Common scams in Binance P2P
* Fake payment proof (receipt scam): The scammer sends a forged payment receipt to convince you that they have made the payment. Once you release the cryptocurrencies, they disappear without making the actual payment.
* Chargeback fraud (reversed payment): The scammer uses a reversible payment method, such as PayPal, to make the payment. After receiving the cryptocurrencies, they request a chargeback, leaving the seller without funds or cryptocurrencies.
* Third-party payment scam: The payment is made from a stolen bank account. The true account holder reports the fraud, which can result in your funds being frozen or even legal issues.
* Overpayment scam: The buyer "accidentally" pays too much and requests a refund to a different account. The original payment is reversed, and the scammer keeps the refund and the cryptocurrencies.
* Fake dispute scam: The scammer falsely claims they did not receive the cryptocurrencies. If you do not have solid proof of the transaction, Binance may rule in favor of the scammer.
How to protect yourself
* Use Binance's escrow system: Never release the cryptocurrencies until you have confirmed that the payment has been properly made to your bank account or wallet.
* Independently verify transactions: Do not rely solely on payment receipts. Log into your bank or wallet to confirm that the funds are available.
* Avoid third-party payments: Only accept payments from bank accounts that match the buyer's name on Binance.
* Be cautious with reversible payments: Prioritize instant and final payment methods, such as direct bank transfers.
* Keep detailed records: Save screenshots of all transactions, payment receipts, and communications with the buyer. This will help you resolve disputes and demonstrate that you have fulfilled your part of the deal.
