Fraud and deception in P2P?

While user safety will be the most important aspect of Binance, we should always be careful. The best defense for users of P2P trading platforms is to be aware of the most common scams.

So that we can better avoid the tricks from these methods.

"P2P" scams to watch out for:

1. Fake customer representative

Fake technical support messages are the most common scams in crypto and NFT circles. For example, if you have technical problems in the P2P platform or ask for help through the P2P social media, scammers may claim to be P2P exchange agents and offer to help you. The fake customer service representative will then take you to another website that looks like the real one, and convince you to enter your account information or crypto wallet information.

*Which may put you at risk of being cheated.

2. Fraud using transfer slips and receiving fake money

It is important to closely check the information sent by the buyer-seller when we do P2P trading. Fraudsters can fake the transaction slip and claim that the transfer has been completed and pressured you to transfer the money to them.

You may lose your money with little chance of getting it back

3. Fraud by claiming to transfer the wrong money

Fraudsters may sometimes attempt to cancel a P2P transaction after completion. Fraudsters may call the bank to cancel the transaction, claiming that the amount transferred was incorrect or that the account was hacked.

* In such an event, the seller will not only lose money after the loss, but will also be sued for not reporting the canceled transaction to the supervisor.

4. Refund fraud

Fraudsters can also take advantage of the P2P platform's chargeback function. Once a P2P transaction is complete, the perpetrator will file a chargeback claim claiming they did not authorize the transfer. They may claim that the transaction was fraudulent or made in error, causing the payment to be canceled. This is similar to using a fake transfer slip, which happens if the seller rushes to approve the transaction without verifying that the funds are already in their account.

5. Fraud through invoices

The offender can try to send the payment through an untrusted invoice to collect the money because the funds in the related account are insufficient or may simply cancel the receipt after issuing the invoice. To protect users Binance P2P does not support receipts as a payment method as such transactions may be more risky and uncertain than other transactions.

How to protect yourself from P2P fraud and scams

After we have explained the most common P2P scams above, let's move on to how you can better protect yourself while doing P2P trading.

1. Capture the screenshot

Make a habit of taking screenshots of all your transactions as proof that the transaction was completed. In case of fraud, the screenshots will serve as evidence and help confirm your status with the P2P platform when you submit a request.

2. Buy and sell on a well-known platform

You should only use voice trading P2P exchanges such as Binance P2P where users must go through an identity verification process before being allowed to trade.

3. Verify the transaction at least twice

Do not approve the transfer until you are sure that you have received the money. Always check your account again to confirm that your transaction is complete. More importantly, do not bring proof from your merchant because there is a possibility that the merchant may send you a fake proof of payment.

4. Try to communicate on Facebook at all times

If possible, try to communicate with your buyers and sellers on the P2P platform where you transact all the time. Communicating using external channels will make it easier for fraudsters to argue against you and deny that the transaction ever took place.

5. Contact customer service

If you can't solve the problem that occurred with your buyer-seller * Please contact customer service for help in Binance P2P.