To trade safely on the RedotPay P2P Marketplace, stay vigilant against common scams and take proactive steps to protect yourself. Below are the most frequent P2P scams and how to avoid them:
1.Payment Proof Scam
Scammers may send falsified payment screenshots, claiming they’ve completed the transaction to trick you into releasing digital currency. If you release funds before verifying receipt, you risk losing your money or cryptocurrency with little chance of recovery.
How to protect yourself from payment proof scams?
Always verify that funds have been received in your bank account or wallet before marking the transaction as complete. Do not rely on screenshots or unverified claims.
2.SMS Scam
Fraudsters may send text messages mimicking bank or wallet app notifications, falsely indicating that funds have been received from the counterparty.
How to protect yourself from SMS scams?
Always confirm you've received payment by logging into your bank account or wallet app. Do not trust SMS notifications alone, as they can be fabricated.
3.Refund Scam
Scammers may use reversible payment methods, like cheque, to request refunds after you’ve released digital currency. Payments from third-party accounts are often involved in these scams. If your counterparty wants to pay via a cheque deposit, this is likely a scam, as it is very easy to request a refund after paying with a cheque. If your counterparty pays by cheque, do not release funds and file a complaint immediately.
How to protect yourself from refund scams?
Verify that the buyer’s payment details match their RedotPay-verified name. Do not accept payments from third-party accounts. If you receive a payment via cheque or suspect a scam, do not release funds and immediately file a dispute.
4.Man-in-the-Middle Scam
Fraudsters posing as legitimate merchants may contact you via external platforms (e.g., Telegram, WhatsApp) and provide fake bank account details or P2P ad links. They may instruct you to share these details in the RedotPay P2P chat room, leading you to release funds to an unrelated buyer who unknowingly sends funds to the scammer’s account. Disputes filed in these cases are difficult to resolve, as the scam occurs outside the RedotPay platform.
How to protect yourself from middleman scams?
Do not respond to any transaction requests made outside of RedotPay P2P. Communicate with the counterparty through the RedotPay P2P chat room before or during the transaction. If a buyer asks if a third party can make the payment on their behalf, remind them that transferring funds from another person’s account violates P2P transaction policies. Additionally, confirm your counterparty’s bank account information directly with RedotPay P2P, and do not trust information from external contacts.