Scammers Pose as Binance in Sneaky SMS Scam

Australian authorities have warned crypto users about a new scam where fraudsters pretend to be Binance through fake text messages. The Australian Federal Police (AFP) said on March 21 that at least 130 people have been targeted so far.

As per reports, the scam involves fraudsters sending text messages that look like official Binance alerts. They use a similar sender ID as real Binance messages. The message claims there has been a security breach and tells users to set up a new wallet.

Victims are then given a fake support number. If they call, scammers instruct them to move their crypto to a “trust wallet.” This wallet is actually controlled by the scammer. Once the funds are transferred, they are quickly moved through multiple wallets, making it hard to recover.

The scam appears convincing since the fraudulent texts appear inside legitimate Binance message threads. Experts claim this is possible due to a possible loophole in telecom services, which allows messages to be sent under a company name instead of a phone number.

This isn’t the first time scammers have used this trick. Similar fake messages impersonating Coinbase and Gemini were reported on March 14, trying to steal users’ funds by tricking them into setting up wallets with pre-generated recovery phrases.

What Authorities Are Doing?

To fight back, the AFP has been contacting victims directly via email and text to warn them. In addition, the Australian government has announced an SMS Sender ID Register, expected to launch in late 2025. This system will require telecom providers to verify the legitimacy of branded messages.

How to Stay Safe

Binance’s Chief Security Officer Jimmy Su warns users to be cautious. Red flags include unsolicited messages about account breaches, urgency to act quickly, and requests for seed phrases or fund transfers. If in doubt, verify through official Binance channels, like the website.

Disclaimer

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