How P2P Crypto Traders Lose Millions To Flash Funds Scams

How P2P Crypto Traders Lose Millions To Flash Funds Scams, Internet fraudsters will open a trade as buyer of cryptocurrency, from their unsuspecting victims on any crypto exchange platform such as Inflowbit, Binance, Kucoin, Paychatik and more, after they open trade to buy Bitcoin or USDT they will then pay their victim (seller of digital asset) which the victim will confirm receiving payment from the cyber criminal and releases the digital asset to the buyer (cyber criminal) that’s it,

What Happens After That?

whatever happens or issue with the payment and withdrawal that comes up next or afterwards is all on the victim to deal with, this has led many to huge loss all over the world making many of their victims to lose so much money in such wired advanced scam.

The following is result of Flash funds carried out with MT103 Payment Software;

The above screenshot shows a failed transaction, this occurs after the banking system flags the transaction (Flash funds payment), the transaction will be rejected leading to beneficiary having issue with bank and losing both funds and bank account.

2 Types of Flash Funds

There are many types of flash funds and they all vary from MT103 type to MT202 type ranging from different methods by wares, it all depends on what the scammer that is targeting anyone/whoever is using,

Types of Flash Funds Break Down

1. Local payment (NIP/INTER-BANK/NATIONAL): local payment is when you want to pay someone in South Africa and you are also living in South Africa then you want to pay the person (local bank transfer) in this case the flash funds will reflect instantly immediately after initiating it
2. Cross boarder payment: cross boarder payment is when you live for example in India 🇮🇳 or any other country in the world excluding North Korea and you want to pay someone in Australia (it can be tagged “swift payment”) In this case the flash funds payment will not reflect instantly because it is cross boarder payment and will take two to three (2-3) business days to arrive to beneficiary’s bank account and will hit the available balance.

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