Binance SMS Scam: Spoofed Texts Target Crypto Users

Binance SMS Scam Targets Australian Crypto Users

Australian Federal Police (AFP) have issued a warning about a sophisticated text message scam targeting cryptocurrency users. The scam cleverly uses spoofed sender IDs to mimic legitimate communications from Binance, a leading cryptocurrency exchange. Over 130 individuals have already been targeted.

How the Scam Works

Scammers send text messages (and potentially encrypted messages) appearing to originate from Binance. These messages falsely claim a crypto account breach, urging victims to set up a new wallet. The deceptive tactic involves the messages appearing within existing, legitimate Binance text threads, making them seem authentic.

The messages often include:

• Fake verification codes
• A support phone number leading to scammers who instruct victims to transfer crypto to a "trust wallet" under their control.

Once the funds are transferred, they are quickly moved through a network of wallets, making recovery extremely difficult. This highlights the importance of secure wallet management and vigilance against phishing attempts.

Protecting Yourself from Similar Scams

The AFP and Binance offer the following advice:

• Be wary of unsolicited contact claiming an account breach.
• Never rush into transferring funds.
• Never share your seed phrase.
• Verify communication through official Binance channels and website contact information.

Binance provides tools to confirm official channels. If you have any doubts, always verify independently.

Government Action and Future Prevention

The Australian government is taking steps to combat such scams. Plans for an SMS Sender ID Register and enforceable industry standards aim to prevent spoofing. While the register is slated for late 2025, a pilot program is currently underway.

The scale of the problem is significant. In the past 12 months, Australians lost $269 million to investment scams, with approximately 47% linked to cryptocurrency.

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