P2P Scams in Pakistan & Their Solutions

This article highlights how P2P users in Pakistan fall victim to scams and offers practical security tips, along with a unique method to protect their funds. Here's a concise overview:

1. How P2P Users Become Scam Victims:

Fake Payment Scams: Scammers send false payment confirmations via SMS or fake screenshots, convincing sellers to release their crypto prematurely. To avoid this, always confirm the payment has been credited to your bank account before marking the transaction as complete. Also, ensure the payment comes from the same name registered on the P2P platform.

Chargeback Scams: Some fraudsters reverse payments made through services like JazzCash or EasyPaisa or falsely claim to their bank that the payment was a mistake, leading to account freezes. Sellers should wait for payments to clear fully before releasing crypto and avoid using these platforms for larger transactions.

2. Security Measures to Prevent Scams:

Trade with Verified Merchants: Only trade with verified merchants who have a high success rate (above 98.2%), positive feedback (above 92%), and a large number of trades (over 1,000 completed, with at least 100 in the last 30 days).

Build Trust: If a merchant has proven reliable in previous transactions, consider trading with them again to reduce the risk of falling prey to scams.

These practices reduce scam risks but don’t completely protect against account freezes.

3. Best Method to Avoid Freezing of Funds:

A novel way to prevent account freezes is by using a two-bank strategy:

Two-Bank Method: Use one bank account (e.g., MCB) exclusively for receiving payments from crypto transactions and a separate account (e.g., UBL) for personal use.

Withdraw Immediately: Once you receive payment in the MCB account, immediately withdraw the funds from an ATM before confirming the transaction on the P2P platform. This ensures the money is in your hands before releasing crypto.

Avoid Interbank Transfers: Don’t transfer funds between the two accounts. If the MCB account is frozen, your funds in the UBL account remain safe.

Why This Works:

Isolated Funds: Keeping accounts separate ensures that if one account is flagged or frozen, your primary funds are protected.

Quick Access: Withdrawing funds quickly minimizes the risk of chargebacks affecting your balance.

Compliance Awareness: Always keep records of your transactions to explain their legitimacy to your bank if required.

This strategy offers added protection, especially in environments where bank account freezes due to money laundering suspicions are common. It’s an extra step beyond standard advice that can help P2P traders safeguard their money and reduce exposure to fraud.

By following these steps, P2P traders can better protect themselves and raise awareness within the community about the risks and solutions to avoid scams.

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