Re: Are chances of fraud very high on Binance P2P transactions ?
I have heard that some scammers are making fake accounts on Binance for P2P and using hacked bank accounts for transfer. If we deal with them for P2P deals, our bank accounts can also get feezed. Have you ever faced this problem on Binance ? How can we reduce the chances of getting affected by this ?
Hacked bank accounts ? How ? If anyone has hacked a bank account, he would rather withdraw the money rather than spending it slowly to pay for the P2P deals. Wouldn't the original owner get notified that a transaction is made from his bank account without his knowledge
Anyways. in case this happen in some part of the world, it is better to deal with verified merchants. You may find non-verified merchants rates a bit more attractive, but it is not worth taking the risk.
One more thing which i personally follow is that do not make a single big P2P deal. If you want to have a transaction of 1000 dollars (example) better do it in parts so that your capital is less exposed to risk in case any mishap happens.