2023-04-02 19:08:19
What Are Some Common P2P Scams?
Fake proof of payment or SMS
Scammers may digitally alter receipts to convince you they have sent payment and trick you into releasing crypto to them. One example is the SMS scam where criminals forge a text message to notify the victim that they have received a payment.
How to avoid this scam: As a seller, you should only approve the transaction after checking if the payment is already in your wallet or bank account.
Chargeback fraud
A bad actor may use a chargeback feature on their chosen payment platform to reverse their payment upon receiving your assets. In many cases, they try to pay via a third-party account. Some payment methods like checks and online wallets allow for easier chargeback requests.
How to avoid this scam: Do not accept payments from third-party accounts. If it happens, raise an appeal to the platform and initiate a refund to the buyer’s account.
Wrong transfer As with chargeback fraud, a scammer may attempt to steal your assets by contacting their bank to report an erroneous transaction and requesting that it be reversed. Some scammers may even pressure you into not reporting the incident by using scare tactics, like warning you that selling cryptocurrency is illegal.
How to avoid this scam: Don’t be intimidated by scare tactics. Systematically gather evidence, such as screenshots, of your correspondence and transaction with the criminal.
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