Fake messages from customer support are a common tactic used by scammers in the cryptocurrency and NFT spheres. For example, if you encounter difficulties while using a popular P2P platform and ask a question on social media, a scammer might pose as a representative of the P2P exchange and offer to help. They may then redirect you to a fake website, which looks identical to the real one, and persuade you to enter your credentials or cryptocurrency wallet information. This way, your confidential information will be compromised.

To avoid falling victim to fraud, seek help only from official representatives of the P2P exchange and carefully verify the website domain. Sometimes scammers also send fake security threat messages via email or SMS. The only way to protect yourself from them is to avoid clicking on links until you verify the authenticity of the source.

When entering into a P2P transaction, it's crucial to carefully verify the information provided by your counterparty. A scammer may send a fake screenshot, claiming they have fulfilled their part of the deal, and demand that you fulfill yours. If you do this without verifying whether you have actually received the funds, you may end up losing your money without receiving anything in return.

To avoid falling into scammers' traps during P2P transactions, always check your bank account or cryptocurrency wallet. Only authorize the transfer after confirming that you have indeed received the required amount. Never transfer funds solely based on receipts.

Sometimes, a scammer may attempt to cancel a P2P transaction after it has been completed. For instance, they might call their bank and claim that the transfer amount is incorrect or that someone has gained unauthorized access to their account. In such cases, the cryptocurrency seller will lose the transferred funds. Moreover, scammers may use threats to coerce them into not reporting the transaction cancellation to law enforcement.

Do not let yourself be intimidated: gather evidence (such as screenshots) of your communication and transaction with the scammer.

Some P2P platforms offer a payment refund feature that scammers can exploit. After completing a P2P transaction, a scammer may request a payment refund, stating that they did not authorize the fund transfer. They may claim that the transaction was erroneous or even fraudulent, aiming to cancel the initial payment. As with fake receipts, the seller may hastily confirm the transaction without verifying the receipt of funds into their account.

Develop a habit of taking screenshots of all transactions to prove that they were completed. This will expedite the appeal process if you need to contact customer support regarding fraud.

Scammers may attempt to pay with a check that cannot be cashed due to insufficient funds or simply cancel the check after issuing the invoice. To protect users, Exmon P2P does not support check payments due to the increased risk and uncertainty associated with this method. Never agree to accept payment by check, and always check if the counterparty has sent a check instead of using the payment method specified in the advertisement.

How to Protect Yourself from Scammers in P2P Trading

Now that we've discussed the most common types of fraud in P2P trading, here are some tips to help you safeguard yourself and your money.

Take screenshots of all your transactions to prove that they were completed. In case of fraud, screenshots serve as primary evidence and will help you prove your case when filing an appeal.

Additionally, Exmom P2P operates an escrow service: we hold the cryptocurrency until the transaction is completed. This helps prevent thefts and instances of fraud, enhancing the overall reliability of the platform: scammers will not be able to steal your money without fulfilling their part of the deal.

Do not approve a transfer until you receive the promised funds. Always check your account to ensure that the transaction has been successfully completed. Do not rely on payment proofs sent by the counterparty, as there is always a risk that they are fake.

Try to communicate with the counterparty only on the P2P platform where you are conducting the transaction. Communication via external channels makes it easier for scammers to fabricate false accusations against you or deny the transaction altogether.

If you cannot reach an agreement with the counterparty amicably, seek assistance from customer support. Exmom P2P specialists will promptly respond to all your inquiries and help resolve any issues related to platform usage.