Bybit warns against P2P trading scams

Rick Steves

“In the face of evolving cyber threats, our priority remains the security and trust of our community. Through education and proactive support, we aim to fortify our users against the perils of P2P fraud, ensuring a safe and seamless trading experience.”

Bybit

Bybit has launched an extensive anti-fraud education campaign designed to equip its users with essential knowledge and tools for safely navigating the peer-to-peer (P2P) trading environment.

The move aims to address increased complaints against the P2P platform, launched in 2022, which has become a fertile ground for scammers as P2P trading facilitates direct transactions between participants.

Fraudsters have crafted sophisticated techniques to breach trust and manipulate the escrow system, often masquerading as reputable entities such as Bybit to deceive individuals.

“We aim to fortify our users against the perils of P2P fraud”

The campaign, titled “Mastering P2P Trading Safety,” aims to shed light on the intricacies of P2P scams, the dangers of escrow transaction frauds, impersonation tactics, SMS scam indicators, and the risks associated with dubious cash deals. Bybit’s strategy to combat these threats involves a comprehensive approach to security:

  • Diligently checking transaction specifics and the identity of the other party involved.
  • Encouraging the use of Bybit’s proprietary communication tools for all dealings.
  • Alerting users to be cautious of pressure tactics that rush decision-making.
  • Offering support through its dedicated Customer Support team for guidance and to report dubious activities.
  • Advising users to maintain thorough records of all transactions and correspondences.

Established in 2018, Bybit serves over 20 million users and is ranked among the top three cryptocurrency exchanges by volume. It is renowned for providing a professional platform that features an ultra-fast matching engine, round-the-clock customer service, and support across multiple languages.

Ben Zhou, co-founder and CEO at Bybit, said: “In the face of evolving cyber threats, our priority remains the security and trust of our community. Through education and proactive support, we aim to fortify our users against the perils of P2P fraud, ensuring a safe and seamless trading experience.”

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