Topic: No matter the pressure don't release (Read 614 times)

Any document can be doctored as long as there are possible means to fake it and do not forget that when scammers are so desperate to carry out their task, they can go to any extent just to get at their victims but being vigilant and cautious would save you the stress of falling victim to their gimmicks. That is why traders on p2p platforms are always advised to trade with caution so as not to loose guard because scammers are always on the spree and they can be funny most times.

I know of Binance, they use bank statements to settle dispute  should there be any. I don't know how effective this is and if it can be doctored; I rwallydoubt the official bank statement can be doctored else they will not rely on it .
Like you said, the traders have their assets in the platform already before entering the trades, so it is easy to freeze the assets should their be any suspicion of sharp practices. But then, it is always wise to follow the rules and take note of the warning signs.

This is why I like most p2p platform, the pop ups and guides that shows when you want to make transactions reduces the level of which releasing of funds can be done. Most times I get in a rush and would want to finishes some transactions so fast but i cannot skip those pops ups and questions and to be sincere it has saved me most times.

Well said OP!!

Anything to do with p2p transactions should be based on a no trust relationship nomatter the reputation one holds on the platform!!!

Am pretty sure network problems do happen once in a while, but be it a bank transfer, or whatever mode you prefer to receive funds in... better you confirm funds to have reflected on your end than receiving stories that the buyer/seller has sent funds which are pending and the person need coins released from escrow by putting you under pressure... Anything that says pending should tell you "not" to hit the release funds out of escrow as that's your only bargaining chip should something go wrong before you confirm receipt of funds!!

I think every exchange has a way of tracking a failed transaction on P2P. That's why exchanges discourage paying to a third party account so it can be very easy to trace in case anything goes awry. Besides, every merchant has a guaranteed deposit they make before they are authenticated. In the same light, there are warning posts littered on P2P platforms that sellers shouldn't release coins to buyers until they're certain the claimed payment has reflected in their account balance. No one should rely on SMS alert for bank transactions. I always take my time to crosscheck and if I don't get the cash in my account, I don't release coins. I don't allow emotions becloud my sense of judgment to the point of hastily releasing coins. Just of recent, I had a similar experience as yours. The buyer claimed he sent my money but I refused to release the coin. Within minutes, the buyer cancelled the deal. Once you're dealing with anyone online and they're trying to pressure you to part with something, know it's a scam.

I think that's there new pattern or rather strategy of scamming people by trick, a friend of mine had similar case as you during p2p trading also, he sold a dollar worth of N45600 and the buyer transferred N4560 and clicking paid asking and pressuring the guy to release the funds and he almost released the money if not that he decided to check very well if the amount is completed before he would release the money that's how he would have been scammed, so we should be very careful especially when dealing with p2p because there are people who there work are to scam people of there money true that method, that's why the exchange normally advise to check very well before releasing your money.

This seem suspicions because transact of ₦562000 and sending ₦56200 and have clicked the payment bottom, definitely it like a scammer, before someone can transact, one need to check his account balance before making any transaction, if really is claiming that the balance he has is not up to the amount then why his he sending similar figure and said it was a mistake, and ordered to release. If there is any issue he/she should had chat the seller that this what is going on, if this is done we will say it is a mistake but in this regard I will say it looks like scamming just he/she was not opportune. This will serve as lesson for everyone because almost everybody using p2p has face one or two challenges but we just have to keep learning everyday to avoid small mistake.

I have faced this issue many times while tracing on an exchange and I would say the best part to this is, most exchanges do give you both the leverage of time to try and resolve yourself and only come in when it seems to be taking too long. Which would require a statement of account and not history of transaction (note the difference).

It’s always a bad idea to release payment before you confirm a credit alert for the value on your bank and device with sender’s details and accurate amount. When these are not in other as stated in sales description, you can go ahead to dispute.

Always understand that, it’s neither your faults and you are the only one telling the absolute truth as, you never can tell what the other party to the transaction is capable of.
In cases of delays, you are at the most risk as bitcoin isn’t reversible and in a p2p trade involving an exchange, it’s locked to even you. Once released, it’s gone and sealed.
In the case of fiat banks, transactions not delivered could be reversed. Don’t fall victim of releasing before you confirm deposit. Confirmation is a vital part of the process.

That is why when one receives an alert it is also needed for the payment to be confirmed by logging into the bank app to see if the money has entered into the bank account or just a mere alert. People do fake alert and it is very common, confirming payment with just alert can be very risky because scamners knows their way in making fake alerts. When dealing with an exchange people needs to be extremely careful because this scamners are always looking for way to scam people.

You were able to dictate this scam because you paid attention to details. I assume that he intended to make you think you have received the correct amount which will make you release the coin. Getting back your funds after you have dictated the error would become a big problem. Thank you for this information. Another method of scam is fake alert. These scammers will use software to construct a bank alert that is similar to your bank. If you are not patient enough to scrutinize the alert you might be pushed to release the coin. An easy means of distracting this scam is to check your bank account balance after the transaction before sending the coin.

I have suffered so many problems with bank transactions and when I saw Bitcoin, I was pleased that these network issues and delays have come to an end. Sadly, I still have to face a more complicated process for me to exchange my coins. I am still foreseeing a time when I will work in a shop and pay with bitcoin without any restrictions. This can be accomplished by the spread bitcoin education and adoption. I have considered meeting with people face to face in public places but this is not also good for privacy. I just hope that a better means of P2P trading will be devised very soon.

Binance do pop a reminder when ever one wants to trade using a p2p platform on binance exchange which is very good. At least there would be some level of security consciousness when trading p2p. Most people are always in a hurry to just deal and go without watching to see for themselves how the deal goes and at the entire end they find out the buyer has the potential of being a scammer after and in some cases they have lost their asset to the buyer as a result of impatience.

What I do advise people is that when trading on p2p platform, do well to ensure you receive your trade alert before you release your asset. If possible to do a transaction for confirmation, you can also try that by transferring funds to other bank account to see for yourself if the transaction is real or not.

Sometimes what causes the delay in receiving confirmation alert from our bank is the means we use to receive our credit/debit alerts. If you're getting your alert through a SMS from the bank you'll usually experience much delays compared to someone that using the bank mobile app. It's faster receiving alert with mobile app than through SMS.

Also, it's risky confirming your alert only through bank SMS alert, because it's easy for scammers in p2p trading to use the means to scam . They can edit it all and screenshot send it to you claiming a receipt on their own end from the transfer they sent you. Always p2p traders should always ask for bank mobile app receipt in such scenario, and also hold your ground on receiving alert  through a mobile app.
Stick to trading p2p with traders that have trading reputation of 90% upwards in an exchanger.  Just as a way to avoid funny craps.

Some people do end up releasing the coin even before they receive money, due to the pressure they receive from the buyer to release the coin. Whenever I notice that a buyer is pressurizing me to release the coin, I always think something is wrong. A real merchant won't disturb you if you tell them you haven't received an alert. Most of them have been in the business for a long time, and they know how frustrating bank networks are sometimes, so if I tell them you haven't received an alert, they will tell you to give it time if you are going to receive it.

Mostly, I notice that newbies are the ones that are mostly scammed, some merchant won't even send the money, they will claim that the money have been sent, and they will start pressuring the seller to release the coin. Since the seller is a newbie and might be scared if he does not release the coin, he might be reported and his account might be compromised. The seller might just end up releasing the coin, hoping it's bank network and money will be receive later, and immediately after the coin has been released, there is nothing that can be done about that again. Scammers are always using this strategy to scam people using P2P, and they are always targeting newbies that can easily be threatened.

You're too judgemental in this case. It might be truth that he paid and the problem was from either banks due to network glitch. I'm talking from experience because it has happened to me as well just last month. Although mine was not in P2P exchange but it was a similar case. I sent money from one of my bank account to another different bank and it was successful while I was not credited in the receiving bank. At first, I thought it was network issue and I gave it some hours but unfortunately I still didn't receive it after 10hrs passed. I had to reach out to receiving bank for complain since the transaction was successful from the bank I sent from. I was told to wait for 24hrs and if I still didn't receive it after that, I should let them know.

To cut the long story short, I called back after 24hrs elapsed and I was requested to provide the transaction details which I did. The issue was forwarded to their technical support for checks and I received a response that "Dear Customer, sincere apologies for the delayed inward transfer issue, transaction can not be found, kindly reconfirm the transaction details from your bank." I was like ahhhh so this money has gone just like that? No, I contact the bank I initiated the transaction from and update them on what is happening and they confirmed to me that the transaction was successful from their end and if the receiving bank insisted it wasn't successful, I should request for a statement of account so they can check.

As instructed, I requested for account statement and sent it to the bank I sent the money from for checks. I don't know how they both do about it but I received the money after 14 days from the date of initial transaction. The transaction took place on the 25th of August while I reviewed the money on the 7th of September.

If it has to do with another person and I, I would have also assume the person didn't send it in the first place. Some time the problem is from banks actually. I will have to post about this in my local board as well for discussion.

Bank network issue has been among the things which make many lose money not only in P2P trade but in other means of exchanging goods for cash which the buyer uses transfer payment option.

Base on the experience which I have had from crypto and other online sort of transactions, I have not been a victims to only transfer scam but I don’t need to wait to be one before I learn from it, so what anytime I want to do some P2P transaction is that I wait no matter the time that the buyer takes to pay or the time it takes to arrive I make use I wait and see that the money have dropped in my account, and I only don’t stop their.

I also make sure that I will transfer some of those money from that account I used to receive it to my other account making sure that the money I receive is not same as the buyer sent it in my account, and ones I have received it from my other account then I am be sure that the payment is not fake and I can move ahead in releasing the coin over to the buyer as I have now been convinced enough that the payment was throughly made and no form of scam detected.

I like this piece, it shouldn't be released until your cash is confirmed, because your coins would possibly never be returned and the buyer may cut off all communications when the coins have been released.
I'm thinking the guy didn't send the cash initially, until he saw your resistance to pressure and he went back and did the actual transfer of funds. Fraud is everywhere and we need every ounce of caution.
Well done once again and thanks for sharing

If you are a newbie in crypto space, you need to be guide on how to go with p2p transactions on exchanges, not all crypto exchanges give good guidance, I do like how binance do it's thing but still, Binance isn't a real peer to peer crypto exchange, since you will be asked to pass your KYC information, I don't like the idea but there aren't too many good p2p services online this days, most are centralized in disguise.

No one should have a problem with transacting online unless they don't follow the rules, I've never lost money on any p2p platform except for Paxful, they have bad customer service and their network sucks, I heard from a friend that they have improved, it's been several years that I used that platform last.

The most important tricks that people play online with P2P trades is wasting your time, making you lose your patience, or sending you fake alert, before you release crypto for anyone, make sure you log into your bank account and make sure they paid the expected fund before clicking on fund received or you will lose your money, p2p trades requires your patient.

When you open a P2P trading section the first thing you will see is never to release your funds if you have not received your money in your bank account, and even at the time you want to release it, there is also another statement if you received full payment or part payment.

The reason why these rules are made is to guide customers from losing their money to scammers because scammers have gone far in sending fake transfers during P2P trading, and their victims will receive payment messages from their bank, and the payment will also reflect in their total money in their bank account. When this happens the person selling will release his asset thinking that the buyer has made the payment because the exact amount of payment message was sent to the person by his bank, before the person could notice is a fake transfer he/she has already released the asset to the scammer.

Please when trading on P2P trade make sure you make use of your "bank APP" to be able to identify a fake transfer sent to you by a scammer, and never release your asset if you haven't seen your payment in your bank account through your bank APP.

It is only people who don't pay attention to detail or those who are easily distracted that will click on release funds when they haven't received the funds. But I have heard about cases where this silly mistake was made and was resolved within 7 days after complain was filed and investigations was conducted by the CEX. Then what happened after the issue was resolved was that the individual's account was restricted. I don't know why but it happened. I didn't follow up with it to know if he was still able to sell his coins through that exchange again.

And while most do care (even too much!), afaik some few others don't. If I'm not wrong (I no longer know for sure, I think N26 was one of them), using those would be an useful direction, if available.
Another good practice can be to not use the same bank for the day job income and for crypto trades.


Most of those come with extra costs some simply don't want to pay. Plus, lately Bitcoin ATMs ask more and more for ID. So your advise can easily become a trap.


My point overall was that in an ideal world we would be using Bitcoin without any interaction with fiat. In this imperfect world.. everybody has to find his way, just it's best if one makes sure he's careful and knows the pluses and minuses for the choices he makes.