4.1 Common P2P Crypto Scams in India

The fake payment screenshot scam is one of the most common threats in P2P trading. A buyer initiates a trade, then sends a fabricated screenshot of a payment confirmation without actually making the payment. The goal is to pressure the seller into releasing escrow based on the screenshot alone.

These screenshots can be convincingly realistic, mimicking the exact interface of banking apps and UPI platforms. Some scammers even use image editing tools to alter real transaction screenshots with different amounts or dates.

The defence is simple: never release escrow based on screenshots. Always verify payments directly in your bank account or UPI app. If the money is not reflected in your actual account, the payment has not been made.

In this scam, a buyer provides a fake or recycled UTR (Unique Transaction Reference) number as proof of payment. They may use a UTR from a previous legitimate transaction or simply fabricate one.

Scammers rely on the fact that some sellers check UTR numbers superficially without cross-referencing them with their actual bank statements. A matching UTR format can create a false sense of security.

To protect yourself, never rely on UTR numbers alone. Check your bank account for the actual credit. If a buyer provides a UTR but the funds have not arrived in your account, do not release escrow. Raise a dispute if the buyer insists the payment was made.

In a third-party payment scam, the buyer arranges for someone else to send the payment. The payment arrives in the seller's account, but from a name that does not match the buyer's KYC-verified identity on CryptoBazaar.

This is dangerous because the actual account holder (the third party) may later file a fraud complaint with their bank, claiming unauthorized transactions. This can result in the seller's bank account being frozen or the payment being reversed, even after the crypto has been released.

CryptoBazaar prohibits third-party payments. If you receive a payment from a name that does not match the buyer shown on the platform, do not release escrow. Raise a dispute immediately.

A chargeback scam occurs when a buyer makes a legitimate payment, receives the crypto, and then contacts their bank to reverse the payment. The buyer claims the transaction was unauthorized or fraudulent, and the bank reverses the funds from the seller's account.

This is particularly risky with certain payment methods that allow easy reversals. UPI transactions are generally final, but bank transfers through NEFT or RTGS can sometimes be disputed.

To minimize chargeback risk, prefer UPI payments which are harder to reverse. Keep all records of the trade including chat logs, payment confirmations, and the trade details from CryptoBazaar. If a chargeback is attempted, these records serve as evidence that the transaction was legitimate.

Some scammers create accounts impersonating well-known traders or CryptoBazaar staff. They may contact you through WhatsApp, Telegram, or other messaging platforms claiming to be from CryptoBazaar's support team.

These imposters may ask you to release escrow early, share your account credentials, or send crypto to a specific address outside the platform. They often create urgency by claiming your account will be suspended or your funds will be lost if you do not comply immediately.

CryptoBazaar will never ask you to release escrow outside the normal trade process. Official support communication happens only through the platform. Never share your account credentials, and never move trade communications off the platform.