How to Prevent P2P Transaction Frauds
What is P2P Frauds?
P2P fraudsters can exploit P2P transactions to deceive unsuspecting victims. They may use sophisticated tactics to manipulate transactions, misrepresent payment statuses, or impersonate trustworthy platforms or individuals. To protect your cryptocurrency assets and ensure safe and smooth P2P transactions, it's essential to understand how you might be defrauded. By learning about common cryptocurrency P2P fraud tactics, you can reduce the risk of falling victim to these schemes.
Common P2P Frauds
Fake Payment Proof Fraud
Fake payment proof involves fraudsters sending forged payment evidence, such as falsified bank transfer screenshots, to create the illusion of successful payment. They might pressure you with false claims of transferred funds to prompt you to quickly release cryptocurrency, or propose using ESCROW arrangements, promising payment after you release the cryptocurrency. Always verify actual fund receipt by checking your bank account or wallet before releasing any cryptocurrency, regardless of the urgency or promises made by the other party.
Chargeback Fraud
Chargeback fraud occurs when fraudsters exploit the chargeback options of certain payment methods to reverse the initial payment after completing the P2P order. They might falsely claim that the transaction was fraudulent or mistaken to initiate a reversal.
Triangular Scam - Attempting to Obfuscate by Placing Consecutive Orders of the Same Amount
Fraudsters use various deceptive tactics in cryptocurrency trading, such as quickly placing identical orders through multiple or the same accounts. They exploit the victim's trust and urgency, prompting them to release cryptocurrency without proper verification.
If these accounts and order details are not thoroughly checked, your tokens might accidentally be released. This could lead to risks such as releasing funds twice for only a fraction of the expected asset value. To avoid falling victim to these scams, it is crucial to remain vigilant and carefully verify all transaction details.
Example: A fraudster places two identical orders with different accounts but only pays for one order. They use the same screenshot as proof of payment for both orders, falsely claiming that both are paid. If you don't carefully check the payment status of each order, you might unknowingly fulfill the fraudulent second order.
Impersonation of MEXC Representatives
Fraudsters may contact you pretending to be representatives of MEXC, instructing you to release your cryptocurrency immediately to avoid account freezing. Impersonators might obtain your contact information through order chats and then send fake MEXC official emails to deceive you into releasing your cryptocurrency before receiving payment.
SMS Fraud
Fraudsters might use SMS/text messages to impersonate banks or wallet apps, mimicking real notifications to deceive victims. These messages falsely claim that the recipient has received the other party's payment.
Man-in-the-Middle (MitM) Attack
In MitM fraud, fraudsters pose as MEXC P2P merchants and contact potential victims through external channels like Telegram, WhatsApp, or other social networks. They share their bank account information and details of P2P ads listed on MEXC.
Example scenarios include:Fraudsters may offer better exchange rates through external channels and instructs the victim to create a MEXC P2P order after payment. They might promise the victim needs to pay only 50 USDT equivalent, but they actually receive 60 USDT in assets.
In such cases, if the victim files a complaint, MEXC's P2P experts won't be able to assist further because the fraudulent communication occurred outside their platform.
How to Avoid P2P Frauds?
- Verify Fund Receipt: Do not release cryptocurrency based solely on the provided screenshots. Always verify the actual fund receipt by checking your bank account or wallet.
- Ensure Account Information Matches: Avoid transacting through third parties. Ensure that the payment account information matches the KYC-verified name on MEXC.
- Communicate Within the Platform: Conduct all communications within the MEXC platform and avoid using external communication tools like Telegram, WhatsApp, or Discord for higher security and protection.
- Resist Intimidation: Do not be swayed by fraudsters' intimidation tactics. Collect screenshots and reliable evidence to resolve any disputes. If a transaction seems suspicious, stop and contact customer service for help.
- Avoid Off-Platform Transactions: MEXC will not be able to assist with off-platform transactions. Limit your P2P transactions to the MEXC P2P platform. MEXC will ensure that orders are executed and cryptocurrencies are released only after the transaction has been confirmed and authorized.
How to Report P2P Fraud Cases
If you suspect fraudulent behavior during a transaction or believe the other party is intentionally causing delays, you can report it by submitting a P2P order appeal. For further assistance, you can submit a ticket through this link: https://www.mexc.com/support/requests/otc_request
Disclaimer
By using MEXC's P2P services, you acknowledge and agree to the following terms:
- MEXC only provides a trading platform and is not responsible for the content or behavior of the buyers or sellers.
- All transactions are at your own risk; verify the identity and transaction details of the trading party and stay alert to prevent fraud. Exercise caution.
- Payments are final and irreversible upon completion unless otherwise required by law.
- MEXC P2P is not responsible for any loss or issues arising after the completion of payment.
- Any disputes must be resolved directly between the trading parties or through legal channels.
For more details on the MEXC P2P Service Agreement, refer to: https://www.mexc.com/support/articles/4411633765785