Scammers are perpetually devising new ways to exploit unsuspecting users. A recent investigation has revealed a particularly insidious scam targeting users on the Binance platform through P2P transactions. This clandestine method allows scammers to operate discreetly, luring victims into a web of deceit. But how do they execute their schemes?

The first step in their nefarious plan involves the scammer assuming the role of either the maker or buyer, strategically posting enticing ads on Binance's P2P platform. Their next move is to wait for an unwitting victim, the taker or seller, to take the bait and place an order. The seemingly routine P2P chat then takes a dark turn as the scammer shares a WhatsApp number.

On WhatsApp, the scammer employs deceptive tactics to extract sensitive information from the victim, including their Binance email and bank details. Armed with this ill-gotten information, the scammer proceeds to the next phase: sending a fake Binance email. This email manipulates the victim into falling for an Escrow scam, convincing them to initiate a fund withdrawal to a specified, often counterfeit, Binance address.

The victim, unaware of the impending danger, unwittingly proceeds with the withdrawal, sending funds directly into the scammer's hands. But the treachery doesn't end there. The scammer, now armed with additional information, initiates a secondary scam, leading to even more significant losses if the victim becomes ensnared.

It's crucial to dispel any notion that scams are remote occurrences. Scammers are becoming increasingly cunning and clever in their methods. Staying vigilant and informed is the best defence against falling victim to their ploys.

Some scammers have also gone a step further, masquerading as buyers in P2P transactions and posing as representatives of Binance. Their deceptive narrative involves claiming that banks have rejected payments, coercing users to withdraw crypto to a fabricated Binance official address. This, too, is a scam.

Remember, in a legitimate P2P chat, there should only be you and the counterparty involved in the transaction. If the counterparty attempts to entice you into transferring or withdrawing crypto, exercise extreme caution—it likely signifies a scam.