P2P Scams : Where does the government stand - page 3.

sokani

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Quote from: UmerIdrees on June 02, 2023, 10:48:31 AM

These days there are a lot of P2P scams on Binance and other platforms. The P2P platforms are not be blamed but the scammers are coming up with new ways to scam people who are new to the crypto world.

Recently Binance did a P2P scam awareness session with our local community which was very informative.

The recording can be watched here https://www.binance.com/en/live/video?roomId=2138115

Now my question is that in my country, crypto is not legalized, so in case if anyone is scammed through P2P, we can't take up this matter in the legal court because the country does not recognize the transactions of crypto in the first place.

Does this gives a free hand to scammers as they know that they cannot be punished by a court of law Huh

I've used Binance P2P service before and I have not had such experience and neither have I heard that someone was scammed before. If an issue ever arises there's a dispute center you can always table your complaint to. Binance have access to the chat history, they can see the address, track the transaction on the blockchain and can also request for bank statement if necessary. After reviewing these information I believe they will take the necessary steps to punish the faulted party and see that you get back your funds. If this doesn't happen and a situation where cryptocurrency is not legalized in your country, going to the authorities will only make this worse.

zasad@

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Quote from: Baofeng on August 20, 2023, 01:39:11 AM

Quote from: zasad@ on August 16, 2023, 10:03:12 AM

Quote from: qwertyup23 on August 13, 2023, 03:17:56 PM

I think that is a double-edged sword depending on the person they run into.

The difficult thing with cryptocurrencies is knowing which area has jurisdiction over the case in the event of a scam. If you deal with someone via p2p and they have scammed you, depending on where you are staying, then such is enforceable against them. In contrast, if they have dealt with someone who prohibits the utilization of cryptocurrencies, then they cannot enforce such action against them.

Small amounts appear in p2p exchanges, I think that even in Europe it is no more than 10,000 dollars for a bank payment, but most likely these are small amounts of 200-2000 dollars. Unfortunately, due to such damage, it makes no sense to contact the police. I perceive such losses as payment for the lesson.

Yeah, even here, it's just a small amount that even if you report it, might not be worth to look at by the police and the authorities, hence it's going to be difficult for the victims to recover what they have lost during the scams. Again, I myself have been attempted multiply times by scammers in the P2P in Binance and Bybit, but my experience tells me not to send the funds to them and then we try to go to arbitration with the exchanges and they found out that this are indeed scammers and so they block or ban those account. But for those who are inexperience in this field, they might easily fall for it especially when this scammers are the way dictating you what to do and pressuring you to released the crypto right away.

I don't think the main problem here is fraud. If you study well the experience of other users and read their recommendations, you can protect yourself from fraud. The weakest link in this scheme is the banks that will block the trader's account if he often makes p2p exchanges. And banks in all countries work the same way, and then it is very difficult to unblock your account.

Baofeng

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Quote from: zasad@ on August 16, 2023, 10:03:12 AM

Quote from: qwertyup23 on August 13, 2023, 03:17:56 PM

I think that is a double-edged sword depending on the person they run into.

The difficult thing with cryptocurrencies is knowing which area has jurisdiction over the case in the event of a scam. If you deal with someone via p2p and they have scammed you, depending on where you are staying, then such is enforceable against them. In contrast, if they have dealt with someone who prohibits the utilization of cryptocurrencies, then they cannot enforce such action against them.

Small amounts appear in p2p exchanges, I think that even in Europe it is no more than 10,000 dollars for a bank payment, but most likely these are small amounts of 200-2000 dollars. Unfortunately, due to such damage, it makes no sense to contact the police. I perceive such losses as payment for the lesson.

Yeah, even here, it's just a small amount that even if you report it, might not be worth to look at by the police and the authorities, hence it's going to be difficult for the victims to recover what they have lost during the scams. Again, I myself have been attempted multiply times by scammers in the P2P in Binance and Bybit, but my experience tells me not to send the funds to them and then we try to go to arbitration with the exchanges and they found out that this are indeed scammers and so they block or ban those account. But for those who are inexperience in this field, they might easily fall for it especially when this scammers are the way dictating you what to do and pressuring you to released the crypto right away.

zasad@

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Quote from: qwertyup23 on August 13, 2023, 03:17:56 PM

I think that is a double-edged sword depending on the person they run into.

The difficult thing with cryptocurrencies is knowing which area has jurisdiction over the case in the event of a scam. If you deal with someone via p2p and they have scammed you, depending on where you are staying, then such is enforceable against them. In contrast, if they have dealt with someone who prohibits the utilization of cryptocurrencies, then they cannot enforce such action against them.

Small amounts appear in p2p exchanges, I think that even in Europe it is no more than 10,000 dollars for a bank payment, but most likely these are small amounts of 200-2000 dollars. Unfortunately, due to such damage, it makes no sense to contact the police. I perceive such losses as payment for the lesson.

qwertyup23

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Quote from: UmerIdrees on June 02, 2023, 10:48:31 AM

Now my question is that in my country, crypto is not legalized, so in case if anyone is scammed through P2P, we can't take up this matter in the legal court because the country does not recognize the transactions of crypto in the first place.

I think this is exactly the reason on why government prohibits the utilization of BTC in their jurisdiction. Since no laws have been created by their respective Congress in dealing with anything related with cryptocurrencies, this follows that if you want to venture in this practice, then you accept the risks that are associated with it.

Quote

Does this gives a free hand to scammers as they know that they cannot be punished by a court of law Huh

I think that is a double-edged sword depending on the person they run into.

The difficult thing with cryptocurrencies is knowing which area has jurisdiction over the case in the event of a scam. If you deal with someone via p2p and they have scammed you, depending on where you are staying, then such is enforceable against them. In contrast, if they have dealt with someone who prohibits the utilization of cryptocurrencies, then they cannot enforce such action against them.

zasad@

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Quote from: Zoomic on August 11, 2023, 08:46:46 AM

Quote from: avikz on June 07, 2023, 06:12:45 AM

It really depends on the nature of the scam. In P2P trading, fiat is usually involved. So regardless of whether crypto is involved or not, it can be taken up by the court of law. Even in my country, crypto is not recognised in any way legally. Still we often face bank freeze issues and it can be taken up with legal enforcement team.

Can op please be specific what kind of scam you are referring to?

This can only be taken up in country where crypto activities are allowed, otherwise no way. In my country there is not outright ban of cryptocurrency activities but there is a prohibition that you trade crypto to fiat through the banks. The banks doesn't accept this, unless you are using the false CEX p2p where you still use the bank but not putting narration relating to crypto in the transaction.

So, let's assume there is a legal confrontation, on mentioning that you transacted cryptocurrency with a particular bank, it is a problem to the bank and they will even freeze your account and the remaining balance. The only people to solve the problem is the central authority controlling the p2p

In Russia, the situation is similar. Cryptocurrency is not prohibited, but banks are required to verify payments and prevent illegal commercial activity on accounts of individuals where this activity is prohibited. According to Russian law, there are no clear criteria for blocking bank accounts, and therefore each bank chooses its own policy. The bank can block any transfer of money on suspicion, and you will not sue for business damages because you have an agreement with the bank that prohibits commercial activity through this bank account.

There is a maximum transfer limit, which is 600,000 rubles ($6,200), about which all data is automatically sent to Rosfinmonitoring (a large government agency that controls citizens' financial transfers, among other things).

But banks also need customers, so they usually say what requirements they have for transfers between individuals and which accounts will be blocked. This is an excess of monthly limits, this is an excess of the number of payments.

Until there are laws that will regulate this activity, any p2p trading in cryptocurrencies will remain in the shadow zone.

Medusah

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The only entity that governs in peer-to-peer trades is the DAO. Do not expect your government to help you with cryptocurrencies. In Binance, I expect them to not really be peer-to-peer, but in Bisq you can address concerns to the mediators and if falling for a big scam, arbitrators.

Zoomic

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Quote from: avikz on June 07, 2023, 06:12:45 AM

It really depends on the nature of the scam. In P2P trading, fiat is usually involved. So regardless of whether crypto is involved or not, it can be taken up by the court of law. Even in my country, crypto is not recognised in any way legally. Still we often face bank freeze issues and it can be taken up with legal enforcement team.

Can op please be specific what kind of scam you are referring to?

This can only be taken up in country where crypto activities are allowed, otherwise no way. In my country there is not outright ban of cryptocurrency activities but there is a prohibition that you trade crypto to fiat through the banks. The banks doesn't accept this, unless you are using the false CEX p2p where you still use the bank but not putting narration relating to crypto in the transaction.

So, let's assume there is a legal confrontation, on mentioning that you transacted cryptocurrency with a particular bank, it is a problem to the bank and they will even freeze your account and the remaining balance. The only people to solve the problem is the central authority controlling the p2p

zasad@

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Quote from: virasog on August 11, 2023, 05:45:11 AM

Quote from: zasad@ on June 25, 2023, 03:33:25 AM

Quote from: UmerIdrees on June 24, 2023, 04:59:15 PM

Quote from: zasad@ on June 22, 2023, 05:55:18 AM

Quote from: NotATether on June 22, 2023, 03:09:25 AM

Quote from: UmerIdrees on June 02, 2023, 10:48:31 AM

Does this gives a free hand to scammers as they know that they cannot be punished by a court of law Huh

Unfortunately, yes. There are no checks and balances in place anywhere, so while legitimate users' accounts are being shut down by exchanges who proceed to keep the money, there are also individual scammers (the high-tech thieves) who steal from people for a living, and nobody from the crypto platforms to the social media apps to the countries are doing anything to quash it.

I monitor the methods of fraud in my country. There are a lot of phone scams in which the scammer asks the victim to transfer money to another account. It can be a transfer of money to a drop account or a purchase of a cryptocurrency, but it is impossible to fight against this, because the money will be quickly cashed out. All banks have instructions on how not to become a victim of a scammer, but fools still believe phone scammers.

For this purpose, Binance insists that all P2P communication should happen on the Binance chat window and not take that conversation out of the Binance to any third party platform. If the buyer or the seller asks to have a phone call where he tells another account[ s] to transfer the money, Binance can have no control or proof on this and in case of dispute/scam, Binance may not be able to help the victim.

Yes, the government won't be able to help either because of the no legalization of cryptocurrencies, but we have to take as many precautions ourselves to prevent any sort of fraud or scam with us through P2P platforms.

This does not protect against fraud. The fraudster will find the victim in the telegram, and then on the purchased account on the Binance exchange, he will find an application for the purchase of cryptocurrency.
The scammer will give the victim the details of the P2P partner of Binance and the victim will transfer the money to specified bank account. Binance will unlock bitcoins and the scammer will disappear.
Then the victim will write a statement to the police about the P2P participant in the Binance deal.

Well, the government will only help you in this case, if the crypto currency legal in that country. If crypto is not legal, and you will go to the police for any help which happened in P2P scam, they will first question you as why you are dealing in crypto which is not legal. This can go against you if the government is very strict in your country.

That is another reason where the P2P scams are not being reported or registered as people fear to tell all this stuff to the law enforcement agencies and the scammers at P2P know this fact and they do not fear in trying to scam the people involving in P2P through binance or other exchanges.

If P2P cryptocurrency exchange is prohibited in your country, then this does not prohibit you from buying cryptocurrencies on P2P marketplaces in other countries.
But usually there is a lot of fraud in those countries where P2P cryptocurrency exchange is not prohibited, and since it is impossible to find a scammer, the police close the criminal case, and the participants in the transaction are forced to negotiate with banks or solve their problems in court.

virasog

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Quote from: zasad@ on June 25, 2023, 03:33:25 AM

Quote from: UmerIdrees on June 24, 2023, 04:59:15 PM

Quote from: zasad@ on June 22, 2023, 05:55:18 AM

Quote from: NotATether on June 22, 2023, 03:09:25 AM

Quote from: UmerIdrees on June 02, 2023, 10:48:31 AM

Does this gives a free hand to scammers as they know that they cannot be punished by a court of law Huh

Unfortunately, yes. There are no checks and balances in place anywhere, so while legitimate users' accounts are being shut down by exchanges who proceed to keep the money, there are also individual scammers (the high-tech thieves) who steal from people for a living, and nobody from the crypto platforms to the social media apps to the countries are doing anything to quash it.

I monitor the methods of fraud in my country. There are a lot of phone scams in which the scammer asks the victim to transfer money to another account. It can be a transfer of money to a drop account or a purchase of a cryptocurrency, but it is impossible to fight against this, because the money will be quickly cashed out. All banks have instructions on how not to become a victim of a scammer, but fools still believe phone scammers.

For this purpose, Binance insists that all P2P communication should happen on the Binance chat window and not take that conversation out of the Binance to any third party platform. If the buyer or the seller asks to have a phone call where he tells another account[ s] to transfer the money, Binance can have no control or proof on this and in case of dispute/scam, Binance may not be able to help the victim.

Yes, the government won't be able to help either because of the no legalization of cryptocurrencies, but we have to take as many precautions ourselves to prevent any sort of fraud or scam with us through P2P platforms.

This does not protect against fraud. The fraudster will find the victim in the telegram, and then on the purchased account on the Binance exchange, he will find an application for the purchase of cryptocurrency.
The scammer will give the victim the details of the P2P partner of Binance and the victim will transfer the money to specified bank account. Binance will unlock bitcoins and the scammer will disappear.
Then the victim will write a statement to the police about the P2P participant in the Binance deal.

Well, the government will only help you in this case, if the crypto currency legal in that country. If crypto is not legal, and you will go to the police for any help which happened in P2P scam, they will first question you as why you are dealing in crypto which is not legal. This can go against you if the government is very strict in your country.

That is another reason where the P2P scams are not being reported or registered as people fear to tell all this stuff to the law enforcement agencies and the scammers at P2P know this fact and they do not fear in trying to scam the people involving in P2P through binance or other exchanges.

zasad@

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Quote from: Bushdark on July 19, 2023, 02:55:16 PM

Quote from: zasad@ on July 12, 2023, 08:39:29 AM

Quote from: Bushdark on July 10, 2023, 03:51:32 PM

Quote from: zasad@ on June 22, 2023, 05:55:18 AM

Quote from: NotATether on June 22, 2023, 03:09:25 AM

Quote from: UmerIdrees on June 02, 2023, 10:48:31 AM

Does this gives a free hand to scammers as they know that they cannot be punished by a court of law Huh

Unfortunately, yes. There are no checks and balances in place anywhere, so while legitimate users' accounts are being shut down by exchanges who proceed to keep the money, there are also individual scammers (the high-tech thieves) who steal from people for a living, and nobody from the crypto platforms to the social media apps to the countries are doing anything to quash it.

I monitor the methods of fraud in my country. There are a lot of phone scams in which the scammer asks the victim to transfer money to another account. It can be a transfer of money to a drop account or a purchase of a cryptocurrency, but it is impossible to fight against this, because the money will be quickly cashed out. All banks have instructions on how not to become a victim of a scammer, but fools still believe phone scammers.

This also happens in other countries too and it is something that the government can not stop totally. This can be reduced if the government force the bank to always traced and prosecute people that are involved in this kind of scam.
Some many of these kind of scam are in different style and the scammers always look for ways to make sure that they trick or compelled the victim to quickly do what they want without suspecting if they are scammer or not.

Cryptocurrency has created an avenue for many of these scammers to manipulate the innocent ones and people that do not have good knowledge about the cryptocurrency and how we can become a victim of scam if we are not smart enough. I think we need to pass the information around to those that may not be aware of various crypto scam that could make them lose there funds.

In Russia, if the money has been withdrawn from a bank account, then it will be cashed out very quickly through drops. In Europe, there is a system of fast payments, up to 10,000 euros and another payment system, for amounts over 10,000 euros, where payments take longer and the bank checks these payments and requests additional confirmation from the bank client.

Even with all these confirmations, the bank is still ignorant of many ways those scammers are using to get funds from there victim. Scammers are always looking for new ways to thief and scammer people no matter the security and restrictions that is needed to cashout from there victim account. Sometimes the bank workers are connected to there scammers that are carrying out this illegal and dubious act. I have seen different circumstances where the scammers were arrested and it was discovered that there are I formants from the bank that are giving out customers Identities and info to the scammers.

Bank employees cooperate with fraudsters, for example in Russia, because there is a very small punishment for fraud. The fraudster receives a sentence of 5 years in prison, and after 3.5 years he is released for good behavior.
The situation is approximately the same in other neighboring countries with Russia. In the USA, these problems were closed with very long prison terms.

Bushdark

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Quote from: zasad@ on July 12, 2023, 08:39:29 AM

Quote from: Bushdark on July 10, 2023, 03:51:32 PM

Quote from: zasad@ on June 22, 2023, 05:55:18 AM

Quote from: NotATether on June 22, 2023, 03:09:25 AM

Quote from: UmerIdrees on June 02, 2023, 10:48:31 AM

Does this gives a free hand to scammers as they know that they cannot be punished by a court of law Huh

Unfortunately, yes. There are no checks and balances in place anywhere, so while legitimate users' accounts are being shut down by exchanges who proceed to keep the money, there are also individual scammers (the high-tech thieves) who steal from people for a living, and nobody from the crypto platforms to the social media apps to the countries are doing anything to quash it.

I monitor the methods of fraud in my country. There are a lot of phone scams in which the scammer asks the victim to transfer money to another account. It can be a transfer of money to a drop account or a purchase of a cryptocurrency, but it is impossible to fight against this, because the money will be quickly cashed out. All banks have instructions on how not to become a victim of a scammer, but fools still believe phone scammers.

This also happens in other countries too and it is something that the government can not stop totally. This can be reduced if the government force the bank to always traced and prosecute people that are involved in this kind of scam.
Some many of these kind of scam are in different style and the scammers always look for ways to make sure that they trick or compelled the victim to quickly do what they want without suspecting if they are scammer or not.

Cryptocurrency has created an avenue for many of these scammers to manipulate the innocent ones and people that do not have good knowledge about the cryptocurrency and how we can become a victim of scam if we are not smart enough. I think we need to pass the information around to those that may not be aware of various crypto scam that could make them lose there funds.

In Russia, if the money has been withdrawn from a bank account, then it will be cashed out very quickly through drops. In Europe, there is a system of fast payments, up to 10,000 euros and another payment system, for amounts over 10,000 euros, where payments take longer and the bank checks these payments and requests additional confirmation from the bank client.

Even with all these confirmations, the bank is still ignorant of many ways those scammers are using to get funds from there victim. Scammers are always looking for new ways to thief and scammer people no matter the security and restrictions that is needed to cashout from there victim account. Sometimes the bank workers are connected to there scammers that are carrying out this illegal and dubious act. I have seen different circumstances where the scammers were arrested and it was discovered that there are I formants from the bank that are giving out customers Identities and info to the scammers.

zasad@

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Quote from: Bushdark on July 10, 2023, 03:51:32 PM

Quote from: zasad@ on June 22, 2023, 05:55:18 AM

Quote from: NotATether on June 22, 2023, 03:09:25 AM

Quote from: UmerIdrees on June 02, 2023, 10:48:31 AM

Does this gives a free hand to scammers as they know that they cannot be punished by a court of law Huh

Unfortunately, yes. There are no checks and balances in place anywhere, so while legitimate users' accounts are being shut down by exchanges who proceed to keep the money, there are also individual scammers (the high-tech thieves) who steal from people for a living, and nobody from the crypto platforms to the social media apps to the countries are doing anything to quash it.

I monitor the methods of fraud in my country. There are a lot of phone scams in which the scammer asks the victim to transfer money to another account. It can be a transfer of money to a drop account or a purchase of a cryptocurrency, but it is impossible to fight against this, because the money will be quickly cashed out. All banks have instructions on how not to become a victim of a scammer, but fools still believe phone scammers.

This also happens in other countries too and it is something that the government can not stop totally. This can be reduced if the government force the bank to always traced and prosecute people that are involved in this kind of scam.
Some many of these kind of scam are in different style and the scammers always look for ways to make sure that they trick or compelled the victim to quickly do what they want without suspecting if they are scammer or not.

Cryptocurrency has created an avenue for many of these scammers to manipulate the innocent ones and people that do not have good knowledge about the cryptocurrency and how we can become a victim of scam if we are not smart enough. I think we need to pass the information around to those that may not be aware of various crypto scam that could make them lose there funds.

In Russia, if the money has been withdrawn from a bank account, then it will be cashed out very quickly through drops. In Europe, there is a system of fast payments, up to 10,000 euros and another payment system, for amounts over 10,000 euros, where payments take longer and the bank checks these payments and requests additional confirmation from the bank client.

Bushdark

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Quote from: zasad@ on June 22, 2023, 05:55:18 AM

Quote from: NotATether on June 22, 2023, 03:09:25 AM

Quote from: UmerIdrees on June 02, 2023, 10:48:31 AM

Does this gives a free hand to scammers as they know that they cannot be punished by a court of law Huh

Unfortunately, yes. There are no checks and balances in place anywhere, so while legitimate users' accounts are being shut down by exchanges who proceed to keep the money, there are also individual scammers (the high-tech thieves) who steal from people for a living, and nobody from the crypto platforms to the social media apps to the countries are doing anything to quash it.

I monitor the methods of fraud in my country. There are a lot of phone scams in which the scammer asks the victim to transfer money to another account. It can be a transfer of money to a drop account or a purchase of a cryptocurrency, but it is impossible to fight against this, because the money will be quickly cashed out. All banks have instructions on how not to become a victim of a scammer, but fools still believe phone scammers.

This also happens in other countries too and it is something that the government can not stop totally. This can be reduced if the government force the bank to always traced and prosecute people that are involved in this kind of scam.
Some many of these kind of scam are in different style and the scammers always look for ways to make sure that they trick or compelled the victim to quickly do what they want without suspecting if they are scammer or not.

Cryptocurrency has created an avenue for many of these scammers to manipulate the innocent ones and people that do not have good knowledge about the cryptocurrency and how we can become a victim of scam if we are not smart enough. I think we need to pass the information around to those that may not be aware of various crypto scam that could make them lose there funds.

zasad@

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Quote from: UmerIdrees on June 24, 2023, 04:59:15 PM

Quote from: zasad@ on June 22, 2023, 05:55:18 AM

Quote from: NotATether on June 22, 2023, 03:09:25 AM

Quote from: UmerIdrees on June 02, 2023, 10:48:31 AM

Does this gives a free hand to scammers as they know that they cannot be punished by a court of law Huh

Unfortunately, yes. There are no checks and balances in place anywhere, so while legitimate users' accounts are being shut down by exchanges who proceed to keep the money, there are also individual scammers (the high-tech thieves) who steal from people for a living, and nobody from the crypto platforms to the social media apps to the countries are doing anything to quash it.

I monitor the methods of fraud in my country. There are a lot of phone scams in which the scammer asks the victim to transfer money to another account. It can be a transfer of money to a drop account or a purchase of a cryptocurrency, but it is impossible to fight against this, because the money will be quickly cashed out. All banks have instructions on how not to become a victim of a scammer, but fools still believe phone scammers.

For this purpose, Binance insists that all P2P communication should happen on the Binance chat window and not take that conversation out of the Binance to any third party platform. If the buyer or the seller asks to have a phone call where he tells another account[ s] to transfer the money, Binance can have no control or proof on this and in case of dispute/scam, Binance may not be able to help the victim.

Yes, the government won't be able to help either because of the no legalization of cryptocurrencies, but we have to take as many precautions ourselves to prevent any sort of fraud or scam with us through P2P platforms.

This does not protect against fraud. The fraudster will find the victim in the telegram, and then on the purchased account on the Binance exchange, he will find an application for the purchase of cryptocurrency.
The scammer will give the victim the details of the P2P partner of Binance and the victim will transfer the money to specified bank account. Binance will unlock bitcoins and the scammer will disappear.
Then the victim will write a statement to the police about the P2P participant in the Binance deal.

Fiatless

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Quote from: UmerIdrees on June 24, 2023, 04:59:15 PM

For this purpose, Binance insists that all P2P communication should happen on the Binance chat window and not take that conversation out of the Binance to any third party platform. If the buyer or the seller asks to have a phone call where he tells another account[ s] to transfer the money, Binance can have no control or proof on this and in case of dispute/scam, Binance may not be able to help the victim.

The Binance chat window can be easily monitored by the exchange. And in terms of fraud or dispute, there will be shreds of evidence to back up claims. There are many advertisements on social media on crypto exchange and using them is risky. It is better to use well-established firms because they possess the necessary operational mechanism to tackle fraud to a large extent.

Quote

Yes, the government won't be able to help either because of the no legalization of cryptocurrencies, but we have to take as many precautions ourselves to prevent any sort of fraud or scam with us through P2P platforms.

Engaging in crypto transactions in a country where the currency is banned is risky. Reporting to law enforcement agencies is like reporting to the government that you committed a crime. It will be better to take necessary safety measures.

dothebeats

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This is where you need to be extra cautious. There are tons of scam even in centralized platforms that offer P2P buy/sell options. In Binance, the buyer of the coin is usually the one who is more prone to scamming - you can pay the seller and send a payment request and they can just ignore that, and your money is gone just like that. They use fake IDs to get verified in the platform that's why they are brave to do this without hesitation whatsoever.

In these situations, it's best to be vigilant when releasing the coins/funds/whatever. If the other party shows red flags in a transaction, it's best to take your time until they fulfilled their end of the deal before you release the money. Confirm that you have received whatever it is that you need receiving, before marking any transaction as complete. Or better yet, just deal with verified accounts with high reviews to avoid getting scammed. The rates may not be as great, but there is some guarantee to an extent that you'll receive your money/crypto.

GH2022

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Quote from: UmerIdrees on June 02, 2023, 10:48:31 AM

These days there are a lot of P2P scams on Binance and other platforms. The P2P platforms are not be blamed but the scammers are coming up with new ways to scam people who are new to the crypto world.

Recently Binance did a P2P scam awareness session with our local community which was very informative.

The recording can be watched here https://www.binance.com/en/live/video?roomId=2138115

Now my question is that in my country, crypto is not legalized, so in case if anyone is scammed through P2P, we can't take up this matter in the legal court because the country does not recognize the transactions of crypto in the first place.

Does this gives a free hand to scammers as they know that they cannot be punished by a court of law Huh

It does provide something of a free hand, but if the scammed person has the scammers PayPal etc. then I would gather something could be done in order to bring him/her to justice.

Even in countries where Cryptocurrencies are deemed as 'okay' the Police won't get involved in these matters as they are either not knowledgeable enough about Cryptocurrency frauds or believe that anybody using it is automatic bad person.

As a matter of course I avoid Paxful and Symlix like the plague as they are scammer central:

'You pay me first before I release Bitcoins'
'I am in charge of this trade, you do as I say'
'I want money/Bitcoins first!'
'Let's trade offline...'

When a friend of mine was attacked by somebody who thought he was carrying actual physical Bitcoins on him to a Local Bitcoin meet up, it brought home to me that some people will sadly do anything to get Bitcoin.

UmerIdrees

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Activity: 2422

Merit: 875

Quote from: zasad@ on June 22, 2023, 05:55:18 AM

Quote from: NotATether on June 22, 2023, 03:09:25 AM

Quote from: UmerIdrees on June 02, 2023, 10:48:31 AM

Does this gives a free hand to scammers as they know that they cannot be punished by a court of law Huh

Unfortunately, yes. There are no checks and balances in place anywhere, so while legitimate users' accounts are being shut down by exchanges who proceed to keep the money, there are also individual scammers (the high-tech thieves) who steal from people for a living, and nobody from the crypto platforms to the social media apps to the countries are doing anything to quash it.

I monitor the methods of fraud in my country. There are a lot of phone scams in which the scammer asks the victim to transfer money to another account. It can be a transfer of money to a drop account or a purchase of a cryptocurrency, but it is impossible to fight against this, because the money will be quickly cashed out. All banks have instructions on how not to become a victim of a scammer, but fools still believe phone scammers.

For this purpose, Binance insists that all P2P communication should happen on the Binance chat window and not take that conversation out of the Binance to any third party platform. If the buyer or the seller asks to have a phone call where he tells another account[ s] to transfer the money, Binance can have no control or proof on this and in case of dispute/scam, Binance may not be able to help the victim.

Yes, the government won't be able to help either because of the no legalization of cryptocurrencies, but we have to take as many precautions ourselves to prevent any sort of fraud or scam with us through P2P platforms.

zasad@

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Merit: 4602

Buy on Amazon with Crypto

Quote from: NotATether on June 22, 2023, 03:09:25 AM

Quote from: UmerIdrees on June 02, 2023, 10:48:31 AM

Does this gives a free hand to scammers as they know that they cannot be punished by a court of law Huh

Unfortunately, yes. There are no checks and balances in place anywhere, so while legitimate users' accounts are being shut down by exchanges who proceed to keep the money, there are also individual scammers (the high-tech thieves) who steal from people for a living, and nobody from the crypto platforms to the social media apps to the countries are doing anything to quash it.

I monitor the methods of fraud in my country. There are a lot of phone scams in which the scammer asks the victim to transfer money to another account. It can be a transfer of money to a drop account or a purchase of a cryptocurrency, but it is impossible to fight against this, because the money will be quickly cashed out. All banks have instructions on how not to become a victim of a scammer, but fools still believe phone scammers.

Topic: P2P Scams : Where does the government stand - page 3. (Read 1043 times)