Having control of your funds also requires knowing how to keep them safe. Money transfer scams are a common tactic used by people looking to deceive you into sending them money. Learn how to identify, prevent and report them below.
Money transfer scams involve criminals attempting to deceive victims into sending them money under false pretenses. Such scams typically occur in two types of scenarios:On peer-to-peer marketplaces, buyers and sellers can interact directly with each other to negotiate pricing, payment methods, and the amount of crypto to be exchanged.
If the transaction involves goods or services, the scammer will provide victims with “proof” of a crypto transfer, followed by doctored emails claiming a delay in the transfer. The scammer will then ask the victim to transfer back the “extra cryptocurrency” or pay a “transfer fee,” promising the pending transfer will be completed soon.
The scammer asks James to send $200 back, claiming that he needs the money while his $700 is locked in the pending transfer. Believing that he would receive the funds once the “account upgrade” is complete, James complies. Eventually, James realizes that all the “collector’s” claims were fake and that the scammer would not be sending his $200 back.Always ensure the correct amount of funds has been successfully transferred into your account before releasing crypto in a P2P transaction.
For more information on staying safe when trading P2P, you can read the following guide from Binance Academy:If you've fallen victim to a scam, take immediate action to safeguard your finances. Stop your bank and financial accounts and change passwords for all your accounts, including email and social media.
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