use your personal details to create fake accounts and commit fraud. Many such incidents happen. Many investors have lost millions of dollars through fraud and even cryptocurrency theft has many records. So you need to be more cautious about transactions.

Manlikefrank1

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Quote from: Barikui1 on March 23, 2024, 09:14:32 AM

My country people, i dy greet ona inside this afternoon, today I wan talk about one thing wey most of us know but we fit still fall victim if we no pay close attention to, and that thing na third party account during p2p transaction.

Even though most exchange dy even warn say make we no accept Payment from third party account, most people, once them see say the person don pay the money, them go just rush and release the asset, not knowing that them fit use a third party account use send the money wey fit put you for serious problem, if na through criminality Dem use gain access to that account them use send you money, so I suggest make we dy careful oo, especially when we dy transact p2p transaction.

Normally ehh bitcoin trading in exchange which involves third party in transaction are very fearful such as security risk, fee structure, dependency, trust isssue and privacy issues and alot more

Wiwo

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Quote from: Barikui1 on March 23, 2024, 09:14:32 AM

My country people, i dy greet ona inside this afternoon, today I wan talk about one thing wey most of us know but we fit still fall victim if we no pay close attention to, and that thing na third party account during p2p transaction.

Even though most exchange dy even warn say make we no accept Payment from third party account, most people, once them see say the person don pay the money, them go just rush and release the asset, not knowing that them fit use a third party account use send the money wey fit put you for serious problem, if na through criminality Dem use gain access to that account them use send you money, so I suggest make we dy careful oo, especially when we dy transact p2p transaction.

This is a good update we're you carry come so, because some people fit go hack person account, come take to make payment when they trade with you and if you no get enough sense you go just rush go confirm for them, well the risk is that, you risk your account getting flagged when investigation reveals your account as a receiver of the elicit funds.

So for best practice, never allow for third party payment and if anyone make the attempt to use such formant on you as a trader all that you need to do is to follow the due process and report such trade and let support take it from their most times they will ask you to transfer the money back to the account, this way you clear your hand as recepant or benefactor of the illicit funds.

Marykeller

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Quote from: Y3shot on March 23, 2024, 10:27:40 AM

Thanks op very important. And another thing we need to look into is that when ever we recieve payment from exchange we should be sure if throughly the money has reflected in our account by checking our balance because their are fake alert this day. People can send fake payment and you are not sure and you released the coin that will be the end which you may not recover your money. I think it is important for one to be sure if the alert is real or a fake alert.

Exactly. I think that's the main part everyone to look out. No be by receiving a credit alert text message you go release your coin without opening your mobile app or checking your email whether the alert na real or fake.

This time around, no be when to be dullard via running matter for crypto cos everyone gat to be wise in their dealing with P2P merchant cos as Binance don close their trade for dollar/naira trade, many scam P2P merchants go like to the show themselves via online and offline trade for P2P and them go like claim to be legit for via the trade of dollar/naira.

AVE5

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Quote from: Charles-Tim on March 23, 2024, 09:21:35 AM

You are correct. Third party bank account should be avoided.

But also we should be careful of where we are submitting our identity cards and others for verification. Also we should take our security and privacy seriously. Hackers or scammers can get hold of necessary information about someone and use it to access the person's bank account and also to complete KYC on an exchange and buy bitcoin or other crypto by sending money from the person's bank account.

You're Very correct. The imputation of our IDs should be very notable that it can neither edict us on predicaments we know nothing about or can be used as a tool for some criminal activities. So let's extremely careful at the basis and platforms we gets enrolled where I'ds are recommended for verifications and transactions professions.
I've recently read about a thread in one of the board here in the forum about how some scammers were been interacting and invading bitcoin holders accounts there in ATM machines and they successfully gains access to this bitcoin holders wallet accounts after the bitcoin wallet holders has gone to make transactions using the ATM machines which retains account details.
Therefore, the thefts manipulates with the ATM machines and obtain those private accesses in doing their illegal activities.

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Quote from: Barikui1 on March 23, 2024, 09:14:32 AM

My country people, i dy greet ona inside this afternoon, today I wan talk about one thing wey most of us know but we fit still fall victim if we no pay close attention to, and that thing na third party account during p2p transaction.

Even though most exchange dy even warn say make we no accept Payment from third party account, most people, once them see say the person don pay the money, them go just rush and release the asset, not knowing that them fit use a third party account use send the money wey fit put you for serious problem, if na through criminality Dem use gain access to that account them use send you money, so I suggest make we dy careful oo, especially when we dy transact p2p transaction.

This na one of the biggest lesson wey I learn from another person terrible experience and from then I don decide to hold on the lesson because if to say na me the matter happen to , Omo e for too pain me sef so like this ehn , anything involving third party ma hands no follow and I dey avoid am like snake because for ma eye na dem track person come arrest am for him house say him too dey connected to matter wey him no know anything about just because say the money was sent from the victim account to his through third party transaction for exchange.

Su-asa

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Quote from: Churchillvv on March 24, 2024, 07:33:41 AM

I have been hearing of this third party scam for long now it seems it's very strong in the crypto space now, but I've never seen anyone that is a victim of such scam till now.
I clearly understand how this can work I have seen it in order business sector, where some group of guys get people's ATM card and use it to buy a whole lot of gadgets from online vendors and companies that can deliver to there door steps, with this kind of idea that they got they some time frauded multi million accounts.

Well I think it's necessary to remain the house not to get involved with this kind of transactions. For those who will use the information it will be very helpful.

I have also heard about the third part trading but I don't know that some people are using that method to scam others. I haven't heard anyone that has fall victim of this scam before.
Oh, I have also fall victim of this shit before, some scammers used my ATM to deposit money from my bank account to a sportybet and they collect 50k from me but I was fast enough to block the card because I had my bank app logged in on my cellphone.
There's different pattern of scam on the world that scammers are using to scam people their money. In some cases we are the cause of our problems, some things that we are supposed to be careful with we over look it because we are very reluctant.
Some people are very careful to the extent that they even deleted their alerts messages so that others will not easily know the banks that they use. Those kind of person are very difficult to scam because they are always conscious of what they are doing.

Churchillvv

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I have been hearing of this third party scam for long now it seems it's very strong in the crypto space now, but I've never seen anyone that is a victim of such scam till now.
I clearly understand how this can work I have seen it in order business sector, where some group of guys get people's ATM card and use it to buy a whole lot of gadgets from online vendors and companies that can deliver to there door steps, with this kind of idea that they got they some time frauded multi million accounts.

Well I think it's necessary to remain the house not to get involved with this kind of transactions. For those who will use the information it will be very helpful.

Makus

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Quote from: Y3shot on March 23, 2024, 10:27:40 AM

Thanks op very important. And another thing we need to look into is that when ever we recieve payment from exchange we should be sure if throughly the money has reflected in our account by checking our balance because their are fake alert this day. People can send fake payment and you are not sure and you released the coin that will be the end which you may not recover your money. I think it is important for one to be sure if the alert is real or a fake alert.

When I receive payment from any p2p transactions be it from exchange or any other business transaction, I always confirm from my bank to see if it has really reflected. No be today wey this scam using fake alert start, if e never happen to you, you no go dey that conscious but me I no want make e happen before I learn my lesson na why I dey confirm first. Then talking about receiving money from. Third party even exchange sef don Instruct other make them no send money to account wey the name no tally with the one wey the person carry create the exchange account.

Obim34

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Quote from: Barikui1 on March 24, 2024, 05:28:16 AM

Quote from: Y3shot on March 23, 2024, 10:27:40 AM

Thanks op very important. And another thing we need to look into is that when ever we recieve payment from exchange we should be sure if throughly the money has reflected in our account by checking our balance because their are fake alert this day. People can send fake payment and you are not sure and you released the coin that will be the end which you may not recover your money. I think it is important for one to be sure if the alert is real or a fake alert.

Na really true wey you dy talk, wetin me I dy do normal when I receive money from my opay account, because na him I dy use in any of my p2p transaction, wetin I dy always do na to open the app and check the amount wey the person send me, because na when you check true the app nai sure pass, and the next thing I normally do na to check the name of the sender, if it match the name wey I see during the p2p transaction, because e dy very important, we no go know how this thing dy really important till wey enter serious problem wey we no know about, so it's best we thread with caution.

Same for me, I first check my balance to verify, some maybe into doing fake transfer so it's best to take precautions to avoid loses. Thanks for the advice, I haven't experienced one yet but if one is to witness something like this, what should be done at that spot, is it to reverse the money and end the trade or file a report against that person?

Barikui1

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Quote from: Y3shot on March 23, 2024, 10:27:40 AM

Thanks op very important. And another thing we need to look into is that when ever we recieve payment from exchange we should be sure if throughly the money has reflected in our account by checking our balance because their are fake alert this day. People can send fake payment and you are not sure and you released the coin that will be the end which you may not recover your money. I think it is important for one to be sure if the alert is real or a fake alert.

Na really true wey you dy talk, wetin me I dy do normal when I receive money from my opay account, because na him I dy use in any of my p2p transaction, wetin I dy always do na to open the app and check the amount wey the person send me, because na when you check true the app nai sure pass, and the next thing I normally do na to check the name of the sender, if it match the name wey I see during the p2p transaction, because e dy very important, we no go know how this thing dy really important till wey enter serious problem wey we no know about, so it's best we thread with caution.

Y3shot

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Thanks op very important. And another thing we need to look into is that when ever we recieve payment from exchange we should be sure if throughly the money has reflected in our account by checking our balance because their are fake alert this day. People can send fake payment and you are not sure and you released the coin that will be the end which you may not recover your money. I think it is important for one to be sure if the alert is real or a fake alert.

Gormicsta

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Quote from: Barikui1 on March 23, 2024, 09:14:32 AM

My country people, i dy greet ona inside this afternoon, today I wan talk about one thing wey most of us know but we fit still fall victim if we no pay close attention to, and that thing na third party account during p2p transaction.

Even though most exchange dy even warn say make we no accept Payment from third party account, most people, once them see say the person don pay the money, them go just rush and release the asset, not knowing that them fit use a third party account use send the money wey fit put you for serious problem, if na through criminality Dem use gain access to that account them use send you money, so I suggest make we dy careful oo, especially when we dy transact p2p transaction.

This is really helpful information, and it is fantastic that you are raising understanding about this topic. But you should be aware of numerous frauds that could take place during P2P transactions. One popular fraud is the "a refund scam," in which the buyer pays money using a credit card that has been taken and then returns the credit card was taken away, leading the payment to be cancelled. Other frauds may involve sending phony or counterfeit assets, or just not providing the assets at all. If you accept a third-party payment, retain a record of the transaction and the other person's telephone number in case you encounter any complications later on.

Charles-Tim

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You are correct. Third party bank account should be avoided.

But also we should be careful of where we are submitting our identity cards and others for verification. Also we should take our security and privacy seriously. Hackers or scammers can get hold of necessary information about someone and use it to access the person's bank account and also to complete KYC on an exchange and buy bitcoin or other crypto by sending money from the person's bank account.

Barikui1

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My country people, i dy greet ona inside this afternoon, today I wan talk about one thing wey most of us know but we fit still fall victim if we no pay close attention to, and that thing na third party account during p2p transaction.

Even though most exchange dy even warn say make we no accept Payment from third party account, most people, once them see say the person don pay the money, them go just rush and release the asset, not knowing that them fit use a third party account use send the money wey fit put you for serious problem, if na through criminality Dem use gain access to that account them use send you money, so I suggest make we dy careful oo, especially when we dy transact p2p transaction.

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