What if the bank transaction becomes fraudulent?


#1

Hi guys, I’m planning to sell a bit of btc here and try this platform out, my only question is what if a buyer will send me a fraudulent bank transaction ? Say if its e-transfer that buyer will send out to me, I’ll receive an email confirmation and make a deposit to my bank account right away and certainly will release my btc, few days after you get a call from a security department, basically saying the money were fraudulent and how would you deal with this then ? Knowing that this system is build on tor network, how can you avoid all the scammers? Has this ever happened to anybody here ? Thanks in advance.


#2

This is an issue you should review with your bank. Don’t do business with any legacy bank that allows for fraudulent payments. Certainly, don’t do business with any bank that would hold a victim liable for fraud perpetrated on their payment gateways.

Hold legacy banks accountable.


#3

Bisq is used since 2016 with more than 20.000 trades today.
afaik there has been less than half a dozen real scams.
So the past stats are quite good.

You can have a look at https://github.com/bisq-network/support/issues which compiles the usual issues.
Usual issues are at 99% technical problems (network timeout etc).

(This should not restrain users from doing all their due diligences when trading !)


#4

I’ve had this issue with localbitcons not so long ago. I sold some btc and received e-transfer in no time, obviously released my coins to the buyer, 4 days later I’ve received a call from the fraud department asking me questions if I know the person who send me this payments, etc… so basically now I lost my btc and obviously bank will not release the $, the investigation is still in process. I don’t see how my bank should be blamed for that, and from my understanding me as a seller cannot be protected from similar fraud like this or scammers who could in most cases get their money back by chargebacking my account.


#5

Why do you say your legacy bank should NOT be blamed for claw-backs and reversals that occur on their network? Who is liable in this case?


#6

I guess best you could do when dealing with risky payment methods is to withdraw your funds after receiving them to somewhere safe.

Then you can confirm the payment. I do understand the inconvenience of this, but I guess it is best you could do about it.


#7

Here is a doc which lists some potentially problematic banks when it comes to crytos: