Scammers don't innovate much in P2P — they recycle the same 7-8 patterns endlessly. Recognising each by its fingerprint is the single best defence against them.
1. Fake UPI receipt
Buyer sends you a Photoshopped UPI success screenshot but never actually transferred. They press for release of USDT 'because the money is showing in the screenshot'. Defence: verify the bank credit independently, never trust a screenshot.
2. Chargeback after release
Buyer pays via bank transfer, you release USDT, then 24-48 hours later their bank reverses the transfer claiming fraud. Defence: avoid receiving INR via bank channels with reversal risk; UPI is irreversible (almost) and IMPS is harder to chargeback than NEFT.
3. KYC phishing
Buyer messages you outside the platform: 'I need to verify your KYC to release.' They send a fake link that captures your exchange password or 2FA. Defence: never communicate or click links outside the official P2P chat.
4. Identity-mismatch scam (third-party)
Buyer pays from an account name different from their KYC. Looks fine for the trade but creates legal exposure for you — third-party payments are violations and can be reversed. Defence: verify name match before releasing.
5. Reverse-trade pressure
After a successful trade, the counterparty messages: 'Sorry I sent ₹10k extra by mistake, please refund.' They send a fake reversal screenshot or pressure you. Defence: never refund based on chat claims; verify with your bank.
6. SIM/OTP scam
Scammers attempt to socially engineer you into reading out an OTP — 'verify the receipt of payment'. They use that to drain your wallet or access your bank. Defence: never read out OTPs to anyone, regardless of context.
7. Fake exchange clone
A buyer references a 'Binance' link that's actually binance-secure-india.com. They want you to log in via that. Defence: only access exchanges via bookmarked URLs or the official mobile app.
Frequently asked
- What's the most common scam right now?
- Fake UPI receipts are still #1 by volume. KYC phishing has been growing. Both rely on time pressure to bypass verification.
Key takeaways
- Time pressure is the common ingredient — slow down whenever the counterparty rushes you.
- Always verify INR credit in your bank, not in a screenshot.
- Never communicate or click links outside the platform's chat.
- Never read OTPs to anyone, ever.
- Document everything; documented disputes resolve in your favour.
