The Australian Federal Police (AFP) has issued a warning to over 130 individuals targeted by a new text message scam impersonating Binance communications.
Text Message Scam Scheme
Scammers utilize Sender ID spoofing, making their messages appear in the same thread as genuine Binance alerts. Recipients may mistakenly believe these messages are legitimate and follow instructions to transfer their funds to a fake 'trust wallet' controlled by the scammers. The AFP warns about the threat and the tactics used in this scam.
Need to Verify Contacts
AFP Cybercrime Operations Commander Graeme Marshall highlighted the difficulty of recovering stolen funds once transferred to scammers. Individuals should verify official contacts and avoid calling numbers provided in suspicious messages. These messages often contain fake verification codes and leverage existing message threads to trick recipients.
Government Measures to Combat Scams
The Australian government has implemented several steps to combat crypto scams. In December 2024, a plan to establish an SMS Sender ID Register and enforce industry standards was announced to prevent scammers from exploiting message transmission vulnerabilities. The register is expected to launch in late 2025, with a pilot version acting as a temporary safeguard until then.
Cryptocurrency scams continue to pose a significant threat to Australian users. It is crucial to remain vigilant and verify all communications to secure one's assets.
