Reminders to all Crypto Lovers

[Mr. Magkaisa]

6 Bitcoin Scams To Avoid When Using P2P

1. Romance Scams 

The first of the three man-in-the-middle (MITM) scam scenarios we will feature, a romance scam preys on your emotions to distract
you from a scammer’s true, nefarious motive.

2. Investment Scams

If romance scams deal with emotions towards a fictitious “lover,” what drives this MITM scam scenario is an individual’s desire
to quickly profit from an investment.

3. Ecommerce Scams 

This modified form of this MITM scheme involves e-commerce transactions on dubious platforms.

4. Fake Receipt Scams 

When doing P2P transactions online, it’s important to closely check the information being sent to you by your counterparty.

5. Chargeback Scams 

Sometimes, a scammer can take advantage of the chargeback features on some payment platforms to defraud his counterparty in a P2P transaction. In other words, after a P2P deal is completed, this scammer will trigger this chargeback and claim the funds to cancel or reverse the initial payment he made.

6. Wrong Transfer Scams

Sometimes, after a P2P transaction is completed, a scammer may pull off an attempt to void the transaction.

Source: https://www.binance.com/en/blog/p2p/6-bitcoin-scams-to-avoid-when-using-p2p-421499824684902267
11 Tips to Protect Yourself From Scammers

Tip 1: Use trusted platforms with KYC
Tip 2: Use a unique email and password for your P2P account
Tip 3: Do not share your sensitive data
Tip 4: Regularly check Haveibeenpwned.com for potential leaks
Tip 5: Don’t trade outside of the P2P platforms
Tip 6: Bookmark the P2P website
Tip 7: If a trade sounds too good to be true, it probably is.
Tip 8: Trade with verified merchants
Tip 9: Trade with users who have positive feedback and high completion rates
Tip 10: Cancel the trade if you think that the trade counterparty is a scammer
Tip 11: Make sure the merchant details matchSource: https://www.binance.com/en/blog/all/binance-p2p-11-tips-to-protect-yourself-from-scammers-421499824684901646
The guidelines or reminders made by this article are pretty good for all users of cryptocurrency who are doing trading activities in this industry. If you have any other additional reminders for anyone who is concerned, please feel free to post them here in this thread section for more information on each one.

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[boyptc]

Don't forget to include the popular giveaway scam. The one that's not only popular in different social medias but also nin various messaging channels.

The scam goes with, they'll say that "if you send this xx money, you'll receive back more xx money as giveaway into your address."

[cryptoaddictchie]

Seriously has anyone fall or experience to romance scam situation? I think this is a bit of effort if someone trys to let them or make them fall in love and the goal was simply to knock out some of your funds by stealing or hacking.

The scam goes with, they'll say that "if you send this xx money, you'll receive back more xx money as giveaway into your address."

This I think the most common one and probably the easiest to get remembered on.

[boyptc]

The scam goes with, they'll say that "if you send this xx money, you'll receive back more xx money as giveaway into your address."

This I think the most common one and probably the easiest to get remembered on.

Yup and I don't see it on his list and that's why it's the first thing that has popped to my mind when I've seen all of these schemes that he has listed.

Seriously has anyone fall or experience to romance scam situation?

I've seen just this year that there were several old folks that have fell for it. It's a sad truth but even there are a lot of people who are aware of this scam.

There goes those people that still fall for it.

[Franctoshi]

I have encountered two types of scams in trading with P2P in Binance.

1. One was with Bitcoin and the other was with USDT , the senario was when I wanted to liquidity some of my Bitcoin for fiat , I placed an order to sell, then when I proceed to input my bank details, I discovered that the amount to be received is different from the initial price when I placed the order, Therefore I went back to actually verify the price of Bitcoin again and I realized that there was some kind of cheat in the system with that order and I immediately reported the scamer.
 
I could have lost hundreds of thousands in my local fiat currency to this scammer as a result of this, if I had not being that observant.
Therefore People should be very careful when trading on P2P because you barely notice it, especially with Bitcoin.

[EarnOnVictor]

Kudos to you for this reminder! Many might not appreciate it but I do, and it would go a long way in reminding people or even educating the newbies about the susceptibility of the internet and their crypto assets.

I was a victim some years ago, if I had read a thing like this, perhaps it would have helped me to decide better then. And more reason why I appreciate this is that recently, just last month, my gut feeling pushed me to open a third-party link which is against my usual practice. But thank God it's not harmful.

This reminder boosts my ability to resist such temptation. We are all human beings and our weaknesses could strike at any time.

[posi]

4. Fake Receipt Scams 

When doing P2P transactions online, it’s important to closely check the information being sent to you by your counterparty.

I encountered this situation right on Binance, the buyer didn't transfer the money but then sent me the receipt meanwhile I check many times my bank account balance remains unchanged. The buyer kept urging me to click confirm but my account remained blank and I ignored him, I filed a complaint shortly after.
These forms of fraud are not too difficult to recognize, as long as we are careful, we will immediately detect them. Just complain and report to support, binance will solve it satisfactorily for us.

The scam goes with, they'll say that "if you send this xx money, you'll receive back more xx money as giveaway into your address."

This I think the most common one and probably the easiest to get remembered on.

Yup and I don't see it on his list and that's why it's the first thing that has popped to my mind when I've seen all of these schemes that he has listed.

If you read his post carefully, you can see that he is referring to scams in P2P trading and not the crypto market in general. If we talk about scams in the market, there are hundreds of types of scams that we will never list them all.

[Hamza2424]

Seriously has anyone fallen or experienced to romance scam situation? edited

haha, that sounds really weird but you can expect 5% of the total can be in such types of scams. 5% I think its a major number also let's reduce it to 2.5% as it sounds weird and similar to the situation.

6 Bitcoin Scams To Avoid When Using P2P

Ohh dear, anyways finally I can see some interesting threads in the trading discussion haha as a maximum of the threads are repetitive and that is something new thanks for compiling this post. The feedback is also interesting especially the on i have quoted is one of the best.

[cozytrade]

Seriously has anyone fall or experience to romance scam situation? I think this is a bit of effort if someone trys to let them or make them fall in love and the goal was simply to knock out some of your funds by stealing or hacking.

The scam goes with, they'll say that "if you send this xx money, you'll receive back more xx money as giveaway into your address."

This I think the most common one and probably the easiest to get remembered on.

Know someone who fall for a scam when scammer swear by the name of god. This can not be called a romance one but it can be called faith scam i think. Victim was a religious person so he believed scammers promises when he swear by the name of the god that he will not scam him. Anyone else face something like this. I do not know but this is strange that how people can be that much emotional when doing business.

[Lanatsa]

Fake Receipt Scams

I've been victimized with this after all the years i've been using up Binance p2p which i did end up on getting scammed by a merchant when i had sell my Btc.
Converting it to fiat, then i did able to release those funds without even confirming that the funds were sent through my account.
On that time, thats my first time on being too confident that the funds were pushed through but on the time i had checked it out, then there were no funds being sent.
So this is why its always been suggestable to double or triple check if the funds were arrived.

[el kaka22]

It’s clear that if you are dealing with P2P trades there is already a problem. I do not remember many times in my life when I sent someone money just directly, it is very unlikely that I will do that too. Yes, there were a few times when I did it with small amounts, like 20-30 dollars or so but that really doesn't bother too many people in a world where billions are scammed each year.

So, maybe fix the problem from the bottom and just do not give people your money directly? If you do not do that, if you don't deal p2p, then it means you can't be scammed, it’s a guaranteed solution for what you have and it will definitely help you in the long run.

[Strongkored]

Don't forget to include the popular giveaway scam. The one that's not only popular in different social medias but also nin various messaging channels.

The scam goes with, they'll say that "if you send this xx money, you'll receive back more xx money as giveaway into your address."

This giveaway scam was very popular a few years ago, can anyone still be fooled by this giveaway model? why is it so easy for people to trust a system like this that someone will give money if he sends coins first.

Never had a P2P transaction through Binance, and this was totally new to me, the lesson is that scammers will always be everywhere always trying to take advantage of people who aren't careful and easily trust others from internet.

[sheenshane]

Bitcoin Scams To Avoid When Using P2P

Tips to Protect Yourself From Scammers

I fixed the title for you.
There are too many of them to count not only 6 to avoid scams and not only 11 tips to protect yourself from these possible scams.  If you noticed, scammers always find a new way to scam naive or innocent people because they're very easy to fool.  Scammers nowadays always level up their skills in scamming people.

The simplest way to protect yourself is to use your "COMMON SENSE".  Yet it's very simple but it's a very effective way to protect yourself against fraudsters.

[GreatArkansas]

1. Romance Scams 

The first of the three man-in-the-middle (MITM) scam scenarios we will feature, a romance scam preys on your emotions to distract
you from a scammer’s true, nefarious motive.

(.....)

There are also some cases where scammers that something like this, where there is a middleman involved. On some social media or forum, there are some peer-to-peer transactions like buying/selling. Since middleman there is also got an account and these scammer will create a dummy or poser account to copy the real or legit middleman and there you go. If you don't verify carefuly here, you will fall.

[boyptc]

Yup and I don't see it on his list and that's why it's the first thing that has popped to my mind when I've seen all of these schemes that he has listed.

If you read his post carefully, you can see that he is referring to scams in P2P trading and not the crypto market in general. If we talk about scams in the market, there are hundreds of types of scams that we will never list them all.

That makes sense but it's also a good to remind people about this scam as its interaction is also peer to peer.

Don't forget to include the popular giveaway scam. The one that's not only popular in different social medias but also nin various messaging channels.

The scam goes with, they'll say that "if you send this xx money, you'll receive back more xx money as giveaway into your address."

This giveaway scam was very popular a few years ago, can anyone still be fooled by this giveaway model? why is it so easy for people to trust a system like this that someone will give money if he sends coins first.

Never had a P2P transaction through Binance, and this was totally new to me, the lesson is that scammers will always be everywhere always trying to take advantage of people who aren't careful and easily trust others from internet.

Sadly, yes!

There are still people that can be scammed by that. Remember the fluctuation of newbies coming in to the market is a lot last year and you can see that there have been victims of it for the last bull run.

And there will still be those that will be new victims because that's how they're doing it, to trick the newbies and not the old ones.

[joniboini]

Since middleman there is also got an account and these scammer will create a dummy or poser account to copy the real or legit middleman and there you go. If you don't verify carefuly here, you will fall.

You mean impersonator? I think it's quite different from what has been described as a romance scam, if I understood it correctly. Don't know why it is listed as a man in the middle though. Impersonating a famous person is not new, I think this can be listed is a new category that is quite popular among scammers.

[Potato Chips]

Tip 1: Use trusted platforms with KYC

This doesn't mean much and scammers can use fake/stolen documents. Thousands of users have been using no kyc exchanges and they have been fine. Since you got the tips from a centralized exchange with mandatory KYC, my guess is it's their attempt at making verification palatable lol.

[gabbie2010]

1. Romance Scams 

The first of the three man-in-the-middle (MITM) scam scenarios we will feature, a romance scam preys on your emotions to distract
you from a scammer’s true, nefarious motive.

(.....)

There are also some cases where scammers that something like this, where there is a middleman involved. On some social media or forum, there are some peer-to-peer transactions like buying/selling. Since middleman there is also got an account and these scammer will create a dummy or poser account to copy the real or legit middleman and there you go. If you don't verify carefuly here, you will fall.

Honestly I once fell for this trap of the middleman being used as an escrow in a fake Binance P2P telegram coordinated by ring of scammers then I was a newbie, those scammers work hand in hand to scam unsuspecting crypto buyers or sellers once they suceeded in their fraudulent act they block the buyer or seller without any trace, of course they played their trick in subtle way in such a way that a newbie will also fall for their scam by a way of selling or buying cryptos in a cheap price for buyers and high price for sellers, the OP revealed some salient points in avoiding such scammers.

[doomloop]

There are also some cases where scammers that something like this, where there is a middleman involved. On some social media or forum, there are some peer-to-peer transactions like buying/selling. Since middleman there is also got an account and these scammer will create a dummy or poser account to copy the real or legit middleman and there you go. If you don't verify carefuly here, you will fall.

Scammers are so smart that they can think of different ways to attack their victims and one of it is through emotions but this is true. Our emotions are so powerful. It can make or break us and even in trading and investing, we are also advised to not be too emotional if we want to be successful.

Anyway, a p2p platform should put an indication for the real middle man like having a little check mark beside their names or profile picture. Same on what we see on social media sites but this shouldn't be limited to this. They need to add more like adding a score/star and feedback rating. I guess that shouldn't be tampered easily compared to the first one that I suggested earlier.

[yhiaali3]

The most important thing for P2P trading is to use trusted platforms like Binance, but even in this case some mistakes happen that cause big losses, there was an incident that happened to a friend when he wanted to sell about $7,000 Bitcoin for a bank transfer on Binance using P2P, after agreeing to The transaction is him and the other person. My friend transferred the amount through Binance, but by urgency or error he pressed the button to complete the transaction before he got $ 7000 from the buyer. Of course, in this case, the Bitcoin is automatically transferred to the other party, the other person took 7000 $ without paying the money and when my friend called the support they told him it was their fault and they can't get a refund.
Of course, this is not Binance's mistake, but these mistakes can happen and you should pay attention and deal with caution when doing such trades.