6.4 Understanding Payment Verification
Why payment verification is the most critical step in P2P trading and how to do it properly.
§Why Verification Is Critical
Payment verification is the single most important step in the P2P trading process. The majority of successful scams on P2P platforms exploit failures in payment verification. A seller who consistently verifies payments properly is virtually immune to common P2P scams.
Verification means confirming that the correct amount of money has been credited to your actual bank account from the correct sender. No other form of evidence, including screenshots, SMS notifications, or verbal assurances, constitutes proper verification.
§How to Verify Properly
Open your banking application or log into your net banking portal. Check your account balance and recent transaction history. Look for a credit matching the exact trade amount.
Verify the sender's name in the transaction details. It must match the buyer's name as displayed on CryptoBazaar. If the name does not match, the payment may be from a third party.
Confirm that the transaction status is complete, not pending. Pending transactions can be cancelled or fail. Only a fully settled transaction should be considered verified.
For UPI payments, verification is typically instant. For IMPS, check within 5 to 10 minutes. For NEFT, allow up to 2 hours during business days.
§What Not to Trust
Do not trust payment screenshots sent by the buyer. These are easily fabricated using photo editing tools or mock payment apps.
Do not trust SMS notifications that appear to come from your bank. SMS messages can be spoofed to appear as if they come from your bank's short code.
Do not trust the buyer's verbal or written assurances that the payment has been made. The only verification that matters is the credit in your actual bank account.
Do not trust UTR numbers provided by the buyer as standalone proof. While UTR numbers are useful reference points, they must be cross-referenced with your actual bank statement.
STILL NEED HELP?
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