Be very careful of third party account

[Stable090]

My country people, i dy greet ona inside this afternoon,  today I wan talk about one thing wey most of us know but we fit still fall victim if we no pay close attention to, and that thing na third party account during p2p transaction.

Seriously if no be for now wey I see am wey I go dey careful now, if I dey trade before, immediately I just dey receive money, wey I check my mobile bank and I see say money don enter, I dey release coin immediately, I no even dey check the name of the person wey send d money give me, but I don learn something today be that, I go dey confirm if na d buyer account or na third party account.

But make I ask dis question, if u discover say na third party account d person use send money, are you suppose to appeal or what are you suppose to do at that particular moment? How will the exchange resolve that kind of problem?

[Pi-network314159]

Hackers or scammers can get hold of necessary information about someone and use it to access the person's bank account and also to complete KYC on an exchange and buy bitcoin or other crypto by sending money from the person's bank account.

But I thought even if someone uses your identity card to complete kyc on centralised exchange, it will still need a face recognition to match with the said identity card. When the face does not match the one on the identity card how will they verify its the scammer?

And another thing I am not clear about is the third party sending money in replacement of the original expected person on the P2P networks. Because I think even if the third person is involved it will not work automatically becauae each user name is linked to his account and if by any reason you decide to use another user to send the cash instead of the expected person the system will not prompt a release asset boton because the senders name does not match. So I wounder how the third party of a thing even works.

[Makus]

It is because of dispute, so that the sender can show proof that he sent the money and the transaction is already successful. Once the exchange see the name correspond with your exchange name, they will know that you are the one that actually send the money. But if the name is different, they will disregard your report because the exchange will not know if you are the one that send the money or not.

Very correct sir, this is why we should take the advise of using our real name in both KYC and account to be used in receiving or sending money. Because when e go burst na for you to just forget about that money because you no go fit hold anybody responsible either the exchange of the p2p merchant. Na why exchange dey advise make you name for both dey the same. Mostly when them go get person down na when e wan buy, and na em come send fiat first, that one na otilor because the Marchant go just carry your money zoom, but if the Marchant na good person e fit send you your coin.

[Barikui1]

Charles-Tim I have not really understand why di third party of a business account is not good to pay someone in the process of peer to peer transaction in centralized exchanges. Most using of POS and going to ATM to send di money. Frankly speaking, I never know di implication on dat note.

It is because of dispute, so that the sender can show proof that he sent the money and the transaction is already successful. Once the exchange see the name correspond with your exchange name, they will know that you are the one that actually send the money. But if the name is different, they will disregard your report because the exchange will not know if you are the one that send the money or not.

It's actually true, but the primary purpose of this thread, and also why most exchange kick against it is that money can be sent through and account that has been compromised, and you as the benefactor, you didn't pay close attention to the name, wether it matches the name in the p2p platform, and when a police investigation is carried out,  you will start now be required to explain how that money gets into your account, which you wouldn't be able to give account off, because you didn't pay close attention to the senders name, so it's very important that the senders name matches in the p2p platform and in the alert that you saw, for safety purpose,  so you wouldn't be paying for crime you didn't commit.

[Charles-Tim]

But I thought even if someone uses your identity card to complete kyc on centralised exchange, it will still need a face recognition to match with the said identity card. When the face does not match the one on the identity card how will they verify its the scammer?

This is just about what is happening. We heard of scammers using this method on Binance in India last year.

https://cointelegraph.com/news/crypto-p2p-scams-india

And another thing I am not clear about is the third party sending money in replacement of the original expected person on the P2P networks. Because I think even if the third person is involved it will not work automatically becauae each user name is linked to his account and if by any reason you decide to use another user to send the cash instead of the expected person the system will not prompt a release asset boton because the senders name does not match. So I wounder how the third party of a thing even works.

I have used third party before on Binance and it worked. I do not know if it will still work. I used it to test something that time.

[Barikui1]

My country people, i dy greet ona inside this afternoon,  today I wan talk about one thing wey most of us know but we fit still fall victim if we no pay close attention to, and that thing na third party account during p2p transaction.

Seriously if no be for now wey I see am wey I go dey careful now, if I dey trade before, immediately I just dey receive money, wey I check my mobile bank and I see say money don enter, I dey release coin immediately, I no even dey check the name of the person wey send d money give me, but I don learn something today be that, I go dey confirm if na d buyer account or na third party account.

But make I ask dis question, if u discover say na third party account d person use send money, are you suppose to appeal or what are you suppose to do at that particular moment? How will the exchange resolve that kind of problem?

To be frank, it has never happened to me before, and I always pay close attention even to the least details, especially when doing p2p transaction, but if such an event really do happened, what am going to do firstly is to escalate it by  withholding the asset and report it to the exchange  as fraud attempt, and wait for their response, my next line of actions will be determined by the response I get from the exchange, not the buyer, because I believe that's the logical thing to do.

[Uhwuchukwu53]

You are correct. Third party bank account should be avoided.

But also we should be careful of where we are submitting our identity cards and others for verification. Also we should take our security and privacy seriously. Hackers or scammers can get hold of necessary information about someone and use it to access the person's bank account and also to complete KYC on an exchange and buy bitcoin or other crypto by sending money from the person's bank account.

That is reality the dangers of this is very enormous mostly this KYC revailling identity to some exchange, avoidance of most exchange is very necessary.
Just as many has already updated on the forum one just need to apply wisdom and use good wallet in saving because hackers are developing different strategies on daily basis and we too need to improve our knowledge on their techniques to avoid cheap victim.