The P2P trading market is designed to provide freedom, convenience, and the ability to trade directly between users without intermediaries. However, alongside these benefits are the risks of increasingly sophisticated scams. Although large platforms like Binance always strive to protect users, scammers continuously come up with new tricks to seize assets. Below are 7 common scams in P2P that every trader needs to be aware of, along with effective prevention methods.
1. Fake Transfer Receipts
Trick: The scammer sends images or fake PDF files of transfer receipts, often edited with Photoshop to look real.
Prevention methods:
Never trust images.
Only confirm the transaction after the money has actually arrived in your bank account.
2. Temptation to Release Coins Early
Trick: The buyer uses friendly language or urgency: 'Hey, I've transferred the money, please confirm for me.' The goal is to make you rush to release the coin before the real money arrives.
Prevention methods:
Only release coins when you have confirmed receipt of the full payment.
In P2P, safety is always more important than trust.
3. Chargeback Trick
Trick: The scammer uses payment methods that can be reversed, such as PayPal or some e-wallets. After receiving the electronic money, they report the transaction as illegal and request a refund.
Prevention methods:
Only use irreversible payment methods.
Most reputable P2P platforms only accept regular bank transfers.
4. Excess Transfer Trap
Trick: The scammer deliberately transfers an excess amount of a small sum, for example, $105 instead of $100, then messages you to refund the excess amount. When you transfer it back, they can report you for off-system transactions, leading to your account being locked.
Prevention methods:
Never transfer money back to the other party.
Contact the platform's support department immediately for assistance.
5. Legal Risks from Strange Accounts
Trick: The money transferred to your account is not from the verified buyer but from another account. A few days later, you may be implicated in money laundering or fraud related to this source of funds.
Prevention methods:
Only accept money from the verified buyer's name on the platform.
6. Time Pressure
Trick: The scammer applies psychological pressure by saying they are very busy or need to transact urgently, forcing you to complete quickly without time to check.
Prevention methods:
Always stay calm and carefully check the information before making a decision.
Anyone who tries to rush you into a transaction may be a fraudster.
7. Temptation to Trade Off the Platform
Trick: The scammer convinces you to trade outside the platform to 'save fees' or 'trade faster.' Once you are off the platform, you will lose all protection.
Prevention methods:
Absolutely do not trade off the platform.
The greed of 'saving fees' can lead you to lose all your assets.
Survival Rules for P2P Traders
To protect yourself, remember the following principles:
Check carefully: Only trust bank balances, not images.
Right person, right name: Only accept money from the verified buyer on the platform.
No compromises: Do not trade off the platform, do not refund excess transferred money, do not release coins before receiving money.
Stay calm: Don't let time pressure affect your decision.
Keep evidence: Take screenshots of all transaction evidence so you can prove it when needed.
Conclusion: In the P2P world, safety does not come from trust but from vigilance and adherence to principles. Always be careful to trade effectively and avoid losing assets.