What Are Some Common P2P Scams?

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Fake proof of payment or SMS

Scammers employ tactics like digitally manipulated receipts to deceive victims into thinking they have received payment, tricking them into releasing their crypto. An instance of this is the SMS scam, where criminals forge text messages to falsely inform the victim about a payment received.

How to avoid this scam: sellers should exercise caution and verify that the payment is securely deposited in their wallet or bank account before approving the transaction. This step ensures the legitimacy of the payment and safeguards against releasing crypto or goods prematurely.

Chargeback fraud

Beware of bad actors who exploit chargeback features on payment platforms to reverse payments after receiving your assets. They often attempt to make payments through third-party accounts, with certain payment methods like checks and online wallets being more susceptible to chargeback requests.

To protect against this scam:

  1. Refrain from accepting payments from third-party accounts.
  2. If a third-party payment occurs, promptly raise an appeal with the platform and initiate a refund to the buyer’s account. This helps address the issue and mitigate potential losses.

Wrong transfer

Similar to chargeback fraud, scammers may try to steal your assets by contacting their bank and falsely reporting a transaction to be reversed. They might even resort to scare tactics, such as claiming that selling cryptocurrency is illegal, to dissuade you from reporting the incident.

To protect yourself from this scam:

  1. Remain calm and don’t be intimidated by scare tactics employed by scammers.
  2. Collect evidence systematically, including screenshots and records of your communication and transaction with the criminal. This evidence will be valuable for reporting the incident and supporting your case.

By staying vigilant and gathering substantial evidence, you can better defend yourself against these scams and increase the chances of recovering your assets.

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