How to protect yourself on P2P platforms

Protecting your funds and identity is as crucial as ever. Fraudsters are resourceful in finding ways to exploit your information. Read on to learn how to protect yourself when making peer-to-peer payments.

Peer-to-peer (P2P) platforms have revolutionised sending and receiving money. But convenience and speed often come at a cost: vulnerability to fraud and scams.  

As the digital landscape evolves, so do the tactics employed by fraudsters. It pays to know how to protect yourself from digital deception. 

Let's explore some essential tips to help you stay safe on peer-to-peer payment systems.

How to avoid P2P scams

Use secure and reliable platforms

• Use peer-to-peer payment platforms that focus on security. 
• Choose platforms that offer reliable dispute resolution mechanisms and strong customer support. Deriv P2P is an example of such a platform. 
• Research different platforms and read reviews before deciding which one to use. 

Enable two-factor authentication (2FA)

• Protect your account by enabling 2FA whenever possible. 
• 2FA requires a second verification step when logging in or making transactions. 
• This makes it harder for scammers to gain unauthorised access to your account.

Protect your personal information

• Never share sensitive personal or financial information. 
• This includes your ID number, credit card details, or login credentials. 
• Legitimate platforms will only ask for this information in secure channels.

Only deal with trusted individuals

• It's crucial to only deal with individuals you trust, especially for high-value payments. 
• Verify the recipient's identity. Ensure that you're comfortable with the payment before proceeding.
• On Deriv P2P, you can exchange with individuals with reliable ratings and stats.

Double-check user information

• Always double-check and verify the user information before initiating any payment. 
• Fraudsters may use similar names or email addresses to deceive you. 
• Take the time to confirm the details to ensure you're sending money to the right person.

Be wary of requests for advanced payments

• Be cautious if someone asks you to release funds before they pay you. 
• Scammers often try to convince users to send money upfront and disappear afterwards. 
• Always ensure you've received the payment before releasing funds.

Regularly monitor your account activity

• Frequently watch your account activity. This includes your P2P account, bank account, and anywhere else you have money going in and out.
• Review transaction details, payment history, and notifications for suspicious or unauthorised activities. 
• Report any concerns or suspicions immediately. On Deriv P2P, you can raise disputes via our reliable support team.

Take charge of your safety on P2P platforms

Staying vigilant and following these tips will go a long way in protecting yourself. As technology advances, so do the tactics of scammers. Always stay informed and aware to safeguard your finances.