How To Identify Possible P2P Risk

Despite the risk of P2P, Cashlink has not recorded any. This is because Cashlink verifies all its partners and they go through series of tests before they are allowed to perform transactions on Cashlink. As a result of this, Cashlink has done 13.6m BUSD transactions and has not recorded any scams or hacks.

However, there are some risks that first-time users may fall into and these are a few of them to guide you on your Cashlink journey.

Scams

The malicious actor impersonates a genuine trader interested in buying or selling fiat and either post their own trade ad or respond to existing ads.

An alternative technique prevalent on centralized marketplaces is fraudulent customer support. In this case, the attacker impersonates the marketplace’s employee and contacts you, usually asking for private information or payment details.

Scams when depositing fiat on Cashlink:

  • The partner asks you to cancel the order after you have already paid: You should never cancel an order after you paid because the money will be released from the escrow service and sent to the partner’s wallet. Instead, you should mark as paid, start a dispute and attach proof of payment for the customer support.

Scams when withdrawing fiat on Bundle’s P2P:

  • Fiat Lockers: In this case, the partner asks you to confirm payment even though you haven’t received the money in your account. This type of scam is usually targeted at newcomers because they are easy targets due to their lack of knowledge of the ecosystem.

Hacks

Everything we do is digital, which means that digital attacks are becoming more common. However, the goal is always the same — your recovery seed, private information, or your funds.

How to protect yourself from hacks.

  • Trade only on secure devices. Don’t trade in internet cafes or on shared devices or public wifi. Install antivirus software and always upgrade to the latest.

Feel free to contact our customer support via our help centre on the app if you have any concerns.

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