P2P SECURITY ALERT: AVOIDING THE "IBAN UNDER YOUR NAME" SCAM
A concerning new P2P scam tactic is circulating that traders need to be aware of. This method relies on social engineering to bypass standard verification protocols.
The scam involves a seller claiming that after KYC, they will create an IBAN specifically "under your name" for the transaction. However, the IBAN provided is not actually your personal bank account. The victim is then instructed to:
Send funds to that specific IBAN.
Enter their own name as the receiver.
This creates a dangerous loophole. If the transaction is disputed, the victim possesses bank records showing a transfer to an account labeled with their name, but the underlying IBAN is not theirs. If the seller claims the funds were never received, the victim faces a significant challenge in proving the legitimacy of the transfer or recovering the assets.
Traders should maintain strict security practices to avoid this:
Only send money to your own verified bank account.
Only send money to the verified bank account of the P2P merchant as displayed on the official platform.
Disregard claims that unusual processes are "normal" or "standard procedure."
Cancel the order immediately if any part of the process feels suspicious.
Contact official exchange support if you are unsure about the legitimacy of an instruction.
Always verify details independently before initiating any transfer. Trust your instincts and prioritize safety over completing a trade.
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#P2PScamAwareness #P2PScam
A concerning new P2P scam tactic is circulating that traders need to be aware of. This method relies on social engineering to bypass standard verification protocols.
The scam involves a seller claiming that after KYC, they will create an IBAN specifically "under your name" for the transaction. However, the IBAN provided is not actually your personal bank account. The victim is then instructed to:
Send funds to that specific IBAN.
Enter their own name as the receiver.
This creates a dangerous loophole. If the transaction is disputed, the victim possesses bank records showing a transfer to an account labeled with their name, but the underlying IBAN is not theirs. If the seller claims the funds were never received, the victim faces a significant challenge in proving the legitimacy of the transfer or recovering the assets.
Traders should maintain strict security practices to avoid this:
Only send money to your own verified bank account.
Only send money to the verified bank account of the P2P merchant as displayed on the official platform.
Disregard claims that unusual processes are "normal" or "standard procedure."
Cancel the order immediately if any part of the process feels suspicious.
Contact official exchange support if you are unsure about the legitimacy of an instruction.
Always verify details independently before initiating any transfer. Trust your instincts and prioritize safety over completing a trade.
Would you like me to adjust the tone or length of this post to better suit your page's style?
#P2PScamAwareness #P2PScam