Bybit prioritizes the security of user assets above all else. However, with the ever-evolving tactics of scammers, P2P traders must remain vigilant as the first line of defense against fraud. Understanding common scam techniques is crucial to avoid falling victim during peer-to-peer transactions.
Below are the top P2P cryptocurrency trading scams to watch out for.
1. Fake Receipts/Escrow Scam
Scammers may send fabricated payment proofs (e.g., doctored receipts, screenshots) to deceive traders. They might also claim funds are held in escrow, releasing crypto only after you transfer assets.
Prevention Tips:
- Always verify wallet/bank balances before releasing crypto.
- Ignore pressure tactics—report suspicious behavior immediately.
👉 Learn how Bybit ensures secure P2P trading
2. Impersonation Scams
Fraudsters pose as Bybit support via private messages, demanding urgent crypto releases to "unfreeze" assets. They often extract contact details from P2P chats and send phishing emails mimicking official communications.
Prevention Tips:
- Bybit never emails P2P instructions—only release crypto after receiving payment.
- Verify profiles: Official Bybit messages have orange chat bubbles and a headset icon.
| Feature | Bybit Support | Trader Messages |
|-----------------|--------------------|--------------------|
| Profile Icon | Headset + blue tick | Initial character |
| Chat Color | Orange | Light peach |
3. Triangle Scams
Two fraudsters target one seller simultaneously, manipulating trust to extract double payments.
Example:
- Scammer A orders 2,000 USDT; Scammer B orders 3,000 USDT.
- Scammer B pays 2,000 USDT, then pressures the seller to release both orders.
Prevention Tips:
- Reject third-party payments—match payer names to Bybit profiles.
4. Man-in-the-Middle (MitM) Scams
Scammers lure victims off-platform (e.g., Telegram) with "better rates," then disappear after payment.
Prevention Tips:
- Communicate only within Bybit P2P chats.
5. Chargeback/Check Scams
Fraudsters exploit reversible payment methods (e.g., checks) to cancel transactions post-crypto release.
Prevention Tips:
- Avoid checks or high-risk third-party payments.
6. Post-Payment Cancellation Scams
Scammers fake "technical issues" to cancel completed orders.
Prevention Tips:
- Never cancel paid orders—contact support instead.
7. SMS Spoofing
Fake bank/wallet notifications trick users into releasing crypto prematurely.
Prevention Tips:
- Confirm payments directly via bank apps, not SMS.
8. Offline Cash Scams
Cash transactions carry high risks (e.g., counterfeit money). Bybit cannot mediate without digital trails.
Prevention Tips:
- Document all trades and insist on platform-based communication.
FAQs
Q: How does Bybit protect P2P users?
A: Bybit enforces KYC, escrow services, and 24/7 fraud monitoring.
Q: What if I sent crypto but didn’t receive payment?
A: Report immediately via Bybit’s dispute channel with transaction proof.
Q: Are third-party payments ever safe?
A: No—always transact directly with verified Bybit partners.
👉 Explore Bybit’s anti-scam resources
Final Advice: Stay alert, verify every transaction, and leverage Bybit’s security tools to trade safely.