One guy who seem to be legit defrauded another Nairalander and deactivated his account shortly.

Where do we go from here Seun? How do we prevent frauds especially in this currency exchange thread? How do we regain the confidence of a few who really need to exchange their currency without getting scammed?

MiseryHimself:
One guy who seem to be legit defrauded another Nairalander and deactivated his account shortly.

Where do we go from here Seun? How do we prevent frauds especially in this currency exchange thread? How do we regain the confidence of a few who really need to exchange their currency without getting scammed?

the only way to combat this is if the owner collect let's say 300,000 naira from each exchanger that wishes to do business and deposit same amount into a dedicated bank account. that way if the exchanger fails to fulfill his part of the bargain the customer will be refunded from the deposited amount. another way to fight this is for the owner of nairaland to establish his own escrow services to make sure that funds are not stolen by exchangers.

That's d more reason why you should always use an escrow when transacting.

SUPERPACK:
the only way to combat this is if the owner collect let's say 300,000 naira from each exchanger that wishes to do business and deposit same amount into a dedicated bank account. that way if the exchanger fails to fulfill his part of the bargain the customer will be refunded from the deposited amount. another way to fight this is for the owner of nairaland to establish his own escrow services to make sure that funds are not stolen by exchangers.

I think the latter makes sense as it's the only effective way to combat fraud. Even if the escrow is NOT the buyer or seller, lol, the escrow guy may end up bailing with the money.

Seun, come and restore decorum on your site. People, reputable NL handles with good reps have began running amock again and are swindling people of their hard earned funds.

BlackAlbinoo:
That's d more reason why you should always use an escrow when transacting.

Bro, the escrow you're talking about is another Nairalander who comes from God knows where. Talking about the escrow: Have you seen him? Is his reputation enough to keep him from committing fraud? If he bails, where would you find him? If he's the buyer or seller hiding under a different name, would you know? Due to the nature of the web, I'd say it's all blind faith bro.

Seun needs to setup escrow services on this platform, maybe a separate section, not another nairalander.