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Author Topic: No matter the pressure don't release  (Read 550 times)
Salahmu
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September 26, 2023, 03:09:07 PM
 #61

Thanks OP for bringing this topic, I recently made a p2p transaction where the buyer was supposed to pay me a certain amount in naira, let’s say N562,000 and instead he sent N56,200 to my account. I wasn’t sure if it was planned or an error on his part, so I contacted him. He later made a balance payment through another bank account. This made me very suspicious, I believe this is a tactic scammers now use to trick OTC traders, they send an amount that looks like what they are suppose to pay, and tell the seller they have paid. Close inspection will show that the figures do not match, like OP said “don’t let the pressure get to you”, make sure you have the agreed amount in your account before releasing the coins.
I think that's there new pattern or rather strategy of scamming people by trick, a friend of mine had similar case as you during p2p trading also, he sold a dollar worth of N45600 and the buyer transferred N4560 and clicking paid asking and pressuring the guy to release the funds and he almost released the money if not that he decided to check very well if the amount is completed before he would release the money that's how he would have been scammed, so we should be very careful especially when dealing with p2p because there are people who there work are to scam people of there money true that method, that's why the exchange normally advise to check very well before releasing your money.

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Mpamaegbu
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September 26, 2023, 06:36:42 PM
 #62

 If I had release the payment because of the pressure of customer service in the exchange,  the money wouldn't have gotten to me, which the buyer will be nowhere to find to make complains to his bank . Beginners should never make mistakes to release no matter how long it takes for them to receive payment.  Hold on till everything is settled from both sides.
I think every exchange has a way of tracking a failed transaction on P2P. That's why exchanges discourage paying to a third party account so it can be very easy to trace in case anything goes awry. Besides, every merchant has a guaranteed deposit they make before they are authenticated. In the same light, there are warning posts littered on P2P platforms that sellers shouldn't release coins to buyers until they're certain the claimed payment has reflected in their account balance. No one should rely on SMS alert for bank transactions. I always take my time to crosscheck and if I don't get the cash in my account, I don't release coins. I don't allow emotions becloud my sense of judgment to the point of hastily releasing coins. Just of recent, I had a similar experience as yours. The buyer claimed he sent my money but I refused to release the coin. Within minutes, the buyer cancelled the deal. Once you're dealing with anyone online and they're trying to pressure you to part with something, know it's a scam.

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September 26, 2023, 06:47:54 PM
 #63

Well said OP!!

Anything to do with p2p transactions should be based on a no trust relationship nomatter the reputation one holds on the platform!!!

Am pretty sure network problems do happen once in a while, but be it a bank transfer, or whatever mode you prefer to receive funds in... better you confirm funds to have reflected on your end than receiving stories that the buyer/seller has sent funds which are pending and the person need coins released from escrow by putting you under pressure... Anything that says pending should tell you "not" to hit the release funds out of escrow as that's your only bargaining chip should something go wrong before you confirm receipt of funds!!

R


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September 26, 2023, 08:57:19 PM
 #64

Before executing a trade in any p2p platform, there are several notice and warnings including videos and disclaimers on how to use the services. Part of the core message is usually to ensure funds are received before crypto is released. Anything contrary to this sequence,  there is really little the exchange can do to help as it will be difficult to prove funds were not received. 

Following instructions and being cautious is the sure way to survive in the digital world because where there is ease and comfortable is where risk creeps in.
This is why I like most p2p platform, the pop ups and guides that shows when you want to make transactions reduces the level of which releasing of funds can be done. Most times I get in a rush and would want to finishes some transactions so fast but i cannot skip those pops ups and questions and to be sincere it has saved me most times.

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September 26, 2023, 09:22:14 PM
 #65

I think every exchange has a way of tracking a failed transaction on P2P. That's why exchanges discourage paying to a third party account so it can be very easy to trace in case anything goes awry. Besides, every merchant has a guaranteed deposit they make before they are authenticated. In the same light, there are warning posts littered on P2P platforms that sellers shouldn't release coins to buyers until they're certain the claimed payment has reflected in their account balance.
I know of Binance, they use bank statements to settle dispute  should there be any. I don't know how effective this is and if it can be doctored; I rwallydoubt the official bank statement can be doctored else they will not rely on it .
Like you said, the traders have their assets in the platform already before entering the trades, so it is easy to freeze the assets should their be any suspicion of sharp practices. But then, it is always wise to follow the rules and take note of the warning signs.

R


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September 26, 2023, 10:02:18 PM
 #66

I think every exchange has a way of tracking a failed transaction on P2P. That's why exchanges discourage paying to a third party account so it can be very easy to trace in case anything goes awry. Besides, every merchant has a guaranteed deposit they make before they are authenticated. In the same light, there are warning posts littered on P2P platforms that sellers shouldn't release coins to buyers until they're certain the claimed payment has reflected in their account balance.
I know of Binance, they use bank statements to settle dispute  should there be any. I don't know how effective this is and if it can be doctored; I rwallydoubt the official bank statement can be doctored else they will not rely on it .
Like you said, the traders have their assets in the platform already before entering the trades, so it is easy to freeze the assets should their be any suspicion of sharp practices. But then, it is always wise to follow the rules and take note of the warning signs.

Any document can be doctored as long as there are possible means to fake it and do not forget that when scammers are so desperate to carry out their task, they can go to any extent just to get at their victims but being vigilant and cautious would save you the stress of falling victim to their gimmicks. That is why traders on p2p platforms are always advised to trade with caution so as not to loose guard because scammers are always on the spree and they can be funny most times.

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