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How ​​to detect and avoid P2P scams on Binance

P2P trading is a preferred form of transaction in the crypto market because only a bank transfer is required. However, there are many cases where some of us when conducting ** P2P transactions on Binance get scammed** by how bad merchants cause them to lose money with no way to get it back, the following will These are** popular P2P scams on Binance** that sellers or even traders using Binance should know to avoid! **I/ POPULAR P2P SCAM TYPES ****1. This is a P2P scam on Binance that both buyers and sellers encounter, especially those who are new to P2P without much experience. For example: Buyer/seller places an order to buy/sell coins via P2P, then photoshop the transfer successfully, click “confirm transfer, notify seller” and then send a message to the seller and push urge the seller to quickly unlock the coin for them. Sellers who now see the picture of a successful transfer from the buyer/seller think they have already transferred, but do not check their bank account has money or not, but quickly unlock the coin and click on it. “TO RECEIVE PAYMENT”. So the seller lost money due to his negligence. The way to avoid this form of fraud is to carefully check your account **2/ Edit the selling price **The seller sets a fairly cheap selling price compared to the common ground for buyers to click to buy, however The seller may have “set a BOT to adjust the price” causing the selling price to be higher at that time without the buyer noticing and transferring money and completing the payment. After looking at the incorrect amount, the transaction is completed. For example, you initially see the price to be 23000VND/usdt, but when you complete the transfer, the price you have to pay increases to 30000VND/usdt. To solve this problem, you should not rush to transfer immediately, but when you review the transfer information and the amount to be recalculated, see if it matches. If you have already transferred and completed the purchase, you should report it to the chat box and contact the Binance support staff to block the fraudulent account. **3/ Scams to scare dirty money **This is probably the most common form of people encountering, because I see that most groups have people complaining about this problem. It is possible to transact with a fairly large amount of about $5000 or more, at this time, dirty merchants send private messages to threaten that it is dirty money, then seduce sellers through other platforms and ask for information. private information such as cccd, video call, statement, .. then seduce that the payment is complete so that they report it to the police for settlement, then it is lost. Or maybe more sophisticated, impersonating a Binance employee to scam. To avoid this scam, if the amount is large, you should trade in a reputable OTC or split the amount to trade. **4/ Seducing buyers to cancel orders** This is another scam when trading P2P on Binance, this way is often used by sellers to scam new buyers using P2P. Specifically, the buyer placed a buy order and already transferred the money, but was tempted to cancel the order like giving more coins, having some error, .. The buyer is now gullible and obedient to the seller and then the seller accepts If you get money and then dive, with this form, even if you sue Binance, they can’t solve it! To avoid this problem, you must not cancel orders according to the seller’s instructions and all P2P transactions need to go through Binance to be resolved, remember to take a screenshot of a successful transfer with the correct order book as proof if the seller does not unlock the coin for you. **5/ Loss of money due to wrong transfer content **This form is not necessarily considered a scam because in the buying / selling section, Binance has already instructed and stated clearly, so it is the buyer’s fault. Specifically, when doing P2P transactions, the buyer only needs to note the transfer content according to the order book and the order will be executed. However, there are subjective buyers who do not read the instructions, just transfer money without the content of the order book or write to buy USDT, buy Bitcoin, buy something… In general, in this case, the seller may not Returning money because you violate regulations when trading P2P and buying / selling crypto is an activity that is not protected by Vietnamese law. You can contact Binance to get the merchant’s phone number and ask them to transfer the funds back. If you are lucky, you can meet a seller who has a heart to get your money back or it may take a little fee for the “stupid” otherwise, it will be lost. **6/ Place multiple buy orders at the same time** This form is that the buyer places consecutive orders at the same time with the same purchase amount, but then when the payment is transferred, they will transfer the missing amount 1, 2 order something but still click “Transfer money, notify the seller”. The seller now sees the chimpanzee account continuously, thinking that the buyer has transferred enough without double-checking and unlocking all the coins for the buyer. Sellers should be more careful when customers place multiple buy orders at the same time with the same amount. Only when there is enough money that the buyer needs to transfer, will the unlock be unlocked. If they don’t transfer enough, only unlock with order books that match the transfer content you received. **7/ Place 2 identical orders of 2 different accounts** This scam is as follows, there are 2 accounts A and B placing 1 order to buy the seller’s coin with the same amount. Then A transfers money to the seller (A does not confirm that the money has been transferred via the app) but takes a screenshot and sends it to B, B sends the picture to the seller and B clicks on “Transfer money, notify the seller” after That requires the seller to unlock the coin for him. The seller didn’t notice at this time, so he unlocked it for B, then A clicked “Transfer money, notify the seller”. So when there is a dispute, A still has a reason because A has already transferred the money with the proof of the money transfer picture to the seller. And B has not transferred money but still has coins. To avoid this, the seller needs to confirm the correct name, order book with the correct order of the transferor, then unlock the coin for that order book. **8/ Extending the time to cancel orders** This is the method applied to new buyers trading P2P on Binance for the first time. At this time, the buyer doesn’t know how to buy and sell, so he messaged the seller first, the seller will guide the buyer from the order placement step to the transfer step. However, to extend the time, the seller will send a series of messages so that the buyer does not notice and does not choose “Transfer money, notify the seller”. After 15 minutes, the order will be canceled automatically, but if the buyer does not notify the seller, the money will not fly. P2P newbies should learn about the process of buying coins through P2P before starting a transaction and practice buying and selling with a small amount first **9/ Lack of money transfer** This is a form that everyone must have I’ve encountered it once and may have accidentally gotten involved. for example Buyer will buy coin with an amount that is hard to remember, for example, they buy an amount of 258,375,823 but only transfer 238,375,823, only one of them is different. If the seller did not look closely and clicked “Confirm”, they would have lost tens of millions of dong. Or simply buy the number 258,375,823 but only transfer 25,837,582 with a difference of hundreds of millions of dong. According to Binance’s regulations, if the buyer fails to transfer money, the buyer will need to transfer the missing amount and any additional fees to the seller. However, if the buyer does not respond or refuses to transfer more money, the seller will have to return the money to the buyer so the buyer dares to do so. To avoid this, you must look carefully at the number before clicking confirm because if they have already pressed confirm, they may lose money when Binance cannot resolve the dispute. **10/ Misinformation **This is a scam that buyers need to be aware of when conducting P2P transactions on Binance because this scam is very sophisticated. Specifically, the seller will confuse you when the merchant’s bank account number / card number in the “Payment to seller” section is different from the transfer information note. That is, there will be 2 different account numbers of the same name and you mistakenly transfer to the account in the notes/description as if the command failed while your money is still lost. To avoid this, you should copy the exact account number and select the beneficiary bank, confirm the correct name of the seller, then transfer. The account number information that you need to transfer to will be in the payment section as shown below **II/ A few tips for P2P transactions **- Choose a reputable merchant on P2P by checking the success rate and the number of successful trading orders, the higher the ratio and the more completed orders, the more reputable, don’t be greedy but lose both lead and fishing. – Limit buying in the evening, specifically at 11 pm or when the market has strong fluctuations, traders grasp the psychology of needing money to catch the bottom or pump armor to make it difficult, in addition, many banks maintain the night time frame. so there will be problems with the money transfer. – The way to avoid scams when trading P2P on Binance can only be that both the buyer and the seller need to be very careful, look carefully and fully read the instructions of Binance and the seller before trading. Usually you just need to transfer with the content of the order book with your name and then press notify the seller. – If it is the first time P2P transaction, you should only try trading with a small amount, after you have mastered it, then trade a large amount. – Transactions with large amounts should choose an OTC trading channel or split orders to avoid trouble – Need to set up a secure account, keep personal information, email address, phone number private register. Set up only me mode for all self-introduction information on the exchange, to prevent bad guys from stealing information to take advantage of them. – Get in the habit of taking screenshots of all your big buy/sell orders as proof that they’ve been completed. In the case of a scam, screenshots serve as primary evidence and can be provable with support. – Do not click on strange links, or scan any QR codes, do not provide personal information to any party on other social networking platforms such as Zalo, FB, .. Because Binance staff only support people Use only on official website and app – Don’t confirm transaction until you are sure money has been received into your account. Always double-check the account to confirm that the transaction has been successfully completed. Also, don’t trust anything provided by the partner because the images are easy to edit

Source: Collector



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