Is it risky to do P2P?

Isn't it a bit risky to engage in peer-to-peer (P2P) transactions, especially when dealing with cryptocurrency? After all, there's no central authority overseeing these transactions, and the identity of the parties involved may not be fully verified. Could this potentially lead to scams, fraud, or even theft? And how can one ensure that their funds are secure when transacting with strangers online? Is there a way to mitigate the risks associated with P2P transactions?