🕵️How to avoid most usual types of P2P trading scams
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Important: Make sure to check on this guide from time to time, as we'll try to keep it updated whenever we find a new strategy.
SCAMS
#5 THIRD-PARTY TRANSFERS (WHEN USING TELEGRAM)
#7 TRIANGULATION SCAM (NEW)
When you sell your cryptocurrency, your counterpart will send you a message with the wallet address to which you should make the transfer.
If you make the transfer, they will not respond to you again and will cancel the operation, having lost your funds.
SOLUTION: Only use the buttons provided by Paydece to make transfers. These buttons use smart contracts to ensure that the funds are transferred securely and that both parties are protected.
When you sell your crypto, your counterparty will say that they have already paid you and may even provide you with a fake receipt.
If you release the funds before verifying that the payment is real, your counterparty will finalize the transaction and you will lose your funds.
SOLUTION: ALWAYS verify personally that the funds have been credited to your account before releasing them. Your counterparty will have to wait as long as necessary.
When buying crypto, your counterparty may say that you should pay them first, and then they will release the crypto, but they never sent it to the contract in the first place.
If you make the payment and your counterparty has not sent the crypto to the paydece contract, they will cancel the transaction and you will lose your funds.
SOLUTION: ALWAYS verify the order status in the paydece dashboard during the transaction. When transferring fiat, the buyer must first send the crypto to paydece.
The buyer will contact you outside paydece, either through Telegram or another P2P group.
They will offer to start the transaction and send you a link to start the trade, but that link will be fake and will be a replica of the paydece website. (The link could be, for example: app.paydace.io ; app.peydece.io ; app. paidece.io ; etc.)
Even if you complete all steps successfully, this page is fake, and it's under scammer's control, so you will inevitably lose your funds.
SOLUTION:
Verify that the link you are trading from is app.paydece.io
Do not begin trading from links, ask for the username and search for it in paydece's marketplace.
An additional possible verification is to verify where the coins are being sent. If you have doubts about the veracity of the operation, check that the smart contract to which the transfer is being made is one of the following:
When buying crypto assets, your counterparty will lock their crypto in paydece and send you a payment method to do the payment, but that payment method doesn't match the one sent through paydece's internal chat.
If you pay to that payment method, your counterparty will initiate a claim and say that you did not pay them, since the associated payment method did not receive the transfer, Paydece will be forced to return their crypto assets to them, and you will lose your funds.
SOLUTION: ONLY transfer to the payment method sent through paydece's internal chat.
It may happen to you that at some point, either during a transaction or not, you will be contacted by a scammer posing as a member of paydece's team and may make one of the following requests:
Ask to make a transaction to an address under any excuse.
Ask for the secret recovery key from your wallet, claiming to do a verification or any excuse.
If it happens during a transfer, they may say that there was an error on the page and that they need to finish the transaction through a means other than the internal Paydece chat or give a wallet or bank account to make the payment.
Paydece staff will NEVER contact you to ask for any of the above. A moderator who contacts you about a problem with a transaction will only say the following message “Greetings, we are aware of the inconvenience you are experiencing, we will continue the communication through paydece's internal chat”.
The modus operandi is the following:
The scammer gains access to a stolen bank account or convinces a victim to buy crypto OUTSIDE of Paydece's platform.
When the scammer reaches an agreement with the victim to carry out a transaction, simultaneously, the scammer initiates a transaction on paydece with an honest seller.
The honest seller sends their banking details to the scammer to receive the FIAT payment. The scammer then passes these details to the victim, who transfers the funds to the honest seller.
Upon receiving the payment, the honest seller releases the cryptocurrency to the scammer, who then disappears anonymously with the crypto, leaving the victim with nothing.
Once the victim realizes they have been scammed, they might accuse the honest seller of fraud and file a claim with their bank. If the honest seller cannot provide documentation to justify the reception of that money, they will lose the funds and become the actual victim of the scam.
SOLUTION: Before releasing the cryptocurrency, request an identity document and proof of ownership of the bank account from which the transfer is being made. When engaging in a transaction, check the number of successful transactions the seller has completed on Paydece. This adds an extra layer of security to avoid potential issues. Additionally, in the Paydece Telegram group (https://t.me/paydece), trusted merchants are identified with a “Merchant” badge to indicate that it is safe to transact with them.
Be suspicious about sellers with a low number of transactions: Consider veteran merchants to have over 200 transactions completed in their profile. A reasonable number of transactions should be above 50. Adjust this parameter to the level of risk you are willing to take.
Make transactions with premium users: Since this is a paid service, it is less likely that the counterparty will try to scam you.
Always use paydece's internal chat: Chat history cannot be deleted by either party and will be solid evidence in case you need to file a dispute.
Doubt about bargains: If it seems too good to be true, it probably is. The scammer wants the buyer to rush into the transaction as it fears that someone else will take the offer before them, which increases the risk of making a mistake and losing your funds.
