How to avoid scams when trading Binance P2P

Binance P2P is a peer-to-peer trading platform that allows users to buy and sell Bitcoin, Ethereum, USDT and other virtual currencies with fiat currencies such as Vietnam Dong (VND) through bank accounts at very low rates. . Also due to the popularity of Binance P2P, some bad actors have taken advantage of gullible and inexperienced users to commit fraud. Based on real user feedback, we summarized some common Binance P2P scams that beginners should avoid.

Binance P2P Scam

Fake bank transfer slips

In this case, the scammer is someone who buys coins from you. Once the order is filled, the scammer will mark it as “payment” and give you a fake payment receipt. Fake transfer receipts can be bank receipts or e-wallet receipts. Example as shown below:

As you can see, the fake receipt looks like a real receipt with full information box. The fraudster uses this receipt template, changes the information according to the transaction and sends it to the victim.

When will the scammer succeed?

Scammers will convince the victim that they transferred the funds successfully and ask the victim to unblock it. If a user accidentally verifies a bank account and it is accidentally confirmed, the funds will be handed over to the scammer. Thus, the scammer manages to use the victim’s coins. You will soon be selling assets on Binance P2P or switching to another wallet.

How to avoid it?

Always check your bank account balance. If your banking system doesn’t track or record the buyer’s money transfer, it doesn’t release your assets at all.

Look at the payment receipt. If you see anything, you may be dealing with a scammer.

If you receive a suspicious withdrawal receipt (as mentioned above) and your bank account runs out of funds, please file a complaint with Binance immediately.

Lost transfers

In this case, the scammer plays the role of buying spare parts from you. The scammer’s trick is to make a buy ad for a fixed amount or buy from another ad for a fixed amount. The subject will place an order, for example, for the amount of VND 29,999,999. However, in reality, the item will only cost you 29,999 VND.

When will the scammer succeed?

The scammer will succeed if you mistakenly think that you have received enough money and click to confirm the release of the asset. This happens because the transaction amount and transfer amount appear to be the same and the seller doesn’t double-check the balance or report.

How to avoid it?

Always check your bank account balance. If your banking system doesn’t track or record the buyer’s money transfer, it doesn’t release your assets at all.

If you find the transfer amount is the same as in this case, please press a claim immediately to get Binance P2P customer support to step in.

Fake Binance customer service (CS) account

A more sophisticated case is where the scammer impersonates a Binance employee or pretends to be a Binance call center/customer support (CS) account. The scammer’s goal is to take control of the victim’s Binance account in order to transfer assets to other wallets or sell them on Binance P2P.

In particular, fraudsters can get your contact number through P2P transactions. It will then contact you with an international phone number and let you know that you are Binance Customer Support.

The next step, the scammer chats with the victim on social networks and can convince the victim to stop the complaint and agree to confirm the relinquishment of the property (if the victim is a seller), apologizing as soon as possible. transfer money to the victim’s account.

Or the scammer asks the victim to log out of the account, scans the QR code and provides 3 verification codes to reset the victim’s account. picture below.

When will the scammer succeed?

The scammer succeeds when the victim fulfills the scammer’s request and then gains access to the victim’s Binance account. The subject will then proceed to sell the property on P2P or withdraw to another wallet.

In the case of disputed P2P transactions, if the victim eavesdrops on the fake Binance account and confirms the release, the victim will lose their ownership.

How to avoid it?

Never offer to scan any QR code that is not provided on the official Binance website or app, especially via social media.

The next step is not to provide any verification codes, not even to Binance employees.

If you encounter such transfer rates, please immediately notify Binance P2P Customer Support to take action or seek support from the Binance User Community (Facebook, Telegram).

How to avoid scams on Binance

• Be careful with ads with unreasonable transaction prices. Normal Abnormal Ads Purchase ads at a price above the current market rate
• Beware of users who have never made a successful transaction or have a low transaction completion rate.
• Always check your bank account to make sure payment has been received in full for the transaction. DO NOT release any coins until the money is in the account. For buyers, make sure the recipient’s bank account matches the name of the partner making the transaction.
• Do not share account information with Binance employees via social media or phone numbers. Note that Binance support only interacts with users on the official Binance website and app.

WARNING: Investing in financial products involves a lot of risk and may not be suitable for all investors. Therefore, please think carefully and check yourself before you decide to link to this website. CryptoViet.com.