Why you need to Understanding the Peers to Peer trade system before trading

[Cleanshit]

1.Fake Payment Proof/Screenshot Scam.

How it works: This how it works when the buyers send a fakes SMS or Messages,Email of Screenshots claiming he or she have sent the asset and now this works very well with your emotional intelligence and then the preson are been  pressure and that how they tell the seller to release the funds immediately before the seller verifies the payment in their own bank account.

https://www.google.com/url?q=https://firstcountybank.com/the-most-common-peer-to-peer-payment-scams-to-look-out-for/&sa=U&sqi=2&ved=2ahUKEwik2MXEp8WSAxV3W0EAHYMUMuwQFnoECBsQAQ&usg=AOvVaw0RCEPx5B5zY2QXRpEPKIIA

* How to avoid: From my perspective i think it best never to release assets based on a screenshot.

2. Chargeback or Reversal Scam.

* How it works:  well from my own ends i think this method is not that common but nevertheless it worthwhile a buyer uses a payment method that allows for reversals for Example like this PayPal, Venmo, or credit cards or a stolen account. After the seller releases the crypto, the scammer files a chargeback with their bank, claiming the transaction was fraudulent.

* How to avoid: Only accept non-reversible payment methods. Do not accept payments from third-party accounts (the name on the bank account must match the username on the P2P platform). 

3. Triangle (Double Payment) Scam.

* How it works: Two scammers for example like A and B work together. They place orders with the same seller. Scammer B transfers the payment for their order, but scammers manipulate the payment reference so it looks like it belongs to Scammer A. The seller, in a rush, releases to Scammer A, and then Scammer B claims they haven't received their assets, forcing a double payment scenario.

* How to avoid: Carefully check the payer's name and payment details for every individual order. Do not fall for urgency tactics. 

4. Man-in-the-Middle (MitM) Scam

* How it works: A scammer poses as a legitimate merchant on a P2P platform but moves communication to Telegram or WhatsApp. They provide their own bank account details to a buyer, who thinks they are paying the legitimate seller. The buyer sends money to the scammer, while the seller is told to release crypto to a different account.

* How to avoid: Never communicate outside the official P2P platform chat. If a deal seems to be moving to social media, walk away. 

5. Fake Customer Support/Impersonator Scam.

* How it works: A scammer poses as a staff member from the P2P platform (e.g., Binance, Bybit) and contacts you via phone, email, or chat, claiming there is a problem with your order and that you must release funds or provide account details.
* How to avoid: Official support will never ask you to release crypto before payment is confirmed or ask for your password/2FA codes. 

https://www.binance.com/en/academy/articles/how-to-stay-safe-in-peer-to-peer-p2p-trading

Well feel most new member like might ask what is a p2p scam? It very simple from my own perspective i think “ P2P crypto scams happen when con artists trick or manipulate people into deals that end up costing them money. These scams can take different forms, including chargeback fraud, identity theft or fake payment confirmations.
While P2P platforms offer flexibility and anonymity, this can also create the perfect environment for scammers to thrive. Unlike centralized exchanges.

where the exchange sets the rules and monitors transactions as part of compliance, P2P platforms have looser oversight. That means you’re often relying on the honesty and integrity of the person you’re trading with, leaving you vulnerable to fraudsters looking to exploit your trust.

On P2P platforms, scammers often use phishing attacks to get hold of your private keys or login credentials. They might also forge payment confirmations to trick users into sending crypto. Knowing the common strategies scammers use and the warning signs of fraud is crucial if you want to avoid becoming a victim.

[Charles-Tim]

Are the exchanges still accepting PayPal? I do not know. PayPal is now available in Nigeria, maybe this may later be helpful. In the past, the exchanges would warn people about the PayPal transactions possible reversal. So people will prefer to avoid it. I hope people are shown notifications like that for other similar payment options.

Some people are just so ignorant. If someone is posing as the exchange customer care, the only way to send messages is through the messaging between the buyer and seller. So how can a buyer or seller suddenly become a customer care. I do not want to believe this scam but I later noticed that it is real when exchanges are showing warning notifications about it.

[CryptoHeadlineNews]

2. Chargeback or Reversal Scam.

* How it works:  well from my own ends i think this method is not that common but nevertheless it worthwhile a buyer uses a payment method that allows for reversals for Example like this PayPal, Venmo, or credit cards or a stolen account. After the seller releases the crypto, the scammer files a chargeback with their bank, claiming the transaction was fraudulent.

* How to avoid: Only accept non-reversible payment methods. Do not accept payments from third-party accounts (the name on the bank account must match the username on the P2P platform). 

That's quite an impressive and informative thread you just created at O.P, and I'm very much happy you added PayPal possible scam method to this, since recently we heard that PayPal is now available in Nigeria, and most youths may wants to use it for p2p transactions in the future. However, one mistake I noticed most users do make when trading on p2p is believing the fact that if you are scammed, there is absolutely nothing you can do about it, and some people will just let it go, forgetting the fact that if you can present enough proof to the exchange customer support and the fintech app about your scam, you might slightly have a chance of recovering back your funds, but only just that it usually takes long processes. And a more reason why it's good to use reputable exchange. So that in times like this, your case can be resolved amicably. So I'm very much happy you spoke about the PayPal reversal scam.

[Merit.s]

Some people are just so ignorant. If someone is posing as the exchange customer care, the only way to send messages is through the messaging between the buyer and seller. So how can a buyer or seller suddenly become a customer care. I do not want to believe this scam but I later noticed that it is real when exchanges are showing warning notifications about it.

I have seen it and my friend didn't fall for it before he showed me. If you're very careful you will easily know when the trader is claiming to be a staff of the exchange. The scammer has no funds to buy any coins and clicked that he has made payment and my friend should release the asset. My friend noticed this guy was a scammer after 20 minutes when he provided a fake screenshot of payment made.

Immediately, my friend created a dispute after 25 minutes, this same scammer claimed to be the exchange staff telling my friend that his coins is in their custody and show click on a button in order for him to release the asset directly to him from the exchange but my friend was also smart enough to look at the bottom side of the scammer chat only to see the scammer name and not Binance staff.

[ZeroVinsonN]

Are the exchanges still accepting PayPal? I do not know. PayPal is now available in Nigeria, maybe this may later be helpful. In the past, the exchanges would warn people about the PayPal transactions possible reversal. So people will prefer to avoid it. I hope people are shown notifications like that for other similar payment options.

Some people are just so ignorant. If someone is posing as the exchange customer care, the only way to send messages is through the messaging between the buyer and seller. So how can a buyer or seller suddenly become a customer care. I do not want to believe this scam but I later noticed that it is real when exchanges are showing warning notifications about it.

I'm not too sure about PayPal but till date bybit warns on using palmpay, informing you that transaction records can be deleted on the platform, they do this because they don't want to have a situation where a buyer and a seller starts disputing the authenticity of a payment that's supposed to have already been made.
It's still hard for me to grasp how people get scammed by people claiming to be customer service through means like this one when it's in their faces that they are still communicating with the buyer/seller.

[Fiatless]

When I am trading, the screenshop of the transaction is not enough for me to release funds. Alerts also will not make me close the deal. Until the amount sent reflects on my account balance, I will not release the coins. I have made mistakes in the past and am not willing to take such a risk again. The trader would have to wait until I fully confirm that my account balance has correctly reflected the agreed sum.    

[ejikeme24]

When I am trading, the screenshop of the transaction is not enough for me to release funds. Alerts also will not make me close the deal. Until the amount sent reflects on my account balance, I will not release the coins. I have made mistakes in the past and am not willing to take such a risk again. The trader would have to wait until I fully confirm that my account balance has correctly reflected the agreed sum.    

In my own case I don't judge from my balance, even though the money has reflected to my balance yet its not enough until I transferred it to a different bank account after that I will also check if it has reflected in the other bank where I transferred it, it's when I confirmed it in the other side that I will be convinced that the payment is real because there has been a lot of fake transfer more especially those who are making use of palm pay, they are the ones that experience this fake transfer the most. So if you're doing P2P trade once the money is transferred to you just quickly transfer it to a different bank that's if you have other bank it could be micro finance banking or local bank just anyone that is available so as for you to be sure.

[Tungbulu]

When I am trading, the screenshop of the transaction is not enough for me to release funds. Alerts also will not make me close the deal. Until the amount sent reflects on my account balance, I will not release the coins. I have made mistakes in the past and am not willing to take such a risk again. The trader would have to wait until I fully confirm that my account balance has correctly reflected the agreed sum.    

Most of the CEX's P2P services now are flooded with scammers and people looking for the slightest opportunity to swindle people's fund, and if you give them the opportunity to swindle you, they'll gladly do so without a second though, which is why I try not to make any mistakes from my end, although I've made refunds of overpayment and double payment even when i know most of them wouldn't be that generous. It's a lot more better if the mistake is clearly from their end rather than from yours.

[Yablee0]

although I've made refunds of overpayment and double payment even when i know most of them wouldn't be that generous. It's a lot more better if the mistake is clearly from their end rather than from yours.

Likewise me , some weeks ago a byebit vendor's has mistakenly payed me twice and I was kind enough to refund back the funds to the person of which I know if reverse was the case I wouldn't have been lucky to get my funds back.

However, scammers has set differs ways in hunting their victims and if you're still some kind of novice you fall for it, nobody is to be trusted especially when ever you are transacting on an exchange because your one minute of being too emotional can cause you a whole lot you will never forget in a hurry, so shine your eyes and stay safe.

[Tungbulu]

Likewise me , some weeks ago a byebit vendor's has mistakenly payed me twice and I was kind enough to refund back the funds to the person of which I know if reverse was the case I wouldn't have been lucky to get my funds back.

However, scammers has set differs ways in hunting their victims and if you're still some kind of novice you fall for it, nobody is to be trusted especially when ever you are transacting on an exchange because your one minute of being too emotional can cause you a whole lot you will never forget in a hurry, so shine your eyes and stay safe.

Even the bybit app knows that there are scammers in their platforms, and so they even warn buyers and sellers to be super careful and cautious when making transactions with people on the app, and always confirm the payment in from their bank apps (for sellers) before releasing the asset, and that they would't be help responsible for any losses of any sort. This warning alone is enough to make anyone wise enough to avoid falling for any of these scam attempts by all means.

[Hewlet]

1.Fake Payment Proof/Screenshot Scam.

* How to avoid: From my perspective i think it best never to release assets based on a screenshot.

This is likely the most common kind of scam that's associated with P2P trade as it stands and I think the reason for it is that some people can be too comfortable when they've been carrying out successful trades in the past and so, once you rush into releasing your coin in haste without proper checking of your account to be sure the money has actually landed, it becomes a serious problem.

No matter how much you know how to do your P2P or how early you're in your trades, there are basic rule you shouldn't skip and that's the fact that untill you've confirmed that the money has entered your account and the name of the sender in the exchange correspond to the name you've seen on the account, never should you release your asset. Scammers always think that they are too smart and that they can easily play mind game on people and get through them easily. If you're not moved with any quick move or statement that they've sent you the money even when the stated time hasn't elapsed, hardly would you fall for Thier trick.

[Doan9269]

This is just coming the same way we try to avoid scams so if you don't know much about P2P then you try to learn how it is been done before going into it in order to avoid making unnecessary costly mistakes, today we can see that the crypto cycle is so big to an extent that we may have to always keep updating ourselves from learning new things, not so even talk of the rate of scam and how many are out there waiting for you to do mistake and take advantage of you, so I want to believe that none of us will want to be among those that will go into P2P trade without having better knowledge over it is been done, even though most of us never knew how to start about it but we try to seek for help and learn more over time and discover that we can do it all by ourselves only if we keep on to learning.

[Fiatless]

In my own case I don't judge from my balance, even though the money has reflected to my balance yet its not enough until I transferred it to a different bank account after that I will also check if it has reflected in the other bank where I transferred it, it's when I confirmed it in the other side that I will be convinced that the payment is real because there has been a lot of fake transfer more especially those who are making use of palm pay, they are the ones that experience this fake transfer the most. So if you're doing P2P trade once the money is transferred to you just quickly transfer it to a different bank that's if you have other bank it could be micro finance banking or local bank just anyone that is available so as for you to be sure.

Bro, your own strong oh. So the trader go wait until you move the money to another account before you release the crypto. You just remind me of one comedian way him name na "Ndu Baby". The guy sabi nak fake alert .

But as long as say the money reflect for your bank account balance, no shaking. The thing show say the bank don receive the money and eh don enter your account. But I no mean say make you stop your own pattern oh. Na the pattern way favour you na him you go use oh.

[Jubilee58]

Scammers have their various tricks which they use to defraud sellers during transactions. Nevertheless, it is necessary to remain very careful and refused to be pressured when engaging in any P2P transaction. During P2P transaction, ensure you are not in a hurry, if money is being transferred to your bank, do not be in a hurry to release your coin, try and verify the legitimacy of that transaction, and I would suggest you make transfer to another account to fully verify you are not sent a fake alert.

People experience this P2P scam from time to time and is no longer something new to cryptocurrency investors, so every preventive measure should be applied to prevent it. And more also, it is adviceable to report any suspicious buyer to the exchange for disciplinary actions to take place.

[Cleanshit]

Scammers have their various tricks which they use to defraud sellers during transactions. Nevertheless, it is necessary to remain very careful and refused to be pressured when engaging in any P2P transaction. During P2P transaction, ensure you are not in a hurry, if money is being transferred to your bank, do not be in a hurry to release your coin, try and verify the legitimacy of that transaction, and I would suggest you make transfer to another account to fully verify you are not sent a fake alert.

People experience this P2P scam from time to time and is no longer something new to cryptocurrency investors, so every preventive measure should be applied to prevent it. And more also, it is adviceable to report any suspicious buyer to the exchange for disciplinary actions to take place.

See my brother you no talk lie in as such say bitcoin still there is world those guys will keep looking for every way just to get there way to scam people on exchange just to collect their coins, which I feel it more having to think few step ahead of them because even an exchange is not worth it anymore, and the painful part of the matter is that having to report any scam will not solve the problem or getting your coins back so the best advice right now is study the exchange and learn skills about scammer on exchange I think it should be more of an help to us all.

[Cryptomultiplier]

In my own case I don't judge from my balance, even though the money has reflected to my balance yet its not enough until I transferred it to a different bank account after that I will also check if it has reflected in the other bank where I transferred it, it's when I confirmed it in the other side that I will be convinced that the payment is real because there has been a lot of fake transfer more especially those who are making use of palm pay, they are the ones that experience this fake transfer the most. So if you're doing P2P trade once the money is transferred to you just quickly transfer it to a different bank that's if you have other bank it could be micro finance banking or local bank just anyone that is available so as for you to be sure.

Bro, your own strong oh. So the trader go wait until you move the money to another account before you release the crypto. You just remind me of one comedian way him name na "Ndu Baby". The guy sabi nak fake alert .

But as long as say the money reflect for your bank account balance, no shaking. The thing show say the bank don receive the money and eh don enter your account. But I no mean say make you stop your own pattern oh. Na the pattern way favour you na him you go use oh.

I don't know if I should qualify those P2p merchants on some exchange apps mostly in Binance that I have noticed as scammers because they always bargain the price they are willing to buy at, when the exchange itself states the exchange rate, they would come to the chat section and start bargaining how much they would pay. In some cases I have experienced, if I refuse their bargain price and ask them to cancel, they use a very wrong reason that could be a red flag for the person selling, instead of to just let the time countdown elapse and cancel the trade automatically, it happened to me sometime back during a trade.

If I no see my alert for bank, I no dey release money o, no matter how long it takes, the money must drop. I always patiently try to avoid all the pressure the buyers always try to pull by making me rush into releasing my funds when I haven't gotten my alert.
I also use the verified tag that most legit traders have as badge to do my trades, if I no see better badge, I no go follow the person trade.
I only chat on the exchange also, I no dey go telegram or Whatsapp at all, make Dem no come deny and claim watin I no do.
This is how I ensure my P2p trading safety beyond any monitoring systems that may fail these days.

[Callido]

See my brother you no talk lie in as such say bitcoin still there is world those guys will keep looking for every way just to get there way to scam people on exchange just to collect their coins, which I feel it more having to think few step ahead of them because even an exchange is not worth it anymore, and the painful part of the matter is that having to report any scam will not solve the problem or getting your coins back so the best advice right now is study the exchange and learn skills about scammer on exchange I think it should be more of an help to us all.

I never knew about paypal reversal until this thread. We ought to be careful, 8 out of  10 time trying to carry out P2P transaction in an exchange, there is a likelihood of meeting one of these scam, you might have forgotten to update the begging scam too that mostly happen in one of the big exchanges,  we can learn to be observant and keep close eyes when conducting P2P.

[Solodoski]

Na why e make sense say one of our brother for the local board done bring out one thread for direct p2p. The rate of scam eh for centralized exchanges sef too much. If you say make you use all these online vendors for whatsapp na the same fate you go follow because many are looking for every possible way to take cheat the other person. Chai I con dey wish say people go try they fair and sincere for ones. Enough is enough, the way we dey go for this country we go use our hand destroy everything.

[Pablo-wood]

I always advise my guys wherever they want to trade their coin on exchanges not to be desperate or overwhelmed. Those traders can be very cunning. Most times the try convincing sellers if the will reduce price with lots of excuses, some will even go as far as posting fake receipts. I do encounter them when ever I want to trade and I make it clear to them that I am not desperate, such that they can cancel the trade if they are not willing to pay the exact currency equivalent for my coin. This has saved me as a pest from unnecessary losses or becoming victim to those mischievous fellows.

[Somto9Light]

When I am trading, the screenshop of the transaction is not enough for me to release funds. Alerts also will not make me close the deal. Until the amount sent reflects on my account balance, I will not release the coins. I have made mistakes in the past and am not willing to take such a risk again. The trader would have to wait until I fully confirm that my account balance has correctly reflected the agreed sum.

Most people are still making such mistakes up till now, they always fall a victim of scammers, don't know if they are busy or its the act of trust. Just as you have, until the amount you are expecting has reflected to your account, that is when you should close the deal, by then you are already at the safer side, which you won't lose anything and because of this act of ignorance that is being done by some people, scammers have done make it a normal thing, so that they will always take other people money before they will realise themselves and the earlier people understand this, the better for them.