Cryptocurrency scams have existed as long as the crypto market itself. Cybercriminals continue refining their tactics, exploiting the growing popularity of peer-to-peer (P2P) trading—where buyers and sellers transact directly without intermediaries. At OKX, we prioritize user security through escrow services that hold crypto assets until payment confirmation. Below, we outline common P2P scams and actionable strategies to safeguard your investments.
Proactive Measures to Prevent P2P Crypto Scams
Follow these essential security practices to minimize risks:
- Double-Check All Transactions: Verify receipt of both crypto in your OKX account and local currency in your bank account before approving any transfer. Never rely solely on transaction receipts, which can be falsified.
- Identity Verification: Ensure the payer’s account details match their OKX profile. Opt for verified merchants who complete enhanced identity checks for added security.
- Report Suspicious Activity Immediately: Contact OKX customer support if you suspect fraud or face unresolved disputes.
- Keep Communications On-Platform: Avoid external messaging apps (e.g., Telegram, WhatsApp). Conversations within OKX provide verifiable evidence for dispute resolution.
- Resist Pressure Tactics: Scammers may use threats or urgency. Document all interactions with screenshots.
- Never Transact Outside OKX: Off-platform deals bypass escrow protections. Always complete trades via OKX’s secured system.
- Beware of QR Codes/Verification Requests: Legitimate support will never ask for these. Unauthorized access often starts with such scams.
👉 Learn more about secure P2P trading
Most Common P2P Crypto Scams and Countermeasures
1. Fake Payment Receipts
Scam: Fraudsters send doctored bank receipts claiming payment was sent via escrow, pressuring victims to release crypto.
Prevention:
- Cross-check your bank account for deposits before releasing assets.
- Ignore aggressive demands—legitimate transactions don’t require haste.
2. Impersonation Scams
Scam: Posing as OKX staff, celebrities, or government officials, criminals demand crypto under false pretenses (e.g., "account freezing").
Prevention:
- OKX will never threaten asset freezes or ask for crypto releases.
- Verify emails sent from official domains and enable anti-phishing codes.
3. Social Engineering
Scam: Fake claims about "account issues" trick users into canceling orders after funds are sent.
Prevention:
- Never cancel a P2P order post-payment.
- Collect evidence (screenshots) to dispute manipulated transactions.
4. Chargeback Fraud
Scam: Exploiting reversible payment methods (e.g., PayPal), scammers cancel payments after receiving crypto.
Prevention:
- Avoid chargeback-enabled platforms.
- Confirm funds in your bank/crypto wallet before approving transfers.
5. In-Person/Cash Transactions
Scam: Offline trades risk counterfeit cash or no crypto delivery.
Prevention:
- Meet in public places, verify cash legitimacy, and bring a trusted companion.
6. Account Takeovers
Scam: Fraudsters steal login credentials via fake support requests or malicious QR codes.
Prevention:
- Communicate only via OKX’s platform.
- Never share verification codes or scan unverified QR codes.
👉 Explore advanced security tips
FAQs
Q: How does OKX protect P2P traders?
A: Escrow holds crypto until sellers confirm payment. Verified merchants undergo stricter identity checks.
Q: What if I’ve already been scammed?
A: Report immediately to OKX support with transaction details and evidence (screenshots, chat logs).
Q: Are cash trades riskier?
A: Yes—offline transactions lack platform safeguards. Use OKX’s secured system whenever possible.
Q: How can I spot impersonation attempts?
A: Official OKX emails use our domain. Enable anti-phishing codes in account settings.
Q: Why avoid third-party messaging apps?
A: Off-platform chats aren’t monitored, making disputes harder to resolve.
Q: Can chargebacks be reversed?
A: Rarely. Stick to irreversible payment methods (e.g., bank transfers).