What to Do If You Have Been Scammed in a P2P Trade

It is general information, not legal advice.

Maybe the payment alert turned out to be fake after you had already released. Maybe you paid and the seller has gone silent while the clock runs down. Either way, the urge is to do something, anything, right now.

That urge is understandable, and it can make things worse. Being scammed is stressful, and it happens to careful people too. What you do in the first minutes matters more than anything that comes later, so it is worth doing it in the right order.

The first 30 minutes

1. Do not cancel the order if the trade is still open and you have not been paid. Cancelling can close off the very process that protects you.
2. Do not release the coins if you are still holding them, whatever the other person says in the chat.
3. Save evidence. Take screenshots of the chat, the order page, bank statements and the counterparty's profile. Do not delete anything.
4. Open an appeal or dispute on the platform straight away. It is often called an "appeal" and is usually found on the order page. Platforms can set time limits, so do it as early as you can.
5. Stop talking outside the platform. Do not send more money or codes to anyone.

Then call your bank

If money left your account, or money you received may be disputed, contact your bank by phone and then in writing. Give them the time, the amount and the account details involved, and ask what steps they need from you. Keep the reference number they give you.

Report it properly

Your first report goes to the platform, through the in-app appeal you have already opened. After that, report to the EFCC through its Eagle Eye app, where reports can be anonymous, or through efcc.gov.ng, and report to the police as well.

Use contact details from the official sites only. Never use a phone number or link that someone sent you after the scam, however helpful they seem.

The second scam that often follows

Within days of a loss, many people get messages from "recovery agents", "hackers who can reverse transfers" or "lawyers" who want a fee first. Almost all of these are scams. A genuine process does not charge you upfront for a promise.

Once the dust settles

When the urgent part is done, close the doors behind you. Change the passwords for your email and your exchange account, and check which devices are logged in to each.

Then look back at what happened. It is not about blame. Most P2P scams follow a few well-known patterns, and P2P Scams in Nigeria will probably show you which trick was used, so you can recognise it next time.

If your bank has restricted your account since the trade, that is a separate problem with its own steps. Why Your Bank Account Got Frozen After a Crypto Trade explains what usually causes it and what to do.