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How To Protect Yourself From Chargeback Scams

A chargeback scam is a way for scammers to purchase bitcoin or cryptocurrencies(or other stuff online), pay for the purchase, and get their money back in the end.

This scam is mostly done using PayPal, as people can claim that a certain transaction wasn’t made by them, and there’s a good chance that PayPal will reverse that transaction.

  • How the scam works

-You plan on selling some bitcoin or cryptocurrencies to person X

-Person X sends you the money

-You receive the money, and you send over the coins

-Once person X receives the coins with ample transaction confirmations, person X then attempts a chargeback to get his/her money back

  • How to protect yourself

-Only trade with reputable people

-As much as possible, prevent from accepting PayPal for payments.