Penipuan (fraud) has existed for centuries, but cybercriminals today are becoming increasingly sophisticated—especially with the rising popularity of cryptocurrencies. Peer-to-peer (P2P) crypto scams are particularly common, where buyers and sellers transact directly without intermediaries.
At OKX, user security and privacy are our top priorities. Our escrow service safeguards P2P transactions by holding the buyer’s crypto until the seller confirms payment receipt.
To combat rising P2P fraud, we’ve outlined common scams and proactive security measures to protect your assets.
How Can I Avoid P2P Crypto Scams?
Preventing P2P crypto fraud requires vigilance and these security best practices:
Confirm Every P2P Transaction
- Always verify crypto deposits in your OKX account and fiat payments in your bank before authorizing a release.
- Avoid relying solely on transaction receipts—they can be forged.
Verify User Identity
- Ensure payment details match the user’s platform identity.
- Trade only with verified merchants who complete higher identity verification levels.
Use In-Platform Communication
- Avoid external messaging apps (Telegram, WhatsApp, etc.).
- Keep all discussions within OKX for dispute resolution.
Beware of Scare Tactics
- Scammers may pressure you with threats or urgency.
- Collect screenshots as evidence and exit suspicious transactions.
👉 Secure your trades with OKX’s P2P escrow
Common Types of P2P Crypto Scams
1. Fake Payment Receipts
Scammers send fabricated bank receipts "proving" payment, often using aggressive language to pressure victims into releasing crypto.
Prevention:
- Double-check bank/wallet balances before releasing assets.
- Ignore rushed demands—legitimate transactions allow verification time.
2. Impersonation Scams
Fraudsters pose as OKX support, celebrities, or government officials to trick victims into surrendering crypto.
Prevention:
- OKX will never threaten asset freezes or demand immediate crypto releases.
- Verify emails via official domains and enable anti-phishing codes.
👉 Learn how to spot phishing attempts
3. Social Engineering
Scammers manipulate victims into canceling transactions or sharing sensitive data under false pretenses (e.g., "account verification issues").
Prevention:
- Never cancel a P2P order after sending payment.
- Report suspicious requests via OKX’s official support channels.
4. Chargeback Fraud
Fraudsters exploit reversible payment platforms (e.g., PayPal) to cancel payments after receiving crypto.
Prevention:
- Avoid chargeback-enabled payment methods.
- Trade with verified merchants only.
5. In-Person Cash Scams
Offline trades risk counterfeit cash or no-crypto releases with no platform recourse.
Prevention:
- Meet in secure public locations.
- Verify cash legitimacy before releasing crypto.
6. Account Takeover Scams
Scammers steal login credentials via:
- Fake "support agents" requesting QR scans/verification codes.
- Phony videos claiming transaction issues.
Prevention:
- Never share verification codes or scan unverified QR codes.
- Use only OKX’s in-platform chat for support.
FAQs
Q: Can OKX reverse a completed P2P transaction?
A: No—once crypto is released, transactions are irreversible. Always confirm payment first.
Q: How do I report a P2P scam on OKX?
A: Contact support immediately via the platform with transaction details and evidence.
Q: Are verified merchants safer?
A: Yes—they undergo strict identity checks, reducing fraud risks.
Q: Why avoid external communication apps?
A: OKX cannot protect or verify off-platform discussions, increasing scam risks.
Stay vigilant and prioritize security to trade safely in the P2P crypto marketplace. For more fraud prevention tips, explore OKX’s security resources.