Rate at which p2p merchant are frauding people are high - always be vigillant

Jegileman

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Quote from: Dailyscript on January 30, 2024, 05:16:48 AM

Yes, yesterday I almost fell for a P2P scam. Mine was the regular way these merchants always try to set people up. I had placed an order, and he approved that he had sent the amount to my account, but he did not. I told him he insisted I release it because he had sent it and I would see it in less than 5 minutes. I knew he wanted to scam me, so I left him and slept off. He then knew I wasn't going to fall for his trap and sent the money after so many hours.

I still don’t know how one can be scammed through p2p platforms because everything is well explained and many disclaimers are there to let you know not to release the coin if you haven’t received the money. You can even go to the extent of trying to send the money you’re sent out in order to confirm if it was not faked alert or just dust money. I haven’t experienced such but just saying to confirm that the money was actually received in your account before releasing the coins.

Quote

But waking up this morning, a friend of mine had similar issues, but this time the scammer came with a little twist. My friend told me he had placed an order for $70 since he needed some funds. As he wanted to click the sell button, the price changed, and he refreshed it again. So he bothered not to check again and procedd with the order as he got the alert in his phone he saw that the merchacnt changed the order from $1 = 1,460 Naira to $1 = 1,270 Naira.

I have not experienced such before and I never knew a merchant can change the price after an order have been placed. This is in fact a criminal act that need to be punished immediately. I only check to see if the actual amount was sent and sometimes the order won’t go through unless the ads is refreshed due to price update. In this type of situation, I go back to the main page and chose a new ads entirely.

Gormicsta

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Quote from: Charles-Tim on January 30, 2024, 05:56:40 AM

Quote from: Dailyscript on January 30, 2024, 05:16:48 AM

Yes, yesterday I almost fell for a P2P scam. Mine was the regular way these merchants always try to set people up. I had placed an order, and he approved that he had sent the amount to my account, but he did not. I told him he insisted I release it because he had sent it and I would see it in less than 5 minutes. I knew he wanted to scam me, so I left him and slept off. He then knew I wasn't going to fall for his trap and sent the money after so many hours.

If you have not received the money or the seller has not sent the complete money, do not release the coin next time. This is how some of you people will be scammed and later realized that you have done something stupid.

Remarkably, some of these merchants go as far as using fake bank alerts to defraud their victims, that's why for me, I'll first of all go to my bank app to confirm that the money is actually there, just seeing an alert on my phone isn't enough, I've almost fallen victim to such cheap scams before, had it been I wasn't enlightened and familiar with fake bank alerts. Scammers are everywhere, even the place you least expect and if you expose yourself to them, they'll take advantage of you and swindle your hard earned money. Is everyone should be careful out there and don't trust anyone you see online, whether on social media or in other places.

Cryptoprincess101

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Quote from: Dailyscript on January 30, 2024, 05:16:48 AM

But waking up this morning, a friend of mine had similar issues, but this time the scammer came with a little twist. My friend told me he had placed an order for $70 since he needed some funds. As he wanted to click the sell button, the price changed, and he refreshed it again. So he bothered not to check again and procedd with the order as he got the alert in his phone he saw that the merchacnt changed the order from $1 = 1,460 Naira to $1 = 1,270 Naira.

That was a very fast scam and that's why it is advisable to check the exchange rate whenever it changes when you want to sell your coin to a particular buyer so that you can be sure of the amount you are exchanging at in case you are not comfortable with it then you can move to the next buyer and moreover don't sell coins to buyers that doesn't have at least 98% to 100% of positive feedbacks from people he bought coin from previously as it will help you to know the trust rate of the person you are dealing with. And again you can check the quantity of coins the buyer has bought from previous sellers if they can be capable to buy your own coin as well so it's from their previous transactions that you would know if you can earn some level of trust from them.

You also need to confirm that the full amount transacted between you and the buyer has been paid into your account and always use banking platforms that can confirm transactions as quick as possible rather than using banking systems that would spend so many hours before you get notification of a transaction you performed.

SOKO-DEKE

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Quote from: Dailyscript on January 30, 2024, 05:16:48 AM

Yes, yesterday I almost fell for a P2P scam. Mine was the regular way these merchants always try to set people up. I had placed an order, and he approved that he had sent the amount to my account, but he did not. I told him he insisted I release it because he had sent it and I would see it in less than 5 minutes. I knew he wanted to scam me, so I left him and slept off. He then knew I wasn't going to fall for his trap and sent the money after so many hours.

Sometimes the problem isn't with people trying to con you; it's more likely a problem with the bank network. Even if some of them do occasionally give money, it won't reach you in a timely manner. This type of strategy can only be used to set those who are not following the exchanges recommendations before utilizing the exchange, nevertheless, as the instructions are now included in those exchanges that do not release the coins if you have not received the money.i am not expecting anyone to do fall the scam of release coins before receiving your money worth coins.i did not see them scam worth people falling for.

Quote from: Dailyscript on January 30, 2024, 05:16:48 AM

But waking up this morning, a friend of mine had similar issues, but this time the scammer came with a little twist. My friend told me he had placed an order for $70 since he needed some funds. As he wanted to click the sell button, the price changed, and he refreshed it again. So he bothered not to check again and procedd with the order as he got the alert in his phone he saw that the merchacnt changed the order from $1 = 1,460 Naira to $1 = 1,270 Naira.

This kind of scam is unheard of in my experience because I usually rely on Binance alerts to notify me as soon as there are changes in merchant prices. However, choosing merchants with a good reputation—which is indicated by a significant history of positive trading numbers and a high percentage of successful transactions—is a simple preventive measure to thwart such small scams in peer-to-peer transactions. Following this procedure can reduce the likelihood of becoming a victim of fraudulent schemes and provide a more reliable and safe experience when participating in peer-to-peer trading.

teamsherry

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This is really helpful 👏, I know about p2p transactions tho haven't done much myself, but I know that I should always receive my money before sending out my asset to anyone and most users might have evil intentions too. This issue of scam us a big case with crypto, it offers to much anonymousity to users, and they can get away with fraudulent activities.

lovesmayfamilis

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Quote from: Crypt0Gore on January 30, 2024, 10:26:58 AM

I guess you are using Binance exchange Peer to Peer? That place is full of scammers now, the only tip that I can drop you is the reviews, don't do deals with anyone that has bad reviews, some intentionally do bad to some numbers of people and do very good to a larger number of people to have a nice looking profile stats.

The thing is the Binance exchange have smart customer services, if not, many of these scammers would have stolen a lot of funds from people, just like how paxful used to behave, Binance team will always ask you both to provide evidence and if one failed the person will be banned.

Next time, do trade with people that has zero negative reviews, I have came across those scammers few times and I followed this strategy and since then I don't have any problem anymore.

That's exactly what I was thinking about. The reputation of the seller and the response time to the application can be good indicators. Often, newcomers do not pay attention to this and rush to sell at a price that seems more profitable to them, not realizing that they are becoming bait for scammers.

Issa56

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Quote from: Dailyscript on January 30, 2024, 05:16:48 AM

Yes, yesterday I almost fell for a P2P scam. Mine was the regular way these merchants always try to set people up. I had placed an order, and he approved that he had sent the amount to my account, but he did not. I told him he insisted I release it because he had sent it and I would see it in less than 5 minutes. I knew he wanted to scam me, so I left him and slept off. He then knew I wasn't going to fall for his trap and sent the money after so many hours.

This is a regular strategy that scammers use, but the first thing you should know when making use of P2P is don’t release coins if you haven’t received your payment. If the buyer claims they have made payment and you decide to release coins to them, then it turns out to be a scam, and your money is gone. I don’t think there is anything you can do to get your money back. When I am making use of P2P and the buyer keeps on pressuring me to release coin, I do think they are scammers automatically, because if you are not a scammer, you won’t pressure me.

Quote from: Dailyscript on January 30, 2024, 05:16:48 AM

But waking up this morning, a friend of mine had similar issues, but this time the scammer came with a little twist. My friend told me he had placed an order for $70 since he needed some funds. As he wanted to click the sell button, the price changed, and he refreshed it again. So he bothered not to check again and procedd with the order as he got the alert in his phone he saw that the merchacnt changed the order from $1 = 1,460 Naira to $1 = 1,270 Naira.

I don’t really know if you can mention the exchange that your friend used. I know scammers can use that strategy to scam people. That’s why if you are using Binance exchange, before you release a coin, they will ask if you received the actual amount that you are supposed to receive. So when using P2P, make sure you compare the amount you received with the amount you are supposed to receive before releasing coins.

BlackBoss_

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Ripping off trade partners is one of scam type and you can learn about more scam types on Peer to Peer marketplaces.

People were scammed because they want to get as highest profit as possible, so at the end they touched offers which are "too good to be true". They can be scammed without receiving money from trade partners but even if they receive money, there is another risk.

Money they received from trade partners can be from money laundering and at the end, they will lose it when police knocks their doors and ask them to return it to victims.

Common P2P Scams in Developing Countries and How to Avoid Them
How to Spot and Avoid P2P Scams and Fraud
Common Types Of P2P Trading Scams
Bitcoin Scam Defense: How to Spot and Avoid Common Bitcoin Scams

Kelward

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Scams are synonymous with crypto transactions, so far you're not seeing your trade partner face to face, them extreme caution should be taken in any transactions that is carried out, because if you're scammed due to your own negligence, I doubt that there's anything much that the exchange can do to recover your money. So it's true that despite the pressure that can be mounted by an exchange merchant that he has paid money into your account, never release your coins, unless your account balance tells you that the money has entered, otherwise you just gambled with your money. Don't trust anybody that you meet online, due diligence must be followed in crypto transactions to avoid being scammed.

Potato Chips

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yesssir! 🫡

Good job on not releasing funds, op.

But I would honestly avoid sleeping it off and start a dispute right away if it feels like I'm talking to a wall with the buyer or seller. This is because the other party could instead start a dispute and 'some' exchange may want you to respond in a timely manner so being MIA does not paint a good picture. It's also possible I may forget about it for some time and therefore, may be away for a longer period lol but that's just me.

On another note, hodlhodl has a nice security guide which for the most part is applicable in any p2p/hybrid-p2p exchanges, I recommend reading it at least once, see: https://medium.com/hodl-hodl/trading-security-guide-2f35c20e58f4

Pokapoka124

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Quote from: Dailyscript on January 30, 2024, 05:16:48 AM

Yes, yesterday I almost fell for a P2P scam. Mine was the regular way these merchants always try to set people up. I had placed an order, and he approved that he had sent the amount to my account, but he did not. I told him he insisted I release it because he had sent it and I would see it in less than 5 minutes. I knew he wanted to scam me, so I left him and slept off. He then knew I wasn't going to fall for his trap and sent the money after so many hours.

The only way scammers can succeed is if you release the coins from escrow without confirming payment. When trading p2p, it’s important to check the feedback on the trader’s profile. This will help you determine the type of buyer you might be dealing with. Also when you’re engaged in a trade, keep the conversation at a minimum and report the account to customer service if you suspect foul play like the buyer clicking paid when he hasn’t made payment. The buyer will be required to show proof of payment and if he can’t, the trade will be cancelled.

fullhdpixel

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Quote from: aTriz on January 30, 2024, 06:08:19 AM

I always use binance p2p for trading. and always pick a trader with highest trust score. never had any problems with that.

Binance P2P platform is no exception when it comes to scammers. Remember, there are scammers on every single platform, no matter how much trusted a platform is and how secure it tends to be, these scammers will always try a way to trick you and scam you if you are not vigilant.

A different sort of scamming trick was tried on my friend a few days ago in the Binance P2P marketplace. The scammer had a buy order way higher than the market price, which would make anyone fall for it since you will get a lot more value for your money than the normal rate. So, when you place an order, the scammer will ask for your email address attached to your Binance account. I know that an experienced person would understand but a newbie wouldn't get it. So, what he does is that he creates and sends a fake email to you from Binance which says that the buyer has made the payment and the funds are kept in Binance's Escrow Wallet, lol, and the funds will be released to your bank account once you release the funds.

It's an obvious scam but someone who is new in all these things wouldn't understand, the email is designed in a way that you can't know if it's not official unless you check the receiving address which gives it all up.

Franctoshi

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Quote from: Dailyscript on January 30, 2024, 05:16:48 AM

Yes, yesterday I almost fell for a P2P scam. Mine was the regular way these merchants always try to set people up. I had placed an order, and he approved that he had sent the amount to my account, but he did not. I told him he insisted I release it because he had sent it and I would see it in less than 5 minutes. I knew he wanted to scam me, so I left him and slept off. He then knew I wasn't going to fall for his trap and sent the money after so many hours.

But waking up this morning, a friend of mine had similar issues, but this time the scammer came with a little twist. My friend told me he had placed an order for $70 since he needed some funds. As he wanted to click the sell button, the price changed, and he refreshed it again. So he bothered not to check again and procedd with the order as he got the alert in his phone he saw that the merchacnt changed the order from $1 = 1,460 Naira to $1 = 1,270 Naira.

He reported the account, and up until now, support is still settling the issues with which they have restricted his trade. Brothers, be careful. Always be vigilant to check before releasing any of your assets. These merchants are cunny.

This issue has been on going on the P2P exchange platform for a long time now, especially with the Binance exchange platform, to a point that Binance has to come up with a written pop message that says do not release funds if you have not received payment in your bank account from the Merchants , then if anyone falls victim of this then it means the person don't read instructions, then when it comes the dramatic price switch, when you placed an order, this is something that happens in such a way that if you aren't careful and in fast to transact, you barely would notice it.

jrrsparkles

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Quote from: Dailyscript on January 30, 2024, 05:16:48 AM

But waking up this morning, a friend of mine had similar issues, but this time the scammer came with a little twist. My friend told me he had placed an order for $70 since he needed some funds. As he wanted to click the sell button, the price changed, and he refreshed it again. So he bothered not to check again and procedd with the order as he got the alert in his phone he saw that the merchacnt changed the order from $1 = 1,460 Naira to $1 = 1,270 Naira.

Actually, the trader didn't scam your friend and the price of the order can be set to a designed price in two methods on p2p exchange, one is the price you want, let's say you buy bitcoins at $43K and the other one is based on percentage above/below the market price, if trader set price using the second one the price changes whenever the market changes and the price you are buying at will be shown in the trade window and along with how much money you will receive.

Yamane_Keto

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Give that scammer negative trust and send a screenshot of the conversation to the support team, and I am sure that they will stand with you and may ban the account if it violates their terms of use. I focus on negative trust and how the seller deals with it more than positive trust. If he has 100 positives and 5 negatives but responds to them well is better than 1000 with 5 negative reviews without responding to them.

Zaguru12

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Quote from: Crypt0Gore on January 30, 2024, 10:26:58 AM

I guess you are using Binance exchange Peer to Peer? That place is full of scammers now, the only tip that I can drop you is the reviews, don't do deals with anyone that has bad reviews, some intentionally do bad to some numbers of people and do very good to a larger number of people to have a nice looking profile stats.

The thing is the Binance exchange have smart customer services, if not, many of these scammers would have stolen a lot of funds from people, just like how paxful used to behave, Binance team will always ask you both to provide evidence and if one failed the person will be banned.

Next time, do trade with people that has zero negative reviews, I have came across those scammers few times and I followed this strategy and since then I don't have any problem anymore.

The problem is people get carried away with the price and tend to go for those with bigger price. Also when trying to check for ratings I will advise that one doesn’t just look for 100% or 90% rating but also consider the number of trades that person has completed. A person with very few number of trades and a 98% rating is riskier than someone with thousands of trade and 90% rating. Also you can never be scammed on this exchanges as long as you know what to do. Never ever release a coin when you haven’t confirmed the payment. The scammer will have no other option than to pay or leave the trade.

Quote from: Bitcoin_Arena on January 30, 2024, 11:21:27 AM

Your friend is also to blame. There is literally a warning there stating “unstable price” just as you are making a sale order. Better still, if you are placing a sell order and the price changes, the order won't go through, Binance will show a dialogue box where you have to review and accept the new price. If you don't agree, you look for another seller. This has happened to me several times.

Next time, tell your friend to be keep when he is trading.

What OP said actually happens there are some vendors that actually put a conflicting figure outside and if you click their their handle you will see another thing. Newbies who actually naive will just proceed without checking. The exchange even present the details after you put the amount you want to sell but they still don’t pay attention to exit that transaction.

Bitcoin_Arena

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Quote from: Dailyscript on January 30, 2024, 05:16:48 AM

But waking up this morning, a friend of mine had similar issues, but this time the scammer came with a little twist. My friend told me he had placed an order for $70 since he needed some funds. As he wanted to click the sell button, the price changed, and he refreshed it again. So he bothered not to check again and procedd with the order as he got the alert in his phone he saw that the merchacnt changed the order from $1 = 1,460 Naira to $1 = 1,270 Naira.

Your friend is also to blame. There is literally a warning there stating “unstable price” just as you are making a sale order. Better still, if you are placing a sell order and the price changes, the order won't go through, Binance will show a dialogue box where you have to review and accept the new price. If you don't agree, you look for another seller. This has happened to me several times.

Next time, tell your friend to be keep when he is trading.

Crypt0Gore

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I guess you are using Binance exchange Peer to Peer? That place is full of scammers now, the only tip that I can drop you is the reviews, don't do deals with anyone that has bad reviews, some intentionally do bad to some numbers of people and do very good to a larger number of people to have a nice looking profile stats.

The thing is the Binance exchange have smart customer services, if not, many of these scammers would have stolen a lot of funds from people, just like how paxful used to behave, Binance team will always ask you both to provide evidence and if one failed the person will be banned.

Next time, do trade with people that has zero negative reviews, I have came across those scammers few times and I followed this strategy and since then I don't have any problem anymore.

DVlog

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Quote from: Dailyscript on January 30, 2024, 05:16:48 AM

Yes, yesterday I almost fell for a P2P scam. Mine was the regular way these merchants always try to set people up. I had placed an order, and he approved that he had sent the amount to my account, but he did not. I told him he insisted I release it because he had sent it and I would see it in less than 5 minutes. I knew he wanted to scam me, so I left him and slept off. He then knew I wasn't going to fall for his trap and sent the money after so many hours.

But waking up this morning, a friend of mine had similar issues, but this time the scammer came with a little twist. My friend told me he had placed an order for $70 since he needed some funds. As he wanted to click the sell button, the price changed, and he refreshed it again. So he bothered not to check again and procedd with the order as he got the alert in his phone he saw that the merchacnt changed the order from $1 = 1,460 Naira to $1 = 1,270 Naira.

He reported the account, and up until now, support is still settling the issues with which they have restricted his trade. Brothers, be careful. Always be vigilant to check before releasing any of your assets. These merchants are cunny.

This happens on Binance or some other platform you were using. I have seen a similar pattern in my country where some scammers send SMS to the seller's phone number, which looks similar to the one you get from the bank when your account has received a deposit. Sometimes busy people don't bother to check their account balance in the bank and release the funds. P2P option is the most convenient option for people where bank don't allow crypto deposit thats why scammers are targeting people who are using this features.

Agbamoni

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Fine by Time

Quote from: sokani on January 30, 2024, 07:06:30 AM

The buyer didn't pay less because the price changed. If the price of the displayed ad has dropped, he'd not had accepted to transact, he'd would have rejected it and created a new one based on the current market price. When a buyer set an ad at a particular price and you agree to sell your coin, you'd get the total amount for the transaction based on the number of coin you want to sell. It's all your friend's fault, he'd have confirmed the money he received corresponded with what was displayed on Binance before releasing the fund. I doubt if Binance support is going to penalize the buyer.

Literally he didn't pay less because that was the price that was there. What OP is saying is that the buyer intentionally changed the price so fast that the seller hardly noticed he did it. If you read careful, he said he checked the price after the first changes and noticed it was back to the original price, he was comfortable with. All of a sudden when he placed the order it was a different price. It was an intentional act from the buyer.

Good thing that he noticed before he thought about releasing his assets. And it seems people he was concerned about the increase of the price of USDT to naira. And doesn't want to buy at that rate. Last week i noticed there were only 10 buyers on Binance P2P. I have never saw something like that before.

Topic: Rate at which p2p merchant are frauding people are high - always be vigillant (Read 284 times)