5 Common P2P Scams and How to Prevent Them

At El Dorado, we work every day to ensure your experience in our app is as safe as possible. We use various security mechanisms to help your transactions go through smoothly.

Bad actors can be anywhere, which is why we want to share the most common scams that occur in P2P markets and how to easily avoid them.

Before starting a transaction, keep this in mind:

• Look for a trader who is online, with a good reputation and several successful operations.
• Do not open suspicious emails from banks while trading.
• Always check with your bank to confirm the payment was received before marking as received.

1. Phishing

Phishing is a scam where attackers pose as an official entity—like your bank or wallet—to steal your personal information. The scammer sends you a message, usually via email, WhatsApp, or SMS, with a link that appears legitimate. Clicking the link can take you to a fake website that looks identical to the original but is designed to steal your login credentials, such as your username and password.

Once you enter your credentials, the scammers gain access to your account and can steal your money or make transactions without your consent.

How to avoid it?

• Verify the source: Before clicking on any link, make sure the message comes from an official channel. Check the email address or phone number that contacted you.
• Access manually: Don’t click unknown links. Instead, go directly to the official website or app of your bank or wallet to verify any action.
• Be cautious of urgency: Scammers often try to pressure you with urgent messages so you act quickly. Take your time to verify everything is legitimate.
• Contact support: If you have doubts about a message or link, reach out to El Dorado's support team, your bank, or your wallet to confirm its authenticity.

2. Triangulation

This scam involves an attacker using a third party in a transaction without their consent. Typically, the attacker places a buy or sell order on the P2P and uses someone else's data (without their knowledge) to complete the transaction. The third party unknowingly sends money for a product or service they never receive.

Once the attacker receives the funds, they withdraw the money and cut off communication with the victim, who is left without the promised product or service. The victim then tries to contact the buyer or seller with no success and may contact their bank or wallet to request a refund.

How to avoid it?

• Don’t trade with third-party accounts: Never complete transactions with someone who’s not directly involved in the trade.
• Verify the information: Make sure the El Dorado account name matches the payment receipt. If anything doesn’t match, do not proceed with the transaction.
• Return third-party payments: If you receive a payment from someone not involved in the transaction, refund it to the original account immediately.
• Contact support: If something feels off or there's any mismatch, contact El Dorado's support team immediately.

3. Fake Payment Receipts

This scam happens when a fraudster sends a fake payment receipt—like a bank transfer slip or wallet payment screenshot—trying to convince you the payment has been made. The goal is to make you release the USDT or product before confirming that the money has actually arrived in your account.

This is common when users are in a rush and don’t double-check if they’ve really received the payment.

How to avoid it?

• Always verify the payment: Before releasing any transaction, take a moment to confirm that the money is in your bank or wallet.
• Full confirmation: Don’t release funds until you’re 100% sure the payment has gone through.
• Take your time: Don’t let the urgency or pressure to complete the transaction quickly lead to mistakes.

What to do if you receive a fake receipt or don’t get paid?

If you’re a merchant and a buyer sends a fake receipt or marks the payment as done but the money hasn’t arrived, you can open a dispute so the El Dorado support team can investigate the case.

To resolve it:

1. Press "Dispute" to start the dispute process.
2. Then contact the support team within the app.
3. Select "I have a problem with the order" and specify the issue (e.g., "Fake payment receipt" or "Payment not received").
4. Confirm the order is under dispute and share the order ID.
5. If you don’t know where to find the ID, go back to the order chat.
6. Tap the username and scroll to the bottom of the screen to copy the order ID.
7. Return to the chat with the support team, paste the order ID, and an agent will contact you shortly to resolve the dispute.

Remember, disputes are a tool to protect both merchants and buyers in case of payment issues. El Dorado’s support team is committed to resolving these cases quickly and effectively.

4. Account Lockout

This attack occurs when a scammer tries to log into your account using your login details (such as your email or phone number) to lock you out. They usually try multiple times until your bank or wallet system blocks the account for security reasons.

Once your account is locked, the scammer marks the order as paid, but you can’t verify the payment. Then, they pressure you to release the funds, claiming it’s an “emergency” or urgent situation.

How to avoid it?

• Always verify before releasing: Make sure you’ve received the payment before releasing. You have up to 30 minutes to check and release the payment.
• Open a dispute if needed: If you can’t verify the payment within the first 30 minutes, open a dispute with El Dorado’s support and explain the situation.
• Don’t give in to pressure: Don’t release the payment unless you’re sure the funds have arrived.
• Unlock your account: Contact your bank or wallet to check if you’ve received the funds.

5. Payment Reversal

This scam occurs when a fraudster reports a transaction as fraudulent to their bank or wallet after the operation has been completed, trying to get their money refunded.

This usually happens hours or even days later, catching you off guard and creating complications when trying to prove the transaction was legitimate.

How to avoid it?

• Keep records: Maintain detailed records of all your P2P transactions, including dates, amounts, and payment details.
• Keep your info up to date: Make sure your banking or wallet info is always updated so you can back up your transactions if needed.
• Request a report: If this happens to you, ask our support team for a transaction report. It’ll help show that both parties agreed to the transaction via El Dorado P2P.

Scams are designed to make you slip up, so stay alert. Double-check every transaction detail, and don’t hesitate to contact support if anything seems suspicious.

For your peace of mind: We will never block or close your account for not releasing funds if you haven’t received the money. Scammers may try to scare and pressure you, claiming they’ll report you if you don’t release—but that’s just part of their scam attempt.

Our support team is available 24/7 to assist you and ensure your transactions remain secure.

We are committed to your safety!