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Importance of ID Verification in trading.


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Just thought i should share my very own painful experience which has definitely made me learnt the hard way. Never thought i would ever get scammed by anyone since i always make it a point to check and ensure that the payments are credited into my bank account before releasing my coins to the purchaser. I was so wrong... This scam incident hit me 2 years ago, in early march 2016 when i was still actively trading in Localbitcoin.com. This trader who is known as Handler30 as shown in my screenshots is a professional scammer who cheats individuals from facebook to transfer funds to btc seller bank accounts as I was being told by the police officer in charge. Not sure how tho. Anyway he is still scot-free i think because the police couldnt trace him down. Here's how it goes...

Handler30, made a trade request with me in localbitcoin.com in March 2016. But before we can go thru any verification, he has marked paid in his request and i did receive the payment in my bank account as well. So i thought since he is prompt with his trade payment, i shouldnt be worrying about being scammed. So i made the wrong decision by skipping the verification procedure. He initiate to trade in private as to avoid localbitcoin transaction fees and also because he needs huge supply of btc. So i agreed to his request and downloaded Skype to trade with him in there instead. Every single day, he will request a trade of at least Sgd$3000 and above. And he will always send the funds over then inform me to release the coins to him... one week later, i tried to withdraw some funds out from my bank account only to know that it has been frozen by the authorities.  I frantically called up my bank to enquire about it and was being directed to an officer in charge.. in the end, all my funds, estimated about SGD$28k was confiscated by the authorities. Eventhough i was the victim as well, the officer concluded that i will only be compensated provided they are able to retrieve those btc back from the scammer. Lol! Well, obviously Its not gonna happen.. so case closed. 

Therefore i urge all of you to be very tactful and alert to whom you are trading with. Make sure you check their identity that should correspond to their bank account as well. Never accept those payments if the purchaser refuses to reveal their identity during trading.

Or else, You shall be the next Scammed Victim..😰

Good luck!





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Just now, StoneDragon said:

Good storie, bad for u, how did u even get idea to give ur bank to him, its internet and cmon never trust internet. Lets hope rest human kind learn something about ur post and thanks for warning.

I have stated down my bank details in the trading terms provided. Mistake for sure


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