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.
