Spotting Fraud in Peer-to-Peer Binance.
Wherever money is involved fraudsters also get active because they have the skills to make you trap and cheat with you. Whether its the world of crypto industry, Stock market, freelancing sites, physical business or any other .
They are always active and try to scam and fraud those people who have less knowledge. Specially in the field of Cryptocurrency fraudsters are move active and scanning for the people who are less informed and educated.
Today, I was reading through the Binance feed where I get to the post to read where a person was telling others about the recent fraud via P2P. I really got shocked after reading the post which makes me more attentive and I thought to must share with other people.
Today this fraud happened with one of the guy when he was going to transact via P2P. First of all let me define little about P2P for the people who are new with this word. Peer to Peer is the feature option in Binance which allows you to buy and sell against your national currency.
Just like my currency is PKR and I want to buy USDT. Then I will perform the same pattern of P2P to buy USDT. P2P is controlled by third party people but Binance has set of rules about it and if you follow those rules Binance is responsible for any kind of loss.
CANVA
I hope you have understand about P2P. Now let my tell about the fraud done today via P2P. A person who wants to buy 1000 USDT against INR get stuck with one of the fraudster.
The scammer ask the person to transfer money to this bank account so that he release USDT. They are the group of people who increases their review by fake transactions. Which means that their own people have buy and sell around 20USDT on daily basis to make people trust on them.
When the person transfer $1000 worth INR rupee, the scammer asks him that you must cancel the transaction because the account you have transferred the money is freeze. The account is no more active because of any illegal act freeze by the government.
That person till that time had transferred money to the bank account and that scammer refused of receiving money. The error that person made was that he just cancelled the transaction else he could appeal and the Binance team will act accordingly and is responsible for the loss.
This is today fraud which is very shocking and please all you people be aware of such frauds. Never cancel any transaction unless you did not receive funds in your wallet. In case he denies to send you the payment you can appeal where Binance team will investigate accordingly.
Thank You!