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Author Topic: LocalBitcoins.com: New wave of scams! Steps to protect yourself (digital trades)  (Read 212 times)
audaciousbeing
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February 19, 2018, 06:27:46 AM
 #21

Every time I needed to trade bitcoin for fiat, I am always very anxious not because things went bad the last time I tried but because every means to get an exchange for your bitcoin to fiat are all mostly reversible and the bitcoin no matter how small cannot be reversed. PayPal of all is the extreme because for even with highest of family and friends, it can still be reversible and its not every time the PayPal account is being hacked sometimes, it's a case of MITM (Man-in-the-Middle).

MITM is a case where even after ensuring all of what OP says the scammers still break those protocols. The scammer would have seen someone who wants to gets bitcoin for his PayPal or Bank transfers then reach out to someone who wants to get PayPal for bitcoin so every questions that needs to be asked will just be relayed to the other guy and everything will check out because the other guy wants to deal legitimately.

So, another thing to watch out for after all of the suggestions by OP, is unnecessary delay in response time and by giving ridiculous reasons as to why that is happening. Its better to be safe than being sorry and wished you had taken more time.

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BTCforJoe
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March 01, 2018, 07:39:47 AM
 #22

So, another thing to watch out for after all of the suggestions by OP, is unnecessary delay in response time and by giving ridiculous reasons as to why that is happening. Its better to be safe than being sorry and wished you had taken more time.

This is very good advice. However, in the three incidents where my PayPal payments were reversed, the buyer actually got back to me very quickly. There were no delays with their communication or their payments. Their whole MO was to deal smoothly during the trade, and complete a chargeback at a later time. I will say, however, if you're dealing with someone who delays their payment for any reason, DISPUTE THE TRADE RIGHT AWAY. They have no right accepting the trade and not canceling it if they do not have the means to pay it, nor do they have the right to post an advertisement to purchase Bitcoin if they cannot pay for it. Good advice.

hasmukh_rawal
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March 01, 2018, 03:32:40 PM
 #23

Localbitcoins.com can be extremely dangerous at times as well as convenient to use and make payments. I have made some trades on LBC myself but was fortunately never scammed. I never trade on PayPal as I know that the payment over it can be reversed. I tell the trader to directly send the amount to my bank account. I know there are risks involved in it too but comparatively its lesser than PayPal.
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March 01, 2018, 04:52:42 PM
 #24

An year back I got cheated by a scammer in localbitcoins.com, and he took away around 0.6btc. By those days my account was not that secure, once after that analyzed better about the security issues. Later realized the mistake is mine, and encouraged more security to the account. Till date hadn't experienced any issues. While using LBC or any other exchange website we need to be more careful.



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jerry0
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March 01, 2018, 06:50:06 PM
 #25

Isn't the safest way just have them deposit cash in your bank account?  Then wait the next day so that way there is no reversals?  Also if you deposit cash into someones bank account and then later on come back and say you made a mistake depositing in wrong bank account, do they still allow that person to get their money back?  I heard that was the scam back then when someone would sell btc for bank deposit at bank of america and the guy who deposited cash into boa would come back with the receipt and said they made mistake.
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March 01, 2018, 07:29:05 PM
 #26

Isn't the safest way just have them deposit cash in your bank account?  Then wait the next day so that way there is no reversals?  Also if you deposit cash into someones bank account and then later on come back and say you made a mistake depositing in wrong bank account, do they still allow that person to get their money back?  I heard that was the scam back then when someone would sell btc for bank deposit at bank of america and the guy who deposited cash into boa would come back with the receipt and said they made mistake.

It's pretty much the safest you can get.

Some people do put out terms saying that once they show you the receipt, you have to release the funds no matter if the funds only clear the next day or not. They will usually demand you release the payment as soon as the payment hits your account in the case of cash deposit because it is instant, unlike a bank transfer.

I have went with these advertisers, personally never had any issues with them. I only deal with people with at least 1k+ trades in these scenarios.

I don't think that cash deposits are supposed to be reversible, but if you claim that you made a mistake as soon as you deposit, it could definitely happen. Will depend on the bank but these happenings are rarer than paypal chargebacks by a mile. Only risk here is still that you could have a victim of a scam paying to your account, and the scammer is the one that's getting the BTC. Later on, the victim could use your bank accounts to trace you down and think that you're the scammer.

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May 04, 2018, 03:56:54 PM
 #27

I received an email and a direct message from two separate users in my referral network that had PayPal payments reversed in the past few weeks. One of the payments was made as a "Goods or Services" payment while the other one was a "Friends or Family" payment.

I'm bumping this thread with the hopes that at least one person will view this thread and save themselves from getting scammed.

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