A new scam modus is operating on Binance P2P, a popular crypto exchange method in the country. The Binance scam involves using a fake name and a GCash mobile number.
What is the new Binance scam and how does it work?
In a P2P (peer-to-peer) transaction, there are always two people: the buyer and the seller.
In this scam, the seller decides to sell their crypto to a buyer, who will then buy the crypto in exchange for transferring an agreed amount of cash to the seller’s GCash account.
According to a Facebook user, the scam involves sending a fake transaction account indicating that the transfer was successful:
- The seller intends to sell their crypto to the buyer.
- The Buyer indicates that they already transferred money to the seller’s GCash account.
- Then the Seller is instructed by Binance to transfer the crypto to the buyer.
The problem is that the buyer actually sends a fake transfer confirmation message for the p2p order:
The photo above appears to be a GCash alert message indicating that a Mitch Perez transferred money to the seller’s Gcash account.
However, it was not really a Gcash automated message because the phone number of the sender can clearly be seen.
The Facebook user indicated that normally people would catch this bogus but if the person is not alert, they might not pay attention to the text message and proceed to release the crypto to the scammer.
“Kung ikaw naman lutang you won’t notice na it’s not the automated text from GCash itself,” he said. “And then if you don’t check on your GCash that there was really no transfer that happened and you released the assets (crypto), then I feel sorry for you.”
What the scammer did not know is that in Binance P2P, the real name of the buyer is clearly shown in the chat:
The Facebook user sent his regrets to the scammer saying that “Wrong timing po kayo at nagkakape ako.”
A previous article on BitPinas listed down tips when trading in Binance using P2P (or in any other P2P marketplaces.)
- Verify the person’s identity.
- Transact with reputable sellers.
- Always check the going exchange rate.
- Make the deal only inside Binance.
This article is published on BitPinas: Don’t Get Fooled by the Latest Binance Scam Using GCash
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.