How to Protect Yourself from P2P Reversal Scams.

Scammers in the P2P (peer-to-peer) space have developed a tactic where they make a payment and later report it to the bank as unauthorized, causing the bank to reverse the transaction. This can lead to loss of funds and potential account restrictions.

Here's a simple strategy to help protect yourself:

Use a Separate Bank Account for P2P Transactions Never use your main or primary bank account for P2P trades. Instead, create a separate account solely for handling P2P payments.

Here's how it works:

1. Once you receive the buyer's payment in your P2P account, immediately transfer the funds to your main bank account.

2. Only after the transfer is confirmed, go ahead and release the crypto.

This way, if a buyer initiates a chargeback or reports the transaction, your P2P account will already be emptied - leaving nothing for the bank to reverse.

Bonus Tip:

If the bank places restrictions or flags the P2P account, you'll be notified and can simply discontinue using that account. Open a new one and continue trading safely without affecting your primary finances.

Stay smart, stay secure.