SOME COMMON P2P SMS SCAMS YOU MUST KNOW TO STAY SAFU

If you are a P2P user that doesn’t wish to be scammed then read this list to the end to understand some common P2P SMS scam and what to do about each of them:

1. FAKE BANK PAYMENT CONFIRMATION

Scammers often impersonate your bank, confirming that you receive the payment in your bank account. The same amount the crypto buyer is supposed to transfer to your account.

WHAT TO DO ABOUT IT

The key to remember here is to only transfer crypto to buyers once you have confirmed receipt of payment in your bank account. Do not trust SMS notifications.

2. MESSAGING SCAMS THROUGH TEXT AND WHATSAPP

It's been widely reported among Binance users that they receive fraudulent text messages claiming to be from Binance staff. The message asserts that their account is compromised, and a supposed Binance representative (carrying a counterfeit employee ID) will reach out via WhatsApp to help.

In reality, it's the same scammer on WhatsApp, convincing users to transfer their crypto assets to a so-called secure Binance-approved account. This scam leads to users losing their funds as they are blocked on WhatsApp and the scammer becomes unreachable.

WHAT TO DO ABOUT THIS

Any texts claiming to be from Binance staff should be ignored. Numbers should be promptly blocked and reported to Binance security. Under no circumstances will Binance request account details via text, WhatsApp, email, or any other means.

3. DECEPTIVE URL (PHISHED) SCAMS

Phishing scams happen when scammers trick users into clicking a fraudulent link, often sent via email or text message. These links direct users to fake websites resembling Binance. Once users enter their login details, scammers acquire what they need to hijack these accounts. Also, they can manipulate the phone number.

WHAT TO DO ABOUT IT

Ensure to log in via the official Binance website only and utilize updated browsers. If not done already, enable 2-factor authentication. Binance also offers an anti-phishing code for added security.

I’ll quote this post with 3 more SMS scams…