Connect with us

Hi, what are you looking for?

Sms scammers
Sms scammers
#image_title

Cryptocurrency

Scam Alert for Australian crypto users receiving SMS from Binance

A new SMS scam that is impersonating Binance is fooling the crypto users in Australia. Scammers use false sender IDs to appear genuine while telling victims to transfer their money to fake wallets. The authorities have identified more than 130 targets and warned users to stay alert.

Crypto users in Australia are getting targeted by an SMS scam that poses as Binance, one of the biggest crypto exchanges in the world. Con men are using sender ID spoofing to send out fake messages that appear within the original thread of genuine Binance messages.

Users are being sent messages claiming their Binance accounts have been hacked, forcing them to set up a new wallet for safety. Following this, the scammer instructs victims to transfer cryptocurrency into a “trust wallet,” which is essentially a wallet under their control. Once the scammer moves the money, they launder it through multiple wallets, rendering recovery nearly impossible.

Authorities, including the Australian Federal Police (AFP), have launched a broad alert campaign following their identification of more than 130 targets. According to cybercrime experts, these messages have fake verification codes and a fake support phone number to get the victim into a false sense of security.

According to Binance’s Chief Security Officer, Jimmy Su, users should authenticate any communication via official Binance channels. Hackers take advantage of telecom network flaws, changing the names and numbers of senders, he warns.

Australia’s government is now working on a permanent solution to the issue. They plan to have an SMS Sender ID Register by 2025 that will prevent such scammers from using hijacked IDs. Until then, crypto users should be vigilant, not respond to any unsolicited messages, and never share their seed phrases or transfer their assets to unknown wallets.

Keep an eye out for cyber criminals trying to defraud traders due to the rise in investment scams. If you receive a suspicious message, please report it promptly and verify with Binance’s official support channels before taking any action.

author avatar
Alex
Formally freelance blogger Alex is passionate writer with interest in Finance and Business, fascinated about crypto following news and covering stories.
Advertisement

You May Also Like

Cryptocurrency

This week’s Crypto Chronicle explores Ripple's potential SEC settlement, Canada’s leap ahead with Solana ETFs, growing controversy around MANTRA token, and Meta’s aggressive push...

Exclusive

Between the months January to April 2025, Bitcoin Ethereum and XRP have been on a rollercoaster. With the help of a simple ‘profit meter’...

Cryptocurrency

Arizona’s proposed crypto reserve bill, SB 1373, has passed a critical legislative stage and is now one vote away from becoming law. The lawmakers will...

Cryptocurrency

With tensions boiling over and wallets linked to sanctioned individuals being frozen, Russia is looking into making its own stablecoin. This step will lessen...

polkadot
Polkadot (DOT) $ 4.01 1.74%
bitcoin
Bitcoin (BTC) $ 92,442.00 1.32%
ethereum
Ethereum (ETH) $ 1,770.88 1.13%
cardano
Cardano (ADA) $ 0.685687 1.46%
xrp
XRP (XRP) $ 2.17 3.28%
stellar
Stellar (XLM) $ 0.263376 1.90%
litecoin
Litecoin (LTC) $ 82.50 2.03%