Cryptocurrencies are built on blockchains, making them secure and hard to hack.
Their high level of security makes it safe to carry out transactions, including P2P transactions.
The regulations around P2P transactions are a little relaxed since there is no direct third-party involvement in the trades.
For this reason, bad actors make a run at defraud people who are not careful enough when transacting.
How P2P Scams Work
The following are some ways in which P2P scams are executed.
This way, the seller releases the funds in exchange for nothing.
Double Identity
A seller can use alternative means to tell buyers where to send their funds.
In this case, the seller wont release the already-locked funds for get paid twice.
They can send you links that will redirect you to a website similar to the original one.
A seller who falls for this only releases the fund in exchange and gets nothing in return.
you might take screenshots frequently to have evidence against a fraudulent client or the P2P platform you are using.
Always Confirm Transactions in Your Account
This is a good way to avoid fake transfers.
Always check your bank account or wallet to confirm that your transactions have been successful.
It is not a good idea to rely on the buyer’s proof.
confirm you confirm it yourself from your account before you authorize crypto transfers.
Some exchanges carry out identity verification processes to protect you from trading with fake accounts and identities.
Making sure you trade in exchanges with such a service gives you enhanced protection.
Dont forget thatusing an exchange with high-security levelsis no use if you are not cautious.
Avoid sending your detail to unofficial representatives to assist you with any issue.
Maintaining platform communication also makes it hard for someone to raise false disputes against you.
check that you stick to traders that have high trade completion rates and have also completed many trades.
A review can also let you know what others have experienced.
Take the time to read what former customers have written about the trader.
