P2P SCAMS in Nigeria

[Plutomanian]

In our current space, scams is growing everyday and now becoming a regular event, don't forget how bad it hurts when you fall victim of scams especially P2P. For instance, you're trader that anticipate in spot or future trading, you've mapped out your analysis and record losses, then when you finally win huge. Your turn to withdraw profits, balance checking your portfolio and excited for the winnings you've recorded, only for you to get scammed during the P2P process, that's it, that's what I'm talking about. Who are you going to complain or run to when you get scammed? But you do know there's a way to avoid all of these drama of falling victim of P2P scams? It's simple, know extensively what you're doing and always keep in mind that you're the boss of your own territory and nobody can play on your intelligence.

In this country, P2P SCAMS is something else and have blowned out of proportion. However the Government also contributed in making traders lives difficult down here, when they put a prohibiting measures on cryptocurrency, making the entire market a huge traffic when it comes to withdrawing profits made. Before it use to be easy with our bank cards but now, we go online and even offline to check good rate in other to trigger the sell price of our coins. P2P scams is real, I never believe it until it happen to my close peer, trust me it's not even an experience to experience. Mostly these P2P scams happen generally on crypto exchanges during buying and selling of USDT, BTC or ETH. This is more reason we should be extremely careful when dealing with the market because any slight mistakes, boom the losses comes in without invitation.

We should learn everything in the market, even the most irrelevant details should be studied because you might not know what piece of information is deeper and important, coming across any of them any day will definitely provide crucial aides when necessary. My question pops up, how do we reduce P2P scams in the country? I know one thing that it can be reduced but it can not be permanently eradicated.

[Charles-Tim]

My question pops up, how do we reduce P2P scams in the country?

Search engine or AI will give you perfect answer for it. Although, it is a good question.

Do not release coins until you check your account balance and see the money. Make sure the money is complete. If it is not completely, do not release the coin, but notify the buyer to send the remaining money.

One you are suspecting scam, it is better you report the person asap.

[Big Dirams]

P2P scams are real and a lot of users normally falls victim but some of this users it just there lack of caution that makes them fall into such situations. But mind you this scams can happen to anyone it doesn’t matter how clever we might be but let always stay caution.
 For instance let assume one place an order of selling a usdt to Naira and let assume the price which the trader want to sell is 27500naira so it have comes to my notice that many of this sellers are acting smart. They would possibly make transfer of 25k or maybe even 20700naira just for you to see the numbers of the price you place are tally not knowing that your money isn’t the right figure you place. Many people fail to recheck their bank apps after receiving the notification they gently go and release the coin without checking and later on they finds out and it already to late to complain to anyone so for situations like this not to occur I’ll advice to always recheck your banks app after placing an order to be sure and if possible try moving some funds to another bank for proper confirmation.

 One more suggestion we can apply so we wouldn’t fall into victim of any of situations like this is that.  Turning on our filter to showing only verified advertisers.
This users are verified users which automatically make payment after placing an order with them and they pay the exact amount within seconds no long talk or any fishing activity. They are always straight forward and they hardly fall into the negative acts of cheating someone.
Their payment are made automatically so it shows that it will be very difficult to act fishy. Just a suggestion though. Will provide little picture on how to select the verified advertiser on the filter side.

[Y3shot]

how do we reduce P2P scams in the country? I know one thing that it can be reduced but it can not be permanently eradicated.

There is no country where there are no scammers, whether offline or P2P. To reduce the rate of P2P scams, the exchange has an important role in being active and taking it upon themselves to keep the exchange clean by monitoring every trader and transaction.

As a trader, you also have a role to play by understanding the exchange and how scammers operate, as well as recognizing things that can lead you to scams. The absence of understanding is one of the factors that makes people fall victim to scams, but if you have the knowledge and understanding, no matter how full of scammers an exchange is, it will be difficult for them to get to you. After all, their main targets are those who don't understand things.

[SatoPrincess]

My question pops up, how do we reduce P2P scams in the country?

It’s quite simple.There are some basic rules you should have to protect yourself from
P2P scams

• Only release coins after confirming payment.
• Only trade on reputable exchanges
• Do not accept third party payments

[Nathrixxx]

My question pops up, how do we reduce P2P scams in the country?

This may not be possible for you to achieve because we cannot also reduce the rate at which people perform fraudulent activities in the society, nature of people will always be that desperate all the conditions that has been made available for them, still choose the wrong part and abuse the normal protocol or system.

Now here is where I think the way out is, ensure that you are not evicting of any of this attempt to scam others, try to know more about what you do and be independent, learn more about security and privacy in cryptocurrency and you will not bother yourself about all that is happening with others.

[New Judgement]

Scams can’t completely be eradicated in Nigeria the only through do is to look out for yourself and make sure you don’t fall victim yourself. If everyone is doing that and making sure they don’t fall victim of scams themselves, the scammers won’t have anyone to scam. Even the exchanges will make it clear to you that you shouldn’t release your asset unless you have received your money in your account. Trade only with verified merchant who have done up to 2k transactions and above. Avoiding p2p scams is very easy if you are knowledgeable.