Learn and Prevent: The Main P2P Schemes of Cryptocurrency Fraud

Protecting cryptocurrency assets requires understanding the main threats. P2P scam schemes are becoming increasingly sophisticated, and the first line of defense is the awareness of traders themselves. Modern scammers constantly improve their methods, using psychological pressure and technical loopholes. Knowing the ten most common P2P schemes will help you avoid financial losses.

Fake Payments and Asset Freezing Attempts

One of the most typical schemes is sending fake receipts or screenshots claiming to show received payment. Scammers assert that funds were transferred via ESCROW and will be credited after you unlock the crypto assets on your side. This pressure creates a false sense of urgency: “If you don’t send the coins now, the funds will be frozen.”

How to protect yourself:

• Always verify actual receipt of funds in your bank account or e-wallet before unlocking
• Don’t rush under pressure — real payments are visible in the system without haste
• Study proof carefully: scammers often copy the design of real receipts
• If in doubt, refuse the P2P scheme and contact support

“Mutual Agreement” Manipulation and Other Platform Button Tricks

During an appeal, a scammer may deliberately encourage you to click the “Mutual Agreement” button. This irreversible action automatically cancels the order and releases the seller’s cryptocurrency without verification. This P2P scheme is especially dangerous because it occurs within the platform and appears legitimate.

How to avoid this:

• Use “Mutual Agreement” only if you are 100% sure you didn’t make a payment or have confirmed the refund
• Don’t trust screenshots or the counterparty’s words — verify your account independently
• Under pressure, choose “Could not agree” and attach screenshots as proof
• Remember: if you do nothing before the timer expires, the platform will intervene, but the decision may not be in your favor without solid evidence

Impersonating Platform Staff and Phishing Emails

One of the most destructive P2P schemes is when scammers contact you via private messages or email, impersonating platform support representatives. They demand to unlock assets “to prevent account freezing” or “for verification.” Later, a phishing email mimics official notification design.

Protection against impersonators:

• Official platform staff will never ask for cryptocurrency before payment is received
• Check the profile avatar: official representatives have a headset icon with a blue checkmark
• Use verification tools for authentic email addresses and phone numbers
• Set a unique phishing code in your account security settings
• Study the message bubble color in chat: official messages appear in orange bubbles, counterparts in peach or chocolate

Coordinated Multi-Party P2P Schemes: Collusion of Multiple Scammers

Two or more scammers simultaneously open multiple orders with one seller, creating chaos. They use temporary pressure and confusion to get the seller to send crypto multiple times after receiving only part of the payment.

Real example of such a scheme: Scammer A posts an order for 2000 USDT, scammer B — for 3000 USDT. B then sends 2000 USDT to the seller, while A marks their order as paid. Confused, the seller sends crypto on the first order. Then B sends another 1000 USDT and demands the crypto for their order, claiming confirmation from the first payment.

How to avoid becoming a victim:

• Don’t accept payments from unknown persons and verify that the payer’s name matches platform data
• Examine each confirmation carefully — scammers often reuse the same proof multiple times
• Complete orders sequentially, avoiding multiple simultaneous transactions
• Require a new, unique confirmation for each individual order

Intermediary Role: When Scammers Hide Behind a Third Party

A scammer impersonates a P2P merchant and contacts you via external channels — Telegram, WhatsApp, social networks. They offer better rates, provide their account details, and post listings on the platform, creating P2P schemes involving unsuspecting buyers or sellers.

Typical scenarios:

Scenario 1: The scammer offers to exchange 100 USD for 120 USDT via external messengers, asking the victim to open an order on the platform after payment. Once paid, the scammer disappears.

Scenario 2: The scammer provides bank details via Telegram and asks to copy them into the P2P order chat “to confirm receipt.” The victim unknowingly shares the info with a third buyer, who is also unaware of the scam. Then, the victim sends crypto, which goes to the scammer’s account.

Prevention:

• Communicate only within the platform’s order chat — avoid third-party channels
• Don’t accept payments from unknown persons — verify that the account name matches platform data
• Remember: if communication occurs outside the platform, support cannot help
• Don’t trust offers received through external channels, even if they seem advantageous

Payment Cancellation Schemes, Checks, and Received Commitments

Some payment methods allow the transfer to be canceled after some time. A scammer may dispute the transaction as erroneous or fraudulent after you send crypto. There are also attempts to pay with unsupported checks that cannot be cashed, or to cancel payment immediately after unlocking assets.

A separate P2P scheme involves delays in check processing: the scammer sends a check, the system takes time to verify it, then it turns out the check is fake or empty.

How to protect yourself:

• Never rush — confirm receipt of funds before sending crypto
• Always refuse checks of any kind
• Don’t accept payments from unknown sources, as the risk of cancellation increases significantly
• If someone insists on paying by check or unusual methods, it’s a red flag — file an appeal immediately

Manipulation with Order Cancellation After Payment Receipt

A scammer invents a nonexistent “technical problem” and asks to cancel the order after receiving payment, supposedly to place a new one. Once the seller cancels, the buyer quickly removes the listing, leaving the victim without funds or crypto.

How to prevent this:

• Never cancel an order after receiving payment
• If a technical issue arises, file an appeal instead of canceling
• Suspicious cancellation requests are a red flag
• Save all interaction screenshots as proof

SMS Scams and Fake Notifications

A scammer sends SMS messages mimicking bank or payment system notifications, claiming to confirm a payment has been sent. The victim, seeing the message, sends crypto, but the payment never arrives — the message was fake.

Protection:

• SMS messages are not proof of payment; they can be easily faked
• Always verify your bank balance or e-wallet directly before sending coins
• Use official banking apps, not just SMS alerts
• Remember: official systems always duplicate notifications in secure apps

Fake Raffles and “Bonus Campaigns”

Scammers pose as organizers of official raffles or platform bonus programs. They promise free USDT or other tokens if you first send a small amount of crypto for “wallet verification” or “prize unlocking.” After sending funds, the scammer disappears.

How to avoid:

• Remember: official platforms never require sending funds to receive rewards
• Verify all promotions only on the official website, mobile app, or verified social media accounts
• Avoid suspicious links, do not join unofficial Telegram groups
• If in doubt, verify authenticity through the platform’s verification tools

Cash Transactions and the Risk of Irreversible Losses

P2P schemes involving cash payments are the riskiest. A scammer may give counterfeit money or simply not send payment, disappearing with the crypto. In such cases, the platform cannot verify the transaction due to lack of legal proof. Traders should be prepared for total loss in such P2P trades.

Risk reduction tips:

• Meet in safe, monitored locations
• Require prior identity verification
• Use high-denomination bills that are easy to verify
• Avoid large cash deals
• Study local rules for cash P2P transactions before trading

Five Main Rules Against Any P2P Scam Schemes

Payment verification: Always verify that funds have arrived in your account or wallet before sending crypto. Don’t rely on screenshots or confirmations from the counterparty — they can be forged. Check original data directly in your banking app or e-wallet.

Identity check: Ensure that the information in the payment details matches verified data of the counterparty on the platform. All officially verified P2P traders have completed KYC, providing an additional security layer and dispute resolution.

Use official channels only: Communicate exclusively within the platform’s chat — avoid Skype, Zoom, Discord, Telegram, WhatsApp, and other messengers. The platform can only protect your rights if communication occurs in the official P2P order chat.

Documentation: Take screenshots of all interactions and transactions. These records are crucial for appeals and serve as primary evidence. Keep track of amounts, dates, and counterparties’ names — this will help resolve disputes faster.

Quick response: If something seems suspicious or the counterparty applies pressure, immediately file an appeal with support. Do not cancel the order, click “Mutual Agreement,” or send funds. Professional support will analyze the situation and make the correct decision.

Summary: Staying Informed in Evolving Fraud Conditions

P2P scam schemes are constantly evolving, but basic protection principles remain unchanged. Awareness is your main weapon against modern scammers. Remember, each verification, additional clarification, and screenshot can save you from financial loss. Never rush, always verify independently, and do not succumb to psychological pressure. By following these simple rules and understanding common P2P scams, you will significantly increase the security of your crypto assets and trade with greater confidence.