The P2P cryptocurrency trading market in Vietnam is witnessing a strong increase in scams targeting USDT sellers. If you are participating in trading, be very cautious and be aware of the common scams below to protect your assets.

Common Scams

1. Fake Payment Documents

Scammers send fake screenshots of payment receipts or transfer confirmations, making you believe the money has been transferred to your account. In reality, this amount has not appeared in your account.

Advice:

  • Always check directly with your bank account or e-wallet to ensure the money has actually arrived.

2. Transfer Money Through a Third Party

Some buyers request payment from someone else's account (third party), complicating the transaction. This can lead to disputes or refunds, even after you have released USDT.

Advice:

  • Only accept payments from accounts matching the buyer's information. If any unusual activity is detected, stop the transaction immediately.

3. Refund After Transaction

Sometimes money will appear in your account, but then be returned or reclaimed due to fraudulent transactions, such as using a credit card or a stolen account. As a result, you lose both money and USDT.

Advice:

  • Wait at least 24 hours after receiving money to ensure the transaction is not reversed.

4. Delay Bank Transfer

Scammers often use the excuse of banking issues or long processing times, then pressure you to release USDT before the money actually arrives in your account.

Advice:

  • Absolutely do not release USDT if the money has not been confirmed in your bank account.

Asset Protection Measures

  • Use reputable and verified trading platforms.
    Choose P2P exchanges with seller protection mechanisms like Binance, Huobi, or OKX. These exchanges often have escrow features, ensuring USDT is only released when the transaction is completed.

  • Thoroughly check buyer information.
    Trade with users who have a good transaction history, high ratings, and verified identities. Avoid trading with new accounts or those with many negative reviews.

  • Stay calm, don't rush.
    If someone is pressuring you to release USDT unusually, stop and reconsider. Scammers often exploit the urgency mindset to lure you into a trap.

  • Record all transactions.
    Store evidence such as messages, invoices, and transaction information. This will help you when you need to report or request support from the trading platform.

What to Do When Scammed?

  • Report immediately to the trading platform.
    Reputable P2P exchanges have support teams to handle disputes. Provide complete evidence for timely assistance.

  • Contact the bank.
    If you detect fraudulent transactions related to your bank account, contact the bank immediately to request support and lock the transaction if necessary.

  • Report to the authorities.
    In the case of serious fraud, report to the economic police for investigation and protection of your rights.

Conclusion

P2P trading offers convenience but also carries many risks if you're not cautious. Always adhere to safety principles, choose reputable partners, and thoroughly check before executing any transactions.

Keep your USDT safe, and be vigilant! If you notice suspicious activity, do not hesitate to report it immediately.