Gate, unwavering in its commitment to safeguarding user assets, urges users to remain vigilant against fraud in P2P trading. In this article, we will summarize the six common scams often encountered by P2P traders. To guard against P2P scams, we recommend that users select certified platforms for trading and verify the counterparty’s identity before transferring any funds:
1.Fake fiat accounts:
scammers trade with you via a fabricated fiat account
When a sell order is placed, scammers may contact a trader intending to buy the coins and deceive them into transferring the payment to the seller's account. Subsequently, they provide the seller with a counterfeit account to receive the coins. A seller who neglects to verify the account information might release the coins to the fake account upon receiving the payment.
Tip: Traders need to verify information of the fiat account, and confirm it is owned by the counterparty.
2.Forged proof of payment:
Scammers may trick you into releasing coins by providing fabricated proof of payment, such as a counterfeit screenshot of a payment record or false SMS notifications.
Tip: Before releasing your cryptocurrency to the buyer, you must confirm that the funds have actually arrived at your account.
3.Use your bank's 72-hour refund policy:
Some payment platforms' refund policy leaves room for P2P scams. Scammers often masquerade as buyers, making payments and subsequently urging sellers to release the coins. Within 72 hours of the coins arriving in their account, they will contact the bank, falsely claiming non-receipt of the coins, prompting the bank to cancel the payment.
Tip: Sellers should steer clear of utilizing high-risk payment methods such as PayPal, Venmo, Wise, and credit cards, as transactional data from these platforms can be stolen and utilized by scammers to orchestrate fraud.
4.Romance scams:
Scammers may pose as affluent and attractive men seeking romantic relationships on dating apps. After seducing female users and gradually earning their trust, these scammers coax the victims into creating a platform account. Subsequently, they concoct reasons to dupe victims into transferring money, claiming they can invest on the victims' behalf by citing 'profitable projects' or alleging that the platform is experiencing 'technical failures'.
Tip: Do not transfer money to strangers. Choose certified platforms to trade, and verify the counterparty's identity before transacting.
5.Off-platform transactions
Scam 1: Enticing traders to engage in off-platform private transfers
Scammers deploy advertisements on the platform to snare potential victims or utilize the platform's chat feature to reach users directly.
Upon successfully adding users to their WeChat friends, they deceive them into cancelling orders on the platform, persuading them to trade privately instead. Victims often realize the scam only after transferring money and subsequently being blocked by the scammers.
Scam 2: Default users to transfer money to other platforms Scammers initially utilize the chat feature of the platform to engage with users. After successfully befriending them on an alternative chat platform, they introduce victims to other futures platforms, deceiving them into transferring money there. Once the victims' funds reach the designated platform, they are immediately frozen and cannot be recovered.
Scam 3: Disguise as a merchant to initiate fake trade Posing as a merchant from the platform, scammers first use the chat feature to contact its users. After successfully befriending them on an alternate chat platform (such as WeChat or Telegram), they reveal that they can match buyers' orders at a lower price. If victims exhibit hesitation, scammers send a random platform merchant QR code (or user information) to establish credibility. When users agree to trade, scammers guide them to place an order on the platform but manipulate them into making payments outside the platform (such as via WeChat or Telegram), creating an illusion that the trade is still being processed on the original platform. Buyers will find the "sellers" uncontactable after making the payment as instructed, resulting in significant losses to both the victim's wallet and the platform's reputation.
Tip: Avoid engaging in private trades outside of the platform and refrain from canceling orders after making a payment. Ensure that you have received the money/coins before confirming a transaction. Always check the merchant's rating before initiating trade, and promptly seek assistance from our support team should you encounter any issues during trading.
6.Induced Transfer Fraud
If you have successfully made a payment using the seller's provided payment method and have clicked on 'i have paid', but the scammer contacts you through the chat box or by phone, using some pretext or method to request you to cancel the order, telling you that you will receive a refund or the platform will refund you after the order is canceled,
Safety Reminder: The platform does not act as a guarantor of funds. Once funds are transferred, do not cancel the order without having received any refund. If you encounter any problems, please appeal immediately, contact customer service for verification, and ensure the safety of your funds.
