Topic: P2P transaction cheating techniques. - page 2. (Read 409 times)

This is not possible on binance because phone numbers of the buyer/seller are not visible to the other party. The only means of communication is the binance p2p chat box, which puts everything under the control of the exchange, and they can oversee the transaction successfully.  

P2p transactions on binance or kucoin doesnt work like that unless you're a newbie who doesnt know how to read and understand what are the Notes and Warnings pinned on transaction window.

A user will always be safe even transacting to a non-verified seller that has an ad listed there as long as the payment method and best practice dealing on p2p is followed. If ever you did a wrong move, dispute is the only option, scam in p2p kn these two platform is rarely to happen imo.

My bad, It's the buyer that is sending the message to me (I'm the seller). It's from Gcash, The text message is very real imo. The text message came from gcash also that's why it's so believable. Though I check my Gcash app and see no transaction or added balance to it that's why I confirmed it as scam. Be careful just relying on SMS notification, Scammers are very smart nowadays.

Avoid trades with
- Offer is too good to be true
- With total newbie trade partner, without a single past trade
- Mark as Paid when you receive your money
- Else, click on Dispute
- To be safe, trader should have video recorder to record a video during the trade, it is useful for dispute.

When a trade opens, coin of seller will be locked in Escrow, and if seller receive enough (full) amount of payment from buyer, click on release and trade is done. Else, let's open a dispute.

I prioritize trading with trusted trade partners who have long history of trading. Their offers certainly are not too good to be true.

They say to follow blindly after high rates will often lead one the way of scammers and cheats, these scammers and cheats know how enticing high rates are and use it to lure the greedy and unobservant individuals that want to sell their crypto. You should even still count yourself lucky if your case is a case of you were paid less, have you considered others who followed high rates and never received fiat after selling their crypto to some vendor even on binance p2p.

The overall lesson should be that we should as much as possible transact with only trusted and reputable individuals either online or offline.

I would never deal with users who are below 97% rate in Binance P2P. Anyone below than that is already a concern for me that would either give me a lot of headaches due to delays, possible scam, etc. This is why in Binance P2P, I am sticking to those buyers or sellers with at least 97% and above rate to be safe. So far, I have not been scammed in Binance P2P thanks to their strict escrow system.

Same here, I have been doing P2P on Binance and so far the experience is smooth as I only deal with verified users and those that have like almost 99% of transactions being closed.


This or you can give a feed back on the users itself and let it known that you didn't get the exact amount and maybe Binance will flag this account first and verify everything before he can go and used their platform again.

I still do not understand what you mean, how will the cheater make money while the other person will lose?

What I have noticed on Binance before is that some people that are buying and selling low amount will include a message that they will deducted certain amount of money that they are using it for bank charges and charges required to display ads. But in this case, better not just to make deal with them.

Or can you explain better if I am getting it wrong.

Which text message do you mean? If I have understood your statement correctly, what you're saying is that the seller can send you an SMS notification while making it appear as though it came from the platform where you're receiving the money, such as Gcash, PH-based banks, and what not?

I mean that's pretty clever and alarming method that a scammer uses to confuse a P2P customer. I've been using Binance P2P a lot, and I oftentimes relied solely on SMS notifications to know whether or not money had been received and not thru the receiving application(e.g., Gcash, Unionbank) 

My General rule of thumb is to transact in sellers that currently have a reputation. Transaction numbers, Transaction rate/score, Verified are such factors that I'm considering in choosing a seller and try to evaluate these factors if I can put my trust on it. Newbies should also be careful on details, There are scammers that take advantage on payment system. I've experienced one before, Scammer acted they sent me the payment for the transaction via text message. It looks legit at first glance but after examining the text and checking on my application, It's obviously a scam.

Scammers are on every platforms whether it's on binance, kucoin, bybit or any P2P platforms. Be vigilant.

I haven't experienced any of that cheating of the prices that is posted on the P2P exchange. I mean, how can you even cheat when the steps and the prices are clear?

1. You will select among the P2P sellers



2. You will then input the amount that you will purchase



3. There will be a fixed price on it. That's it. You will then agree on it.

It will also say that the price has changed on your current order so it needs to be refreshed in price. Are you sure there is cheating involved?

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How can that happen?

I have experienced it before, but I thought it was a mistake and I thought I was the only one it had happened to, not until seeing this post. I sold my USDT and the buyer send me money that is not up to the money he is supposed to send and I thought it was a mistake.

P2p users should always pick a binance verified users. Dealing with non verified is likely transacting with a possible scammer. When Im using binance p2p,  I only pick those with large trades already to make sure that they are gonna give whats in the deal.

Try to appeal but I doubt that if huge transactions were in check then possible users might just run with it since he is not verified anyway.

I opened bisq a few days ago and it gave me a warning about charging penalty fees on users who send different amounts than what is promised (among other things) so I guess it is something places are trying to actively cut down on as scam.

I never experienced that thing on Binance p2p and I don't worry so much about this unless if you are dealing with unverified users or have no p2p trading history yet.

You can dispute if you do receive not the exact amount from what you agreed. Make sure every time you deal on P2P check the amount that you receive before you confirmed and release your payment because if you confirm and release there is no button to report or to dispute the transaction. That is why Binance added two options to remind you if the buyer sent an exact amount or not before you release.

When conducting a transaction, be it on a p2p platform or sending to an individual address, the sender needs to verify a couple of information such as the wallet address and the amount of crypto to be sent or received. P2p exchanges have a set of rules and they always advise their client to confirm the figure and details of the senders and anything short of what appears on the exchange rendering the transaction invalid, and the buyer is at risk of losing funds if the case escalates and warrant proves. So the best advice is to always verify the sender's name and amount before releasing the assets.

Every day, a growing number of people adopt cryptocurrencies, and everyday additions to the population all want to use cryptocurrency exchanges to buy and sell tokens and coins. Due to its trustworthy p2p transactions, exchanges like Binance and Kucoin are among the most popular exchanges. However, many scammers continue to operate and utilize various p2p transaction cheating techniques.
Many buyers and sellers were involved in a peer-to-peer transaction; some of the cheaters among them will set a very high purchase price to entice the seller, but the seller falls for this and always pays less than what they agreed to.


Most individuals tend not to notice this since we consider it to be the standard and are quite confident that nothing similar to this will occur. This week, a friend of mine told me that he was conducting a peer-to-peer transaction and that the payment was less than what he had expected. He also informed me that he had previously had the same problem from a different source. I write this to inform our newcomers and a few other colleagues because anyone may become a victim of such an act because of the complete faith we have in the exchange, thus we need to be really vigilant and always check our transactions.
Before releasing the coin, you can always Appeal to the exchange if something like this happens.