Peer-to-peer [P2P] trading is gaining popularity in Pakistan, but it has also become a target for scammers. Hereโ€™s a breakdown of common scams in the P2P crypto market and how traders can protect themselves:

๐Ÿ. ๐‚๐จ๐ฆ๐ฆ๐จ๐ง ๐๐Ÿ๐ ๐’๐œ๐š๐ฆ๐ฌ ๐ข๐ง ๐๐š๐ค๐ข๐ฌ๐ญ๐š๐ง

โ€ข Fake SMS Payment Scams

One of the most common scams is when fraudsters send fake SMS payment confirmations or doctored screenshots to make it look like theyโ€™ve paid. These scammers trick sellers into releasing their crypto before checking whether the funds have actually arrived in their account.

๐Ÿ’ก Solution: Never rely on screenshots or SMS notifications to confirm payment. Always log into your bank account and verify that the money has been deposited. Ensure that the name on the payment matches the one on the P2P platform.

โ€ข Chargeback Scams

Scammers often use payment services like JazzCash or EasyPaisa, which allow them to reverse payments after the transaction has been completed or claim a mistake to freeze the sellerโ€™s account. This tactic can leave sellers without their crypto and their payment.

๐Ÿ’ก Solution: To avoid this scam, always wait until the payment is fully settled before releasing your crypto. Avoid using these payment services for larger transactions, as they are more susceptible to reversals.

๐Ÿ. ๐’๐ž๐œ๐ฎ๐ซ๐ข๐ญ๐ฒ ๐Œ๐ž๐š๐ฌ๐ฎ๐ซ๐ž๐ฌ ๐ญ๐จ ๐€๐ฏ๐จ๐ข๐ ๐’๐œ๐š๐ฆ๐ฌ

โ€ข Trade with Verified Merchants

On P2P platforms, always trade with merchants who have a verified status, a completion rate above 98%, and over 92% positive feedback. It's also wise to choose merchants with a high volume of trades (at least 1,000). These metrics show that the merchant is reliable and has a lower risk of scamming.

โ€ข Stick with Trustworthy Merchants

If youโ€™ve previously traded with a reliable merchant, consider continuing to trade with them to reduce the chances of falling for a scam.

๐Ÿ‘. ๐“๐ก๐ž ๐“๐ฐ๐จ-๐๐š๐ง๐ค ๐’๐ญ๐ซ๐š๐ญ๐ž๐ ๐ฒ

A good strategy to protect your funds from being frozen is to use two separate bank accounts for your P2P trades:

โ€ข Separate Your Accounts

Use one bank account specifically for receiving payments from crypto trades (e.g., MCB) and a separate account for your personal transactions (e.g., UBL). By separating your accounts, you minimize the risk of your personal funds being affected if an issue arises with your trading account.

โ€ข Withdraw Funds Immediately

As soon as you receive the payment in your crypto account, withdraw the funds before confirming the trade. This ensures that the money is securely in your possession before releasing the crypto to the buyer.

โ€ข Avoid Interbank Transfers

Donโ€™t transfer funds between your accounts. If one account (like MCB) gets flagged due to suspicious activity, your personal funds in the second account (like UBL) will remain safe and accessible.

๐—–๐—ผ๐—ป๐—ฐ๐—น๐˜‚๐˜€๐—ถ๐—ผ๐—ป

Scammers are becoming increasingly sophisticated, but by following these precautions, you can safeguard your funds and significantly reduce your risk of becoming a victim. Always verify payments before completing a transaction, trade with trusted and verified merchants, and consider using a two-bank strategy to isolate your funds. Encourage your fellow traders to adopt these security measures as well to keep the P2P trading environment in Pakistan safe.

#P2PScamAwareness #P2PScamWarning

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