[WARNING] Reporting Suspicious Trading Practice

[Dudeperfect]

I have some open ads on localbitcoins and I have given my whats app number in case if I am offline at the time of Trade.

Last Friday I got a message on whats app from a trader that he would like to trade with me at (much difference in current market price in my favour) so I agreed with him.

He claimed that he is from other country and still has paytm account (Paypal like service in India), so he would use it in the trade.  I sent him my advertising link to place order and then he said his paytm limit is over.

I asked him to use other such service and then he did agree and said will do it after lunch. Later he refused to do it and said he reached his localbitcoins limit and can use blockchain if I go first.

I suggested him to use other escrow services but he said he will do it tomorrow and then refused it too. Today I asked him that can we proceed further then again he refused.

I don't trade without escrow so I refused his proposal to go without escrow and I am not sure is this kind of scam attempt or not so I am not revealing his personal details but I just want to warn all of you that

DON'T GO WITHOUT TRUSTED ESCROW IF YOU ARE DEALING WITH SOMEONE YOU DON'T KNOW. IGNORE AT YOUR OWN RISK.

[1714037150]

1714037150

[Fortify]

It's been happening since localbitcoins opened, you do have to stay wary and assume anyone working outside the rules is trying to scam you. Does this paytm service in India allow you to do chargebacks like paypal? That's probably the end result if he was able to find suckers to fall for it.

[BitcoinHodler]

it is happening everywhere and as long as internet existed! which means it is not limited to bitcoin. scammers are everywhere on the internet trying to make a quick buck of someone.

even in your signature (yobit) there are lots of scammers in the chat, a long time ago when i was messing around there to see what is happening i received a message from a member in chat saying "i will buy your coins with much higher price" then he said "send bitcoin to me using yobit codes and i will pay you after" as if i am idiot enough to send an irreversible funds on a platform that doesn't even have a support team

[thebatletbet]

iam not yet localbitcoins.com, in there transaction direct member to member without escrow
or owner and admin not support escrow service, payment can't sending to admin(admin not want escrow position)
if direct sending member to member without escrow is danger service, because seller can run money, without bitcoin sending

[Snorek]

Serious and well needed warning. You don't know someone, you never talked or met him before - you use escrow, always
Op, but I have question about that payment processors paytm - if it is similar to paypal then it has integrated chargeback function.
How exactly you can escrow refundable payments methods like this?

[aardvark15]

Scams are everywhere. If the price doesn't sound right then that's probably a red flag to start with.

[jhenfelipe]

Good for you. It's really hard to trust anyone especially online that's why we need to be extra careful in making any trades. Having an escrow is the safest way, well as long as you know the escrow well and does have a good reputation. There are times that even the escrow run away with the money so better choose wisely.

[Jannn]

DON'T GO WITHOUT TRUSTED ESCROW IF YOU ARE DEALING WITH SOMEONE YOU DON'T KNOW. IGNORE AT YOUR OWN RISK.

This the best practices to know in dealing online to avoid some scam attempts by the unknown person.Dealing online have a high risk on scam attempts so be safe and alert all the times.

[el kaka22]

I don't trade without escrow so I refused his proposal to go without escrow and I am not sure is this kind of scam attempt or not so I am not revealing his personal details but I just want to warn all of you that

That is the only protection layer we could have to safeguard ourselves. Almost 99% of malpractices are being eliminated when we go through a trade with escrow. Your warning is good but I guess almost all the members here must be well aware of these types of scam attempts. Still having another warning would be nice to remind one more time.

Scams are everywhere. If the price doesn't sound right then that's probably a red flag to start with.

Most of the times, the cheaper prices when you are trying to buy (higher prices in the case of selling ) would be quoted just to lure us. The basic common sense like "no one will act for others benefits" is the thump rule to protect ourselves here.

[Idrisu]

Your story is an eye opener for newbies as some of them jump into transactions without proper security tools in place. Many  have loss hundreds of bitcoin because didn't used escrow. Don't do any online transactions without using escrow as that is online form of insurance you have. Scammers are every were and their aim is to stole your hard earned money or bitcoin.

[BrewMaster]

we are using bitcoin and the deals are with bitcoin too, so we might as well take full advantage of all the features that bitcoin is offering us.

for every single trade that you make you should use an escrow with 2 of 3 multi signature option, that way you no longer have to worry about either the buyer nor the escrow.

[Qartersa]

I think what OP has described is really just a scam attempt. Which is fairly common everywhere nowadays. The tip he gave to people reading it is also a no brainer. Why deal with strangers? Who will blindly send bitcoins or whatever form of money to anyone if there is no trust established in the trade?

[Dudeperfect]

I don't trade without escrow so I refused his proposal to go without escrow and I am not sure is this kind of scam attempt or not so I am not revealing his personal details but I just want to warn all of you that

That is the only protection layer we could have to safeguard ourselves. Almost 99% of malpractices are being eliminated when we go through a trade with escrow. Your warning is good but I guess almost all the members here must be well aware of these types of scam attempts. Still having another warning would be nice to remind one more time.

Exactly and due to having this huge advantage, even paying some fees doesn't matter a lot. I am very conservative when it comes to deal with a stranger thus escrow is my first priority, which I never compromise. I am fortunate to prevent myself from the number of scams in past few years so I advise others to use escrow in every trade.

[btvGainer]

Serious and well needed warning. You don't know someone, you never talked or met him before - you use escrow, always
Op, but I have question about that payment processors paytm - if it is similar to paypal then it has integrated chargeback function.
How exactly you can escrow refundable payments methods like this?

Paytm is not meant to be a payment pricessor like PayPal but it does support tranfer of money among members.
I haven't heard of any chargeback case yet.I dont think paytm can help you if receipient withdraw the amount to his bank account.

[Dudeperfect]

I got a message from the same profile again and it was another poor attempt of scam. First, he offered me a good rate and then said can't use localbitcoins because someone opened a trade within 5 minutes.

Stay away, use escrow always.