I come from other person-to-person exchange where there is a lot of scammers.
I am really surprised that there is no comment at all in this website about that while at the same time there no identity check for the clients!
1.- How do you know the buyer is not paying you via a third-party?
2.- How do you identify the buyers? it is important for money laundry problems
Bisq is currently a prime example of how you don’t need to identify users to provide good security.
Best we can do here is do two things. First is that Bisq requires that the sender provides the name of the account that will be sending money in Bisq, this makes it harder for a buyer as he needs to know this information from that third party. Secondly account age witness provides trade limits for new accounts. Buyer would have to wait a month to double his limit and two months to double it again. This waiting period exposes higher risk for the buyer to get caught if he is doing something illegal.
Bisq doesn’t identify buyers. I am not sure to which problems you are referring to, but Bisq has generally small trade limits that makes it undesirable for most criminals. Currently traders experienced no issues with any money laundering problems.
Alexej996 , thanks a lot for the reply!
I meant like this: If a criminal makes my buyer to pay me in exchange of , in example , a videocamera, and the criminal takes my name and account, then I will receive a payment from someone and will release the coins but… after some days/weeks police will take my money back as I will be involved in a fraud crime, so the buyer takes back the money and the criminal the crypto.
Without any Identity check I cannot know avoid this scam.
Edited title to not let people think there is a scam…
I assume you refer to the triangular scam. In Bisq you need to know in advance the account details of the seller as well the “reason for payment” must match the trade ID.
It is very difficult for a scammer to know in advance the victims bank account details and convince the victim to use the trade ID as “reason for payment”. We had luckily never such a scam.
Join our todays Q&A regarding the account age witness feature, another new feature for adding more security against chargeback scammers.
youtube.com/watch?v=sARUpDlV3s8 at 20:00 CET (14:00 EST)
No problem on editing Title
ManfredKarrer, congrats for the nice platform indeed !!!
Last time i suffered the triangular scam, the buyer of a supposed camera really wrote as payment concept an alfa-numeric combination which was a code that should made no sense , as the criminal told the buyer to write so.
But would he be able to provide that to the victim before he takes the offer. The trade ID need to match otherwise the seller has to open a dispute. Also would have been able to know the victims payment details (IBAN,…)? I doubt that is easy to get for a scammer. The seller also need to open a dispute if the senders data at his bank statement do not match the one he gets shown in Bisq.
You mention a good point.
That you actually need to put your own banking details in to be able to buy BTC.
I didn’t understand the reason at first but then it made total sense.
Good job coming up with that idea!
Maybe it’s more work, but it’s pretty easy.
First, most people don’t think giving their IBAN is dangerous, so they will give it if asked. "what’s the worse he can do? transfer money to me?"
Second, the scammer posing as a seller can say the same as Bisq: “Can i please have your IBAN so i can check I am receiving the transfer from the right person?”
sure, maybe it’s small amounts, but i’ve had trouble with phishers for less.
@alexej996 time and growth will tell if this measure is effective enough.
P.S.: i didn’t mean to sound harsh on reddit, sorry. This is still my main concern with using Bisq regularly.
He need to have the bank details 2 months before to enjoy the full limit, otherwise he is limited to 0.0625 btc in the first month and 0.125 in the second.
Goal is to keep pro-scammers out. We can never protect 100% against all sort of scams but if scam rate stays as low as it is atm (1 chargeback scam with 300 usd in 2 years and > 7000 trades) the goal is reached.
That’s true. No system is safe but as soon as those people are able to get more money using a different type of scam and more easily, they’ll definitely do that instead.
It’s like with bike locks: You can break them all. But if you’re at the train station and see the exact same bike twice, one with a good lock and one with a cheap lock, the thief will always break the cheap lock first and take that bike.
That number is pretty good! Is there any info on how much money was traded on Bisq in total?
You see the total btc volume in market/trades.
Something I realized is that fixing a forced amount ( I.e. 0.0625 ) will avois the triangular scam as they would need to know the IBAN in advance ( well, this part is easy ) and… convince the other person to pay the amount they say ( 423.34 Euro ) which will be hard.
Yes good point. Some users requested the feature to set the Fiat amount fixed for % based price but as it is now to only have the BTC amount defined we get another scam protection for free ;-). Sometimes bugs are features ;-).
Oh… yes of course! Dont “FIX” that bug Make it an option and document pro/con if it ever does get implemented.