Scammers impersonating Binance have improved their fraud techniques by imitating the exchange’s messages in a more sophisticated way. These scammers now use sender ID spoofing methods to send alert messages, making them appear to come directly from Binance.
A scam that is increasingly difficult to detect
- Sender ID spoofing: Scammers manipulate sender IDs to make messages appear to come from Binance, appearing in the same conversation as legitimate alerts from the platform.
- SMS scam: Victims are asked to transfer their cryptocurrencies to a “trusted wallet” controlled by the fraudsters.
The impact and risks of this scam
- Compromised wallet: Once the funds are transferred, the scammers quickly redirect them, making recovery nearly impossible.
- A more subtle method: The fake message is almost undetectable, as it appears to be part of a genuine conversation with Binance.
Authority Responses and Actions
Authority Responses:
- Law enforcement alert: The AFP has notified more than 130 potential victims of this scam in Australia.
- Upcoming Regulation: An SMS Sender ID registry is planned to reduce these scams, with a launch in 2025.
Tips for protection:
- Verify official sources: Binance recommends always verifying messages through its official channels to avoid scams.
Conclusion
This new method of SMS fraud represents a major challenge for cryptocurrency users. Vigilance and verification of messages through official channels are essential to protect against this increasingly complex type of fraud.
