The Australian Federal Police have alerted over 130 individuals about a new scam targeting cryptocurrency users. Scammers are impersonating legitimate exchange senders to steal funds.
Details of the Scam
Scammers send messages via text and encrypted platforms while posing as representatives of Binance. The messages claim that a crypto account has been compromised and instruct users to create a new wallet. These messages appear authentic as they appear within existing Binance communication threads. In some cases, scammers provide a support phone number, advising victims to transfer cryptocurrency into a 'trust wallet' controlled by the thieves.
How to Distinguish Scam from Reality
Fraudulent messages often contain fake verification codes and are 'spoofed' to appear legitimate. AFP Commander for Cybercrime Operations, Graeme Marshall, warns that stolen funds are quickly moved through a network of wallets. Similar scams were reported with fake emails from Coinbase and Gemini. AFP highlights red flags such as unsolicited messages, urgent requests, and demands for seed phrases.
Preventive Measures
Binance's Chief Security Officer, Jimmy Su, explained that scammers exploit telecom vulnerabilities to spoof sender names and numbers. Users should verify official communication channels. The Australian government plans to implement an SMS Sender ID Register by 2025 to combat such scams.
The Australian government and crypto exchanges are working to strengthen security measures to prevent fraudulent attacks and reduce user losses.
