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Fraud in P2P

How can I report fraud?

You can always contact Fasset Customer Support to file a report. There is also a dispute escalation system available in the Fasset P2P platform on our mobile app.

What are common fraud attempts I should look out for when trading P2P?

Here are some common fraud attempts that occur in any digital asset P2P trading platform:

Placing multiple similar orders to try and confuse merchants

A scammer may place consecutive orders of identical amounts over a short period of time. They may use multiple accounts to do so in order to overwhelm their victims into releasing digital assets.

They may then claim to have paid for one of the many orders to confuse you into releasing an amount of digital asset they actually haven't paid for.

This is why you must check order details carefully and the transaction history of anyone you trade with. You must also make sure the name on the person's payment account matches their stated name on the platform.

Claiming transfer errors and/or delays

A scammer may pretend they have transferred you the necessary funds. They may then tell you there is a delay or error within the transfer process, but insist that you release your digital assets regardless.

This is why you must always make sure you have received the promised funds before releasing your digital assets.

Fake receipt fraud

A scammer may send you a fake receipt after placing an order. If you verify said receipts, you will then have to release the digital assets, despite you not actually receiving the promised funds yet.

Another example is when two accounts place two similar orders at the same time. One account will send you a receipt of the actual payment while the other sends you just the receipt without actually sending you any of the funds. This kind of scheme is often done by one person using two different accounts and will make you release your digital assets while only receiving half of what you expect in payments.

In order to avoid fraud, you must always check your own account in order to confirm that you have indeed received the promised funds. Avoid trusting too much in receipts as being the sole proof of payment.