Topic: P2P Scams are on the rise! Be Careful! - page 2. (Read 377 times)

If you want to know more about the existing P2P scams then do a search on Twitter there is a good number of users who are facing this problem.


I do not think asking for a PAN card from the merchant will solve this issue. If they can hack a bank account, imagine how easy it is for them to get a duplicate PAN card. You can give it a try but I would always prefer a verified merchant or a non P2P exchange. For few amount of INR I do not want to lose everything.

Stay safe and if possible share this scam with your friends. As you have not invested a dime then you are another moron from India who who fears the latest in technology & consequences. A small amount of INR 500 can give a return.of 50k. What you need is patience and sheer determination. Think about it!

I have never used a P2P DEX as I have never earned and invested till now in Bitcoin or any other cryptocurrencies. I am still learning and OP your post is a eye opener for people like me. I never knew that you can get scammed in such a way on a exchange. Thanks once again for sharing such a critical information with everyone.
 

This is scary! It is always better to use a reputed exchange like Binance. They have thier own verification method for merchants. I would recommend using verified merchants and always ask for PAN card from them. When you make a purchase they generally ask for PAN card in that same manner when sell cryptocurrency you can also ask them. This is India & fake PAN card can be generated still a scammer would always hesitate to share a PAN card.

I recently came across a few articles and a few Youtube videos about P2P scams. These scams are on the rise as the majority of Indian crypto users have shifted to DEX. We all know scammers are everywhere and they come up with new ways to scam people. There is a new P2P scam that is on the rise and especially targets those who are new to this industry.

How it is done?

A scammer goes ahead and hacks a Bank account, then registers himself on a DEX and creates an advertisement for buying cryptocurrency. You as a user on that DEX see that advertisement and agree to sell your crypto. Everything goes smoothly and you receive your INR in your Bank account.  

What happens next?

A few days pass by and you try to make a normal purchase using your Bank account but the transaction gets declined. This happens quite a few times and you visit your bank. Your bank says your account has been frozen as the Police requested and now you need to contact them.

You have now no idea what is happening. You contact the Police and they say that the money you received was from a hacked bank account. Imagine what might be going through your mind as you not only lost your cryptocurrency but also the fiat.

The worst part of such a situation is that you might be staying in South India and the hacked Bank account owner stays in North India. You now need to visit the North Indian state police where the FIR was raised for questioning. If you do not then the situation will escalate further.

Checklist to avoid P2P scams?

• Check the number of trades of the merchant, the higher the better.
• Check feedback the more it is positive the better will be the trade.
• Check if the account is verified.
• Avoid above average INR value for crypto offerings.
• Check whether the merchant is verified or not.

After going through the above checklist still, you can get scammed. Therefore it is better to use an Indian exchange where the amount gets directly credited to your Bank account after you sell it to the exchange.

If you have any suggestions that can be added to the checklist then do share them. I would add it to the above list so that newbies can follow them.