Cyprus police have warned about an increase in fraudulent SMS messages allegedly sent by major cryptocurrency exchange Binance.
Increase in SMS Fraud
Scammers are sending messages claiming there has been an unauthorized login attempt on the recipient’s Binance account. These texts urge recipients to call a provided phone number, where fraudsters attempt to extract sensitive login information. Police have confirmed these messages are entirely fraudulent and are cautioning the public not to respond or engage with the senders.
Security Recommendations
In response to the growing threat, law enforcement officials advise users to enable two-factor authentication (2FA) on all online accounts and never share passwords or personal login details. Authorities also urge anyone receiving such messages to report them immediately to prevent further fraud.
Trends in Crypto Fraud
This warning comes amidst a broader trend of rising cryptocurrency-related fraud. In August 2024, Binance reported blocking over $2.4 billion in potential scams between January and July, protecting over 1.2 million users. As cyber threats evolve, authorities stress the importance of remaining cautious, adopting strong security measures, and reporting suspicious messages. By staying alert, crypto users can better protect themselves from online fraud.
Stay vigilant, secure your accounts, and report any suspicious messages to minimize the risk of online fraud.
