Mastering P2P Trading Safety
Your Guide to Avoid Crypto Scams
What Is a P2P Scam in Crypto?
P2P crypto scams happen on peer-to-peer (P2P) exchanges connecting sellers and buyers, where the platform acts as an arbitrator with an escrow service for transfers. Scammers exploit this setup by bypassing the escrow system, deceiving buyers with false claims of non-receipt after payment, thus breaching the transaction. These scams capitalize on the inherent trust involved in P2P transactions, leaving unsuspecting users vulnerable to financial loss.
How Do P2P Scams Occur?
In the P2P transaction model, payments occur outside the platform, making monitoring and verification challenging. This presents opportunities for fraudulent activities, as users find it difficult to confirm payment status and assess counterparties' integrity, thus increasing the risk of fraud.
Examples of P2P Scams in Crypto
E-commerce Scams
These involve transactions on dubious e-commerce websites where scammers lure victims with enticingly low prices. After payment, scammers provide different P2P crypto seller details, receive the crypto, and disappear.
Love Scams
Scammers exploit victims emotionally through dating apps like Tinder, building trust before manipulating them into sending fiat currency or cryptocurrency to assist with financial issues.
Investment Scams
Similar to romance scams, these exploit financial desires by promising guaranteed gains. Scammers often create fake websites or apps to appear legitimate and convince victims to send money in exchange for supposed Bitcoin earnings.
Erroneous Transfers, Chargebacks, and Fake Receipts
Scammers attempt to void completed P2P transactions by exploiting bank processes. They may claim their account was stolen, leading the bank to cancel the initial transfer.
How to Protect Yourself From P2P Scams
Double-Check All P2P Transcations
How to Buy Coins on P2P through the Bybit Website？
Verify the Counterparty's Identity
Confirm that the payment account details match the counterparty's identity on Bybit. Bybit requires Identity Verification for advertisers and P2P merchants, enhancing platform safety and asset protection.
Use Bybit's Communication Platform
Keep all communications within the P2P Order Chat. Avoid external channels like Skype or WhatsApp to safeguard your rights.
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Submit an Appeal to Bybit’s Customer Support
If you’re unable to reach an agreement, please contact our Customer Support team immediately for assistance. You should always report any suspicious activities as soon as possible.
Be Vigilant and Document Everything
Take screenshots of all interactions and transactions as essential evidence. Do not engage in transactions if anything seems suspicious, and stand firm against scare tactics.
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