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How to find and Prevent yourself from P2P scams and Fraud on crypto platforms


How to find and Prevent yourself from P2P scams and Fraud on crypto platforms -Types, details and Full Guide,Types of P2P (Peer-to-peer) Fraud and Scams | How to avoid and Protect yourself from P2P Fraud and scams

P2P (Peer-to-Peer) market has recently taken a peek in market place transactions with an increased volume of trades.P2P trade volume has increased deliberately which has many factors into it. However, anything volatile and popular have risks ,scams and frauds associated with it .

Today, we are going to tell you about that in details where you can protect yourself from getting caught in P2P scams.

Crypto Market

Peer-to-Peer (P2P) is a process of buying and selling between the users by using preferred payment methods or cash. It was the first method on which Crypto used to be traded before the emerging market of Exchange came into work.

Types of P2P Scams and Fraud in the Crypto Market

It is the customers responsibility to check for latest updates on before using the P2P services as it makes the customers more vigilant on using it. All the payments solutions have some bugs which scammers try to find out and do fraud against it. We are going to tell you some of the common frauds and scams been observed in the market recently over P2P market.

Fake Receipts

A very common type of scam in P2P market where scammers can digitally altered the screenshots, receipts or slips and send to the customers. By which customers without checking they act on the note of the scammers and they compell them to do the transfers. While doing P2P Trades, It is the customers responsibility to accurately check the information while initiating any payments or transfers.

Once you agree on the scammers terms or demands without actually checking,you will lose your money in which there are less chances of getting something in return.

Transfers Scams

This is a tricky scam for the users to encounter in a different way. Scammers in this scenario will try to void the transaction after it’s been completed and they will take necessary protocols along with that, making it look more natural process. The fraudster might call their bank to cancel the transaction by reporting unusual activity (Hacked or wrong transfer,etc) in their account by which seller will lose their funds after initiating a transfer of Crypto.

It has been seen in some cases users are been threatened to not report the scam to the authorities. However, we urge our readers and users to combat this kind of scam by reporting them to the authorities .You can act bravely by collecting information of the evidence and details of the transaction.

Fake Customer service Executive

Fake customer support is not new on the financial platform. We have seen rise in these common practices specially in the Crypto and NFT world.

What happens in this scenario ?

Customers looking for support tried to approach customer service executives on different channels instead of going to the Official portal which make the scammers more feasible to frauds.After reaching the scammers portal they will redirect you to an identical site similar to the real one where they will ask you to enter your account details or crypto wallet credentials.This allows the scammers to do theft with the users looking for customer support.

To avoid this,

  • check domain name
  • only take support from official P2P exchange
  • Dont click on unknown links
  • Avoid fake security alerts

Chargeback Scams

This chargeback facility over P2P (peer to peer) platforms have given rise for free scamming for the fraudsters to do with platforms.The criminal mindsters in this process initiates the chargeback and reports that they have never authorized the transaction.Their claim will also reach to the level where they will say it is fraudulent or done by mistake so that it gets reversed in between.

It is some kind of similar to Fake reciept Scams which happens from the negligibility of the users to approve the transactions without checking.

To avoid this ,take the screenshot of the transactions completed always by which you appeal to customer service later in the process.To combat this situation evidence or proof is must.


One more old school easy trick by which scammers try to fool the users is Bounced Cheque Payments over cryptocurrency exchange platforms. Most of the Popular exchanges in the cryptocurrency market doesn’t provide the service of Cheque payment like Binance, as it incurs heavy risks and uncertainity .

We recommend not to accept any payment via cheque and should be more careful while recieving payment that you should not recieve payment in cheque form instead of the fore-mentioned payment method on the platform.

We have discussed some common types of Scams and fraud in the cryptocurrency industry happening over P2P market, now we will explain you on how to protect yourself from scams and frauds in P2P Trading or cryptocurrency platforms.

How to prevent and protect yourslef from Peer to Peer (P2P) payment Fraud

How to prevent and protect yourslef from Peer to Peer (P2P) payment Fraud

Two factor security authentication

Enabling Two factor security authentication will not allow fraudsters to access your account after breaching one layer. It has the power to stop online scams with people. In this ,you will have the authority to access which can only be authorized by you.Any time someone access your account, you will get notification for authenticating the transaction.

Keep screenshots

This looks old school for many people however,It is recommended to keep screenshots of the Transaction slip or memos so that it will help you in future in case of any appeal made by you to the authorities.

Use Recognized Platforms

It is very much advisable to use Reputed and recognized platforms for any P2P trading transactions over Crypto platforms to avoid getting caught in fraud and scams.Recognized organization/platforms or Exchanges will help you in providing support to your problems and will try to minimize too this kind of scams.

Cross check

Cross verifying and checking the details of your Transaction is very much in needed.It will safeguard your assets and protect you from losing funds to scammers.Check the details very carefully so that you dont miss any minor details.

Use official p2p customer support

Do not use unofficial platforms for your problems and queries,always use official platforms of that particular organization for customer support.It will solve your problem and prevent you from facing any harm to your aasets online.

Always report

If you have ever faced with any online P2P crime,It is advisable to report to the concerned authorities.Dont get intimidated by fraudsters for not reporting.It will not only help you but the full community will get aware of this to support the cause.

Avoid Buying from Unknown sources

Buy or sell to verified listing sources only so that authorities can track too in case of any crime.

Pay after checking

Check the details always after doing any transactions.


Does P2P transactions can be fraud ?


Can we report P2P fraud ?


How to check P2P fraud ?

Read the above article

Is P2P Payment method safe in crypto exchange platforms?

Use Recognized and reputable platforms with verified listings.


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