Ways to Earn Bitcoin: The increase in P2P (peer-to-peer) payments

With more people using  P2P payments, it is first vital to know just exactly  how they work. These instant digital transfers  can make it secure and simple to send money to your family, friends, trusted professionals, and businesses without the need for the traditional wire transfer process with multiple steps. Like using a debit card,  it eliminates the need to have cash on hand by initiating a direct payment from an associated bank account even if there is no card. You can have money pulled from your bank account and sent to a different P2P account in real-time. However, transacting digitally can become an opportunity for fraudsters whenever you are not well-prepared. 

In the Philippines, people often use bank transfers, GCash, and Paymaya.

When the EGov Pay online facility was launched, government offices and agencies were equipped to receive payments for their service. According to the Bangko Sentral ng Pilipinas, “EGov Pay transactions exhibited a 688% rise in volume, from 162 to 1,277 as of June 2020.” In this same cited report, the use of payment schemes Instapay and PESONet surged at the turn of the community quarantine period. While this reflected greater trust from the general public in these and other innovations, scammers have also taken advantage of P2P platforms. This is why it is crucial for users to be educated on the threats that they may face in these digital transactions.

Common Threats People May Encounter in P2P Schemes

Confidence Schemes

Confidence schemes have been targeting P2P services preying on the people's wants, needs, and emotions to convince them to send cash to the scammer or disclose personal information willingly. Before paying, you should be sure that the person you are sending money to is trustworthy.

Smishing Scams

Vishing, smishing, and phishing schemes have the common goal of stealing people's passwords. The aim is to get the necessary information to  access your apps for peer-to-peer payment and financial reports. 

Account Takeovers

Phishing or smishing, hackers can access your account and immediately have funds transferred to an account of their choosing. Hackers change usernames and passwords to make it harder for anyone to file a report and regain the account.

Consumer Scams

Consumer scams happen whenever a product or service gets offered, but it never gets delivered after payment. Check if you are covered whenever the service doesn't get completed. It would be best to pay for an item from a reliable seller or once you receive the purchase or service to avoid the risk of spending money on an item you didn't receive. 

2-Step Authentication Thief

Fraudsters create fake text messages to look like alerts, notifications, or even contact by  bank representatives. They can ask for an account verification by having a code sent to your phone. The 2-factor authentication code arrives through your verified number and confirms that you are trying to access your account. Avoid giving this number to any person, as it can compromise your account, especially those with the need for one-time passwords

What do we need to know about fraud with P2P payments? 

For fraudsters, your personal information can be a gold mine.

Fraudsters can use details regarding your identity like the first name, last name, address, bank information, and government agency numbers like PhilHealth, SSS, and HDMF. They could then use this information for identity theft or accessing your accounts that will allow them to make purchases or conduct transactions in your name and using your money. 

Ways to have your data protected

Ensure to keep your personal information safe by limiting how much it gets shared with people. Whenever the website experiences a security breach, fraudsters can have access to that information.

Become vigilant on social media. Any fraudulent message may appear to come from sources that you can trust. However, many scammers would attempt to get your data. Also known as phishing, this is among the most significant Internet fraud issues that usually happens through phone, text message, or email. Make sure to be wary of any unknown or fake profiles.

Have your login information protected.

Avoid immediately pouncing on online deals.

Never believe every text message or email that you get.

Whenever you face unexpected situations, don't bring down your guard.

Never allow your banking details to be shared on social media.

Don't provide personal information regarding your identity.

Become cautious whenever you sell or buy things online

Be careful of developing relationships online.

How can you avoid becoming a fraud victim? Prevent P2P Scams with Binance’s 2-Step Verification

P2P platform engineers and innovators have put in a lot of  effort to keep people safe. These companies have invested so that their customers will be  kept  happy and safe. Even if you need to be wary, there are also measures easily and equally available for your protection.

Binance comes with the highly-recommended 2-factor authentication that protects your account from any cyberattack. Hackers frequently use bots with complex algorithms so they can access your account by "guessing" your password. It would be best to use both lower and upper case characters, including numbers, so it will become harder to guess. Adding another form of identification can make this attack more difficult. The second authentication level may include a passcode sent through mobile, phone confirmation, or a PIN.

Remain updated on any of the latest schemes,  pay attention to advice from trustworthy organizations, and stay wary so that you can avoid any of these pitfalls. Learn more on how you can protect your personal information in Binance at the Binance Academy.

 Earn now with Binance: Crypto without Fees

A prominent cryptocurrency exchange for Filipinos in terms of users and trading volume is Binance. With  a P2P (peer-to-peer) crypto s trading platform in PHP or Philippine Peso,

it is now  possible for Filipino Binance users to sell and buy ETH, BTC, BNB, USDT, EOS, and BUSD using local currency. Binance has a P2P platform that allows Filipinos to do this without any transaction fees. It also  enables the user to trade crypto in their preferred prices and payment modes. They can even have their crypto assets transferred to a Binance wallet at no additional cost.

Because of the platform's zero transaction fees, it offers an escrow service—which aims to ensure that all of the cryptos will go to the users' wallets. Binance has a P2P platform that lets users gain more access to various financial services, like spot, margin, lending, and futures trading of Binance.com.

Since its launch in October 2019, Binance's P2P platform has supported approximately 31 fiat currencies. It was also able to process trades of more than $1 billion. For their Global P2P Merchants Program, the company now actively searches for local merchants with reliable crypto and fiat access. Here, verified merchants enjoy a lot of benefits—exclusive support for customers, VIP discounts, ad transactions and postings, and security deposits without any fees.

Start learning about Binance P2P trading by downloading the Binance mobile app now.