How P2P Can Lead to Police Arrest (The Stolen Money Trap)

[Sammysmart001]

I was just scrolling through my phone on Facebook reels and I jump into a video of a Nigerian trader who was arrested all in the name of a wrong P2P deal he was involved in. He didn’t actually did anything wrong but because of a wrong P2P deal he was arrested because he received a stolen money from a scammer. Why was he arrested ? This because the police think he is part of the crime being committed.

As a Bitcoin trader we need to be very careful with our trade here are some of the insights that will help us to stay safe

1.Name Mismatched Danger

Most of us haven’t come to understand that this part is important while receiving any funds from any buyer. This  have being one of the most common trap that are being use to get allot of us. We all should make  sure we observe, when a buyer send in funds from bank account we should make sure it match with the name on their P2P profile. The risk here now is when the scammer actually stole the money. If the real owner now report the issue to the authorities, you that didn’t know how come now will be the one to be arrested . Because, it your bank account that will be trace . So therefore in other for one to avoid such, if any money is being sent to you carrying different name do well by sending the money back and cancel trade.

2.The High Rates (Greed)

At this point allots of us do go for highest rate tag when the market rate is sitting at a particular price range but a particular person is offering more than expected, let be careful. If market price comes to be ₦1500/$ but someone else will be offering ₦1700/$ or  ₦1650/$. Allot of scammers do come with this idea because they are using a hot stolen money and need to push this funds out immediately. Let all do well to trade with Verified people having at list 500 plus successful trades, to be at a safer side.

3.Keeping of Receipts(Record)

Let do well to save our record for future purpose. If in any case the authorities even come for you for this kind of case, you should be able to defend ur self by showing a proof that you were only selling Bitcoin, not stealing money.
Taking screenshot of trade and chat history will go a very long way to save urself from any mess. Doing this alone you have a Evidence of legitimate trade verified.

4.A Third Party Payments

Let us all not be deceive with the saying am going to use my bros account or my business account to send you money it very risky accepting such offers from any trade.Let all avoid such to be at a safer site,We should only accept money from the person directly on the app.

Has any of u experience such account frozen before after a P2P trade ? Let all share with others let avoid what happens to this very young man .

https://www.facebook.com/share/r/16h3wFDoJW/?mibextid=wwXIfr

[Doan9269]

We cannot just go into P2P without having a son knowledge of how this is been done, this may not also be about P2P alone, but order things we may be found doing that require us to maintain a particular standard and we should not afford to compromise any of them, because we have to be more privacy conscious and also security alert so that we don't end up getting into something else that will make it easier for others to track on us on whatever we are doing in cryptocurrency, which results to know difference from how we have been badly with Fiats over time.

[Amphenomenon]

I always feel the number 2 is the best preventive measure against this while the others also help except number 1 because the account was created solely for that purchase and things will become even way difficult.

Interacting with such money even if it is refund is an issue and the legal forces with other restriction like bank account getting locked is not something that will be easy to get off with in this country even with record of receipts. We have read or seen stories about this spoken off a number of times. While I don't really know an effective way to prevent this since I can think of a back door these scammers can use, I just hope not to be a victim or anyone around me.

[Charles-Tim]

While making P2P transactions, aside learning how to avoid scam, this is the most important part. You should make sure that you are receiving money from the person that is sending it and not from scammers. The name of the person on the P2P exchange must correspond with the name of the user that sends the money. This is very important. I completely agree with this because it can save you out of police trouble.

[Shadiq]

Some steps to select the right buyer for P2P trading are -

• How many trades has the buyer made?
• What is the percentage of his successful trades?
• What kind of feedback does his profile have?
• When trading, make sure that the exchange account and bank account match.
• After the transaction is completed, make sure that you have received the money from his account.
• The last step is to collect evidence and close the trade.
  
  When choosing a P2P trader, I prefer that the buyer has a trade count of 1000 or more. I even choose traders with a successful trade count of 99%+. As additional qualifications, I look at his average payment time and maximum trading time. Don't forget to report anything suspicious.

[Agathamay]

even p2p exchanges makes these very obvious especially trading outside of the platform.
some of the traders are very careless and don't really pay  critical attentions to some of these things as they tend to forget that, these scammers can actually go any length to achieve their purpose.
being very careful while using p2p services is very important to avoid stories like this and that is why the use of third party accounts should totally be frown at.

i sincerely feel for that fellow because i already know that, ignorance of the law is totally no excuse at all and the police will at all cost want to prove to the world that they are working with this innocent victim.

[Barikui1]

While making P2P transactions, aside learning how to avoid scam, this is the most important part. You should make sure that you are receiving money from the person that is sending it and not from scammers. The name of the person on the P2P exchange must correspond with the name of the user that sends the money. This is very important. I completely agree with this because it can save you out of police trouble.

Most people think say these exchange wey write say no third party payment no get sense, them no know say this people na professionals wey don tey in the system for long to know say na the best way to avoid wahala, that's why when I dy do my p2p transaction for bybit, I dy always dy very attentive to the senders details, if  e match and the remark of the sender, because as you don talk already, e dy very easy to defend  for police station or court than when them send from different or hack account.
Sometimes e fit be say them do the owner of the account bad thing, come transfer money from the person account to you wey the seller of usdt, that singular action fit land person in serious problem if him no fit detect am that time e happen, so we really need to dy very careful when doing p2p transaction.

[HajiBagi]

While making P2P transactions, aside learning how to avoid scam, this is the most important part. You should make sure that you are receiving money from the person that is sending it and not from scammers. The name of the person on the P2P exchange must correspond with the name of the user that sends the money. This is very important. I completely agree with this because it can save you out of police trouble.

Most people think say these exchange wey write say no third party payment no get sense, them no know say this people na professionals wey don tey in the system for long to know say na the best way to avoid wahala, that's why when I dy do my p2p transaction for bybit, I dy always dy very attentive to the senders details, if  e match and the remark of the sender, because as you don talk already, e dy very easy to defend  for police station or court than when them send from different or hack account.
Sometimes e fit be say them do the owner of the account bad thing, come transfer money from the person account to you wey the seller of usdt, that singular action fit land person in serious problem if him no fit detect am that time e happen, so we really need to dy very careful when doing p2p transaction.

Nobody is above mistake and nobody fit escape anything wey don destined to happen to us, whether na Bybit or any exchange wey you dey use no mean say if that kind thing wan happen e no go happen, how many times people don fall for many things upon say people dey always advise them say make them dey careful, the only thing is that we should be careful when we dey do p2p, you wey be seller suppose know say you dey do p2p and if you are not careful you fit get scam and anything can happen, even as OP said, i never encountered that kind stuff before and it is very good for us to keep learning from those who the thing don affect before.

[Obim34]

We cannot just go into P2P without having a son knowledge of how this is been done, this may not also be about P2P alone, but order things we may be found doing that require us to maintain a particular standard and we should not afford to compromise any of them, because we have to be more privacy conscious and also security alert so that we don't end up getting into something else that will make it easier for others to track on us on whatever we are doing in cryptocurrency, which results to know difference from how we have been badly with Fiats over time.

Most at times, not about having the knowledge, you can exactly know how to trade no P2P, but being a little inattentive when conducting P2P can be the reason why we might end up in an uncomfortable situation. A few times many of us fail to crosscheck the name of account that paid during sell on P2P, might just be unfortunate that someone will be using stolen funds to pay leading to serious cases.

I would advise that we pay extra care during trades, do not be in a hurry to summarize trade, sometimes i rather hold on mid trade when am uncomfortable to look into the trade carefully, when i'm free i can then release the funds to prevent sad situations.

[B-BossMan]

Well, there's no way one may not fall a victim of P2P either one way or the other, expecialy the new users that have not yet gained enough knowledge about p2p, some may fall into it due to his or her negligent attitude while some may no know how comes,that is, maybe the issue ls comes from the buyers. However its high time we observe unto our privacy,because there are alots of different ways being used by all these p2p scammers, thier sense of making someone to fall into a victim is higher day by day, and if care is not taken one may falls through. So the best thing to do as a seller is be at a caution, though this things usually happens in all the exchanges not only bybit, all the exchanges are not safe, but try as much as possible to avoid getting ourselves into any situations like this.

[Pablo-wood]

This is really a major concern. Most buyers with high rates always pay from an account different from that which they have on their profile. Sometimes they might want to lure the seller into doing the transaction outside the exchange so that it will be difficult to defend themselves or account for how the got funds from that said account. We live in a time where crime rate is hitting harder and one just has to be extremely careful and watchful of whom the sell to or buy from. High rates are like poison it effect only shows up when it has fully digested.

[iBaba]

While making P2P transactions, aside learning how to avoid scam, this is the most important part. You should make sure that you are receiving money from the person that is sending it and not from scammers. The name of the person on the P2P exchange must correspond with the name of the user that sends the money. This is very important. I completely agree with this because it can save you out of police trouble.

Ah, I swear, recently I have not been doing any serious correspondence between the name for the sender and the p2p person oo. I've been more interested in matching the amount for the money requested by me and the amount of money sent to my account, once it correlates, I don confirm am be that, I know this is never the best practice but I fit talk say the reason why I do that most of the time is tied to two reasons, one is due to how frequent I engage in transactions over the p2p platforms, I literally do that every blessed day and maybe na why I dey pick more interest in the amounts.

Second reason be say, over time I come reason am say some people dey use slightly different name from what's in their p2p platform and the sender account, some na from the middle name while some sef na from the business name. Like I mentioned that is not really the best practice and the best thing to do is to ensure the name tallies as well regardless of how urgent it is, we should try and be consistent and prudent with our due diligence.

[Agbamoni]

Well, I've heard about this story before, not once, not twice, many times. What we should wish for is that we dont get tangled in this situation.
Many people have fall victm of things they know nothing of, a lot of them are in prison, while the real thieves are walking freely in society.
I have also heard of a scenario where P2P scammers buy a fake verified exchange account, with a false identity, to make fraudulent transactions. We have to be very careful online and pray we dont get mixed up in these types of problems.

[Odohu]

This is a very sensitive issue that should get anyone using p2p worried. But is there anything that can be done to avoid that? The answer is a no because some of the merchants use their business names to trade and this also correspond to the name in their account. If you want to tell Bitcoin via p2p, rhe buyer makes payment to you from their account and there is no way to verify that the funds are coming from a reliable and clean source and even if you return the money, you don already enter finish.  One can only hope and pray that dirty money should not come his way.

[coinlary]

Second reason be say, over time I come reason am say some people dey use slightly different name from what's in their p2p platform and the sender account, some na from the middle name while some sef na from the business name. Like I mentioned that is not really the best practice and the best thing to do is to ensure the name tallies as well regardless of how urgent it is, we should try and be consistent and prudent with our due diligence.

Any trader who won't be paying from an account which carries the trader's name as it should be is required to add it to their terms and conditions. Making sure it captures the name of the account that would be used if the one known to Bybit isn't used.

If none was specified in the terms and the seller uses a different name which wasn't also specified by Bybit themselves, then you have the right to hold on to your coins until it's settled.

The only problem now is that you might end up having to write a statement .

[Asiska02]

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When choosing a P2P trader, I prefer that the buyer has a trade count of 1000 or more. I even choose traders with a successful trade count of 99%+. As additional qualifications, I look at his average payment time and maximum trading time. Don't forget to report anything suspicious.[/li][/list]

This is the best approach every p2p seller should know and adhere to, this will help them avoid falling into the hands of scammers and in a worst case of them being tracked for stolen funds received in their account. This is a due diligence approach that’s better off for you than rushing or show greediness to trade with traders that put attractive price that are way above what the market is selling at that time.

All these steps may look much to some or something that would delay especially when in haste to sell, but when you get use to it, you’ll see how apt and the importance it has for you coming across cases of people that have been fraud before or putting into danger for nothing they know nothing about. Anywhere money thrives, there will be hoard for fraudsters. It is best we avoid being the victims when we can before such happens.