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The popularity of P2P network paradigm due to the inadequacy of the traditional client-server model to handle increasing exchange of resources amongst millions of users worldwide comes with lots of challenges. One of these challenges is the problem of free riding. Free riding has been identified as a threat to the existence of P2P networks, as it degrades utilization and network performance. The ability to properly understand free riding is vital and critical in order to develop effective countermeasures. In this paper, we examine and discuss the problem of free riders in P2P networks, review the state of the art approaches to combating them and the challenges facing them.