P2P trading carries inherent risk. While RedotPay P2P includes safeguards to help reduce risk, users should remain vigilant against scams and fraudulent activity. Always verify payments carefully and communicate only through the RedotPay P2P Marketplace.
Below are some common P2P scams and tips on how to avoid them.
1. Fake Payment Proof Scam
Scammers may send fake payment screenshots or false payment confirmations to trick you into releasing cryptocurrency before the payment is actually received.
How to Protect Yourself
Always verify that the payment has been received in your bank account or wallet before releasing cryptocurrency.
Do not rely on screenshots or verbal confirmations alone.
2. Fake SMS or Payment Notification Scam
Scammers may send fake SMS messages or payment notifications that appear to come from a bank or wallet provider, falsely claiming that payment has been received.
How to Protect Yourself
Always confirm the payment directly through your bank account or wallet app.
Do not rely solely on SMS notifications, as they can be falsified.
3. Refund Scam
Scammers may use reversible payment methods, such as cheques, and request a refund after you have already released cryptocurrency. These scams may also involve payments made from third-party accounts.
If a buyer asks to pay by cheque deposit, this may be a scam because cheque payments can be reversed or disputed after the transaction is completed.
How to Protect Yourself
Verify that the payer’s name matches the name verified on RedotPay.
Do not accept payments from third-party accounts.
Do not release cryptocurrency if you receive payment via cheque or suspect fraudulent activity.
File a dispute immediately if you believe the transaction may be a scam.
4. Man-in-the-Middle Scam
Scammers pretending to be legitimate merchants may contact you through external platforms such as Telegram or WhatsApp. They may provide fake payment details or fraudulent P2P ad links and ask you to continue the transaction outside the RedotPay P2P platform.
In some cases, scammers may trick buyers into sending payments to unrelated third-party accounts, making disputes difficult to resolve because the transaction occurred outside the platform.
How to Protect Yourself
Only communicate and complete transactions through the RedotPay P2P marketplace.
Do not follow payment instructions shared through external apps or social media.
Confirm payment account details directly within the in-app chat.
If a buyer asks to use another person’s account for payment, remind them that third-party payments are not supported on RedotPay P2P.
Important Reminders
Never release cryptocurrency before confirming receipt of payment.
Do not share personal information with unknown users.
Avoid conducting transactions outside RedotPay P2P.
File a dispute immediately if you suspect fraudulent activity.