Protect Yourself from P2P Scammers: A Guide to Identifying and Avoiding Fraud

As part of our ongoing #safety series, we’re here to help you recognize potential scams and safeguard your cryptocurrency transactions. P2P (peer-to-peer) trading offers great opportunities but also comes with its share of risks. In this article, we’ll walk you through a common scam scenario and how to protect yourself from falling victim to fraud.

The Scenario: A "Too-Good-To-Be-True" Offer

Imagine you're looking to sell some of your TON (or any cryptocurrency) on a P2P marketplace. You find an offer that seems like a golden opportunity — the buyer is offering a price 20% higher than the market rate! Sounds too good to pass up, right?

Before diving into the trade, you decide to check the price of TON on trusted platforms like CoinMarketCap or CoinGecko to confirm the current market value. Everything looks good, but here's where the red flags start.

You notice that the buyer has a low rating and very few completed trades. However, you decide to go ahead with the trade anyway, attracted by the promise of that higher-than-market price.

The Trade: Buyer Accepts Instantly and Claims to Have Sent Payment

The buyer immediately accepts the trade and messages you, saying, “Hey, I’ve sent the money!” You quickly check your banking app, but there’s no deposit in sight. Before you can figure out what's happening, a new message appears — an appeal has been opened for your order. Confused and unsure of what to do next, you continue the process.

Then, you receive a message from an account named "Wallet Support," asking you to confirm your recent transaction. They claim that you need to share some sensitive account details to receive the payment — things like your Telegram login code, password, and more.

The Danger: A Scam in Motion

Here’s the key point: Wallet Support will never contact you first. Legitimate support channels will only reach out when you initiate the contact. So if you're receiving unsolicited messages from “Wallet Support,” that's a clear sign of a scam.

Despite your instincts, you decide to share your details (a mistake that could prove costly). By doing this, you’ve just handed over access to your Telegram account. The scammers now have the ability to remotely log you out and lock you out of your account entirely.

How It Works: Scammers Use Your Telegram Details

Your Telegram account is linked to your phone number, and if your number is listed as a payment method, scammers can directly reach you through Telegram. Once they gain access to your account, they can exploit it to prevent you from regaining control.

This is a common scam where the fraudsters impersonate support staff, trick you into giving them sensitive information, and lock you out of your own account to continue the scam.

How to Protect Yourself: Key Safety Tips

Here are some critical steps you can take to protect yourself and avoid falling victim to similar scams:

• Block Suspicious Contacts: If someone contacts you first and claims to be "Wallet Support," block them immediately. Wallet Support will never initiate a conversation — we only communicate through official channels like @wallet_supportbot.

• Never Share Your Login Details: Be vigilant and never share your login credentials with anyone, no matter who they claim to be. Neither Telegram Support nor Wallet Support will ever ask for sensitive information like your password or Telegram code.

• Control Who Can Find You: To further protect yourself, consider setting your phone number privacy settings in Telegram to “Nobody.” You can do this by navigating to Telegram Settings → Privacy and Security → Phone Number → Who Can Find Me By My Number.

• Stay Informed: Educate yourself about common scams and how to spot them. Being aware of the signs can help you avoid falling into a trap.

Conclusion

P2P trading can be a rewarding way to buy and sell crypto, but it’s important to be aware of the risks involved. Scammers use clever tactics to steal your funds and personal information, so always be cautious and follow best practices to ensure your safety.

Remember, when in doubt, never share your private information, and only engage with verified support channels. If you're ever unsure about a transaction or a message, take a step back and verify the legitimacy before proceeding.

Investing in cryptocurrency carries inherent risks, and it's essential to remain vigilant at all times. Stay safe, and happy trading!

For more safety tips, check out our risk warning guide.