Main topics of the post:
Learn how to protect your confidential information and stay safe online by identifying and avoiding fake email scams.
Make sure to always check the authenticity of the sender of an email, stay up to date with security measures, and never release any cryptocurrency without confirming fiat payments.
Without a doubt we live in a digital age. We are all embracing technology in its new and exciting forms, but unfortunately it is accompanied by scammers and bad actors. Among the most common scams you will encounter is the fake email scam, a type of phishing attempt.
These emails are designed to trick users into releasing cryptocurrencies before receiving any payments into their bank accounts.
Scammers have become more sophisticated in their methods, making it more difficult for people to identify and avoid these scams. However, with this article you will learn exactly how to identify and avoid fake email scams and keep your personal information safe online.
How fake P2P email scams work
Fake P2P email scams trick users into believing they can release their assets to the P2P counterpart. For example, the buyer may claim that their fiat payment is in the custody of Binance. Then, the scammer asks the seller to check their email for a message that supposedly supports their claim. However, this email is fake.
As soon as the seller releases the cryptocurrency, the scammer takes the crypto and keeps your funds (since he never made the payment). When the seller releases the cryptocurrency, it is difficult to get it back because he has already confirmed receipt of the fiat currency.
Our example above is just one of the common methods used for P2P email scams. Being aware of the different types of fake emails that exist will help improve your security.
Four common fake email scams and how to spot them
Release of cryptocurrencies
The scammer will claim that your fiat funds are held in custody by Binance and will insist that you release your cryptocurrencies. They may even send a fake email confirming that your fiat currency is in a Binance escrow service along with threatening to block your account if you do not release the cryptocurrencies.
You can detect this attack by looking at:
Grammatical and spelling errors in the messages/emails you receive.
Suspicious sender addresses (e.g. @binancep2p.trade.com).
Requests to release cryptocurrency quickly.
Emails or messages informing you that the funds are in escrow and that you will receive the money after the cryptocurrency is released.
E-mails de phishing
These emails often include a call to action, encouraging users to click a link. However, this link will direct users to a fake website designed to imitate a legitimate website. Afterwards, users are pressured to enter their login credentials which are then stolen by the scammer.
You can detect this attack by looking at:
Grammatical and spelling errors in the messages/emails you receive.
Suspicious sender addresses (e.g. @gmail.com instead of the official @binance.com domain).
Links that seem harmless but lead to unexpected or fake websites.
Emails that do not include your anti-phishing code.
Late payment
You receive an email informing you that due to a network issue, your transfer will be delayed. However, you are guaranteed that you will receive payment within 48 hours. At this point, the buyer pressures you to release the cryptocurrency, however, the payment is not late, it simply has not been made.
You can detect this attack by looking at:
Grammatical and spelling errors in the messages/emails you receive.
Suspicious sender addresses (e.g. @binancep2p.trade.com).
Requests to release cryptocurrency quickly.
Buyer warnings about network congestion or other potential delays.
Tech support or customer service scams
Scammers claim to be Binance technical support agents, informing users of issues with their devices and offering assistance. However, the process often involves granting the scammer remote access or providing confidential information that can be misused.
You can detect this attack by looking at:
Unsolicited technical support offers.
Remote access requests to your device.
Support payment requests with unusual payment methods.
Scams with attachments
Fake emails can often contain malicious attachments such as PDFs or word processing files that can infect your device with malware or viruses when opened.
You can detect this attack by looking at:
Unexpected or unsolicited attachments.
File names that are inconsistent or unrelated to the email content.
Suspicious or harmful file extensions (e.g. .exe, .js, .vbs).
Tips to protect yourself against fake email scams
Look for the warning signs mentioned above and trust your instincts!
Always check the email sender address and the authenticity of every website you visit.
If you are unsure about an email, contact Binance Customer Support or see our guide on How to identify phishing emails.
Do not provide confidential information via email or enter it on unknown websites.
Keep your devices and security software up to date to protect yourself against the latest scams and malware.
As a P2P seller, do not release any cryptocurrency if you have not verified that you have already received fiat currency. You can open an appeal if you have any problems with payment.
Please remember that Binance P2P does not process fiat payments and does not maintain custody of fiat currencies.
Activate the anti-phishing code feature on your Binance account.
Protect yourself by learning about scams
Fake email scams can be quite convincing, but by learning about their techniques you can protect yourself and your assets more efficiently. Remember to stay alert and always think twice before taking any action requested by a suspicious email or person! And don't hesitate to contact Binance if you have any questions.
Remember: prevention is better than cure!
Get started with Binance P2P
Ready to start trading on Binance P2P? Register a new Binance account or download the Binance app. Once you complete your identity verification, you can start buying and selling cryptocurrencies on the Binance P2P marketplace.
Further reading:
Introduction to Peer-to-Peer Trading: what is P2P Trading and how does a Local Bitcoin Broker work?
How to report P2P scams on the Binance app
How to block a user on Binance P2P
Disclaimer: Your use of the Binance P2P Services and all information and other content (including third party content) included in or accessible from the Binance P2P Services is at your sole risk. Our only responsibility is to handle cryptocurrency transactions. All payments are final upon completion unless otherwise required by law. The Binance P2P platform does not own the rights nor has the obligation to resolve any disputes arising from a completed payment. Neither the Binance P2P platform nor merchants will be responsible for any loss on a completed payment.