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 then report it to the bank as unauthorized, causing the bank to reverse the transaction. This can lead to loss of funds and potential restrictions on the account.

Here is a simple strategy to help you protect yourself:

Use a separate bank account for P2P transactions. Never use your main or primary bank account for P2P operations. Instead, create a separate account exclusively to handle P2P payments.

Here's how it works:

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

2. Only after the transfer is confirmed, proceed to release the cryptocurrency.

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

Additional tip:

If the bank imposes restrictions or flags the P2P account, you will be notified and can simply stop using that account. Open a new one and continue trading safely without affecting your main finances.

Stay smart, stay safe.