Topic: Dey cautious of palmpay users for p2p (Read 329 times)

I am more worried now than ever following this post and some comments I have read so far, including yours. Bybit have actually become the favorite P2P market for Nigerians since Binance and Kucoin, the two biggest exchanges in P2P market, have suspended their operation in the NGN. This revelation might mean that we are now at the mercy of scammers and that is scary. I have used them many times but thankfully I have not had any issues. I just hope this revelation does not filter into the ears of people who are out to maim anything good because if Bybit goes down, it will affect many people who are buying Bitcoin using the Naira.

When I started using Bitcoin, I used to have trusted merchants that I buy from directly but the proliferation of P2P services in exchanges pushed most of them out of business except those that went ahead to register as merchants in the exchanges. I lost money a few times to scammers posing to be genuine merchant until I was able to establish some reliable contacts. I just hope we are not going back to that era.

Na serious warning be dis o, because as far as Fintech banks are concerned, they are the only hope we have as bitcoiners or Bitcoin and cryptocurrencies investors, to receive our funds in local currency and even transfer and complete some very important transactions wey go take longer to go bank and rectify.

I no think say Opay get this kind deleting features and if person even try connect with their customer service, d m dey respond on time as long as say evidence or proof of transaction dey imbedded.

Na to register on and own more than one Fintech bank to receive funds from CEX and DEX be the solution wey I see so o, and to dey sure say we don get the alert and see am for our account before we acknowledge the transaction successful first and repeat the funds.

palmpay don't use kYC, that's why too many scammers using their bank to scam people.  On palmpay you can use someone full name to open the account with different number without verification, have stopped using palmpay for long time ago, and if one send me their palmpay account I have to call the person to confirm it first. Unlike opay, you can't open account with someone name with different BVN or NIN. Op has given our a hint to be guided when trading with Verdo using palmpay,  is a good one, this is why this forum was created for us to be informed and share ideas on what's happening in the crypto market. This is a useful information, for us in Nigeria to protect our coin, especially now that things are hard in the country loosing your hard earn bitcoin to scammer can lead on to depression.

Scammers are always ready to seize an opportunity whenever it comes to them, therefore everyone needs to be extremly careful and two steps ahead so you won't be victimised, these are hard times, the economy is not favorable and losing one's hard earned money to scammers is heartbreaking therefore everyone needs to take note of the OP's information and be careful when dealing with vendors that uses the Palmpay as their mode of payment. I almost got victimized sometime ago when the vendor sent a message on the chat box that he's paid and I requested for prove then he sent me an image of a receipt showing pending, I told him the transaction is pending and I haven't been credited but he told me to release that he's already paid and was debited, it took me till several hours to receive the money and if I had released that coin to him, I think he would've reversed the money and by then I would've been on the losing side therefore no matter how much you trust a vendor, do not release coin if you've not seen a credit alert from the vendor especially when dealing with vendors using Palmpay as payment option.

scam na something wey we no fit control or even stop am for the society because na everyday na these things and people dey look for ways to get the best of us . The only thing wey person fit do like you don already talk na to stay updated and dey very careful and cautious make we no go fall victim of these scams.

Unfortunately Scammers will continue to loom everywhere, we just have to be cautious ironically they have always been many but at that time where spread across various CEX offering p2p but now that majority of the top one have closed service, they have become saturated in the few remaining.
Don't forget scammers are innovative and creative, that's why we also have to be cautious and stay updated on their new scheme's in order not to fall victim or anyone closed to us.

Some days back a guy was cought and dealt with because he did a fake transfer to a little girl who is doing POS at the road sid, and unlucky for him, he was caught. The beating was too much though but he deserves it because those are the kind of people that spoils the names of their families.
However, why I said that is because the people have been using this palm pay app to do a lot of bad things. I am not surprised to hear this because any MFB scammers are using to do fake transfer can also be used to do some other scam activities, deleting of transactions is not too big for a scammer to do, if they can do fake transactions.
Some of the well known exchanges that most of this things weren't happening have disabled p2p from their platforms and the only ones that Bitcoiners are managing to exchange their cryptos are filled with scammers (when will all this stop?).

My friend have called my attention to this pop when ever he wants to trade with bybit exchange. I think there must have been complaints of this nature before the exchange put up such warning to members to take caution.

I was wondering how this micro finance Bank could grant their customers the avenue to reverse or delete their transactions which is not normal. Do they not know that such am act could warrant more nefarious act by scammers. Imagine after review payment and you release coin and all of a sudden you realise you can not access your own money as a result of the buyers action. It is very absurd and annoying though.

Bybit could ban the use of the above microfinance bank  as captured in the OP for transaction so as to further stop any loss by member. I think currently this is the only way out while waiting for the bank to act upon it.

Lol 😂 but even at that it's still a two way thing because their is no certainty that the rate will drop sometimes it might go the other way. But that's the truth about this bybit exchange almost all the vendors there are crazy and like pissing off someone, sometimes all of them are offline or the moment you book a trade the vendor goes off and maybe you need it urgent and cancel the trade then you will just be disappointed.

Is this a loophole created by Palm pay to frustrate crypto trading?, because if this is an ordinary programming error, it would've been fixed long time ago. Leaving it to linger very much long enough for multiple people to get scammed depicts intentional act.  Its damaging their reputation and reduced patronage.

Normally, they  must've heard about it early enough. They ought to have suspended services, gone for maintenance and fixed this before it gets so noticeable, but I think they are too slow to respond to customers pains and its very bad for business.

This people dem no dey gree change, anyway for this case Na palmpay i blame because Wattin go make dem allow their users to dey temper with transaction history? That Na information wey go also stand as reminder and proof of payment. All this boys make dem try rest, if them use all the time wey dem take brainstorm to make this rubbish take think on better wey of earning dem go fit come up with good idea instead of to dey thief other people money. Op thank you very much for this wonderful thread, person don learn another new trick, make we for adjust dealings with all this exchanges because Na there the hackers and scammers for crypto many pass.

Exactly, why will they add such features. The funny thing nah say nor be only crypto space dem go fit use this stuff do bad ohh , even people with normal business outside this space still need to day careful still ohh .like me now Amy body wey dey use palmpay for p2p I dey run from dem. I nor say normally some of those palmpay users good but still men still dey inside wey go use that stuff fir fraudulent act .

Most people nor wan hustle their own nah to dey find new means to tey dey defraud people. You go hear different format youself go weak. For me nothing sweet pass money wey you legitly get. Because nah form of encouragement say weting I learn Those days wey men dey laugh me say I dey waste my time, nah that knowledge I con tey dey earn for this space and God dun use am bless me , as I get I jejely invest for bitcoin, Because the plan nah to get better portion of bitcoin before e surge.

Na true say greed dey make people enter inside pot of soup but no be everytime cause this particular one dude, if you no dey aware you go fall whether greed or no greed, just imagine person wey never see or dey aware of this update and something come sup like this, definitely the person will be confused and because you are not informed you will just feel it's a normal thing though someone who has gone far I mean deep into this P2P will definitely sense that something is wrong somewhere. However, we shouldn't just be cautious about P2P alone but rather we should be cautious about anything investment we are doing  cause scammers are always improving everyday  both online and offline.

Now I see why most people label Bybit P2P marketplace as scammer capital because the CS are vulnerable and just require proof of payment from one party to release assets; they did not even make an effort to contact the other party; they simply act on payment proof and execute actions.

Some vendors are so annoying, my plan was to retain the assets until the rate drop so that the next time they know how to pay on time rather than when they feel like it.

Sorry about your experience, Igebotz. Bybit has always been known to release funds without explicit permission from their users. I have personally not experienced it before but from my observations, they only tend to do that if the person at the other end of the trade has provided sufficient proof and you are MIA. But I still think that it is wrong because if any buyer can provide a real enough evidence, they can make away with the money with a fake proof. It shouldn't be allowed to happen in the first place.

This is really one common thing to be cautious about when doing p2p especially with local vendors, this is not about high fee but from the fact that this scammers can pick a normal rate and then find a way to manipulate the receipt and claim they have paid you or maybe even say they didn`t received your payment, with proof of fake transaction history.

And this will still be seen on the transaction history though contacting police is not the only way most times the bank of the person who should do the reversal may do it themself or contact such person depending how complex is the issue

They are not the only ones doing this though, requesting of video of your transaction bitget also do this, I have even experienced it.

I think these scammers might be manipulating something because even the customer service at palmpay claim this is not possible.
There is a way that even with the video of transaction the exchange service may not be able to help, like my recent experience doing p2p this past week at bitget, I think may create a thread about it later for everyone to see and learn, the buyer claim to have transferred to me but i did not received it then i couldn`t released the coin even after an image proof especially from the fact that the buyer used Palmpay, then I told her about the warning about palmpay  scammers thinking she was one but she opt to raise a dispute which i supported, were the customer service required us to make a video of our transaction and  everything was good on both side especially from the fact that she had been using it for p2p over the day before our transaction.

The customer service couldn`t find any red flag from both of us and simply say we should find a way to sort it since both proof were legit but when did call me after this to askif it later came, I just had a thought of checking my palmpay where I saw the money whereas I supposed to send to my Opay while I don`t  even use the Palmpay but already an account with that number.
I made her known are error and finally released the coin for her.

I believed this is depending on how complex the issue is because last week were I needed customer service intervention it only  took some hours not even up to 4hrs.

Thanks for the update man

well personally I have since avoided the use of bybit exchange since because of the stupid behavior of most of their vendor's and seeing this am not surprised because I have had countless issues with many P2P vendors when was trading through bybit. Well for the scammers that are manouver the palmpay system I think the Fintech bank should find a way to solve the issues because the scammers could extend this cheat to other exchanges.

This one na very good update you bring so OP because literally, any banking platforms wey dey support deletions of transactions history will become very fraudulent and controversial for scammers to dey use and for some of this exchanges their p2p platforms don dey shake too much wey e be say if person no dey vigilant enough na so you go just fall yakata for all this p2p scam methodology so make people dey careful for all this exchange platforms now because e go bad say person lose his hard earned money to scammers just because of negligence because this one no be ignorance again since the info. don reach your door step so the major cause of falling victim to this kind things na total negligence because you know go see something wey go give you problems den you disregard say nothing go happen but when e happen now you go dey find who go help you wen e don already dey late.

However, I thank BYBIT for this quick notification to p2p traders even though some persons must have fallen victim but with this notification it will prevent more people from falling victim.

Those jerks released my coins without my permission two days ago. To summarise, I had a pending transaction around 1 a.m., the vendor clicked "paid," left me a couple of messages, and went to bed without making payment. I couldn't contact him, so I made another transaction and left that one because I needed image and video evidence to raise a dispute, so I ignored the whole process. When I woke up in the morning, my coin had already been released, after the vendor made payment

I've been in similar situations on Binance and OKX and the whole dispute took us more than 48hrs because it's a sensitive situation that requires more verification process. I don't know if Bybit being fast is good or bad idea.

This palmpay suppose don Dey see all these warnings and update and suppose don Dey do something very serious about it else them go just varnish out of market and dem go Dey think say na play matter.
Normally I don learn a lot of things from this the scam wey I been fall victim of for paxful and that very scam that year don really keep me alert and as e be like this, now I no really think say i fit easily fall for any of this cheap scams but one thing I use trust nija be say, them no Dey carry last for this street hustle and just as time the evolve, na so these scammers Dey improve and as a common man, we suppose to Dey try out best to stay updated with the updates of security and scam in the industry because the moment you fall victim, no body go Dey actually held for the mistake.

Kuda needs to wake up and try to enhance their bank security else this things go just shut them out of market.