Binance Users Urged to Watch for Smishing Scams Mimicking Legit Alerts

Binance, one of the world’s largest cryptocurrency exchanges, has issued a stern warning to its users about a growing threat: a new type of scam involving fake SMS messages. The messages, which appear to originate directly from Binance, are designed to trick users into clicking malicious links or calling fake support lines. These scams often create a sense of urgency by falsely claiming that a user’s account is at risk, such as through a fraudulent login attempt or an unauthorized withdrawal [1].

In an official statement, Binance emphasized that it will never ask users to call a phone number or click on a link via SMS. The company also reiterated that it does not share or request sensitive information like seed phrases or private keys through any channel, including SMS, phone, or email. Users are advised to verify any suspicious messages by directly logging into their accounts using the official Binance app or website [1].

This warning follows the arrest of two individuals in Bangkok, Thailand, who were using an SMS blaster device to send over 20,000 scam messages per day. The device, which operates within a one to two-kilometer range, was used to disseminate messages impersonating Binance and other brands, directing victims to fraudulent websites designed to steal banking information. The suspects, in their early twenties, reportedly worked for a Chinese-based operator and were paid approximately $75 per day [2].

The fake SMSs often mimic legitimate Binance alerts, making it difficult for users to distinguish between real and fraudulent messages. For example, some messages falsely claim that a user has attempted to withdraw funds, and the user is urged to call a number or click a link to confirm or cancel the transaction. These tactics are designed to exploit the trust users place in Binance’s name, creating confusion and increasing the likelihood of falling victim to the scam [1].

The issue is not isolated to Binance users. Thai authorities have also cracked down on a larger money laundering network associated with crypto scams. Operation Skyfall, a joint effort between the Royal Thai Police and Binance, led to the arrest of 28 individuals and the seizure of $1.4 million in cash. The operation targeted a syndicate that used fake investment apps, such as Ulela Max, to siphon victims’ funds into USDT before laundering them through accounts in Cambodia and ultimately sending them to a leader in Myanmar [2].

These developments highlight a troubling trend in the rise of smishing—scams conducted via SMS—and their increasing sophistication. Unlike traditional phishing emails, which can often be flagged by email filters, SMS-based attacks are harder to detect because they are delivered directly to a user’s phone under a trusted name. The ease with which these messages can mimic legitimate alerts makes them a particularly effective tool for scammers [1].

Binance has advised users to remain vigilant and to refrain from engaging with any suspicious messages. Instead, users should always verify the authenticity of any alerts by logging into their accounts through the official app or website. The company has also urged users to report any suspicious activity to its support team for further investigation [1].

As cybercriminals continue to evolve their tactics, platforms like Binance are playing a crucial role in raising awareness and supporting law enforcement efforts. The successful collaboration between Binance and Thai police demonstrates the importance of cross-border cooperation in combating digital crime. However, as the recent arrests show, the demand for low-level operators in such scams remains high, underscoring the need for continued vigilance and education among users [2].

Source:

[1] Attention: Binance Issues Serious Warning Against New Scam Method – It Could Happen to Anyone (https://en.bitcoinsistemi.com/attention-binance-issues-serious-warning-against-new-scam-method-it-could-happen-to-anyone/)

[2] Police Bust Crypto Scammers, Nab Smishing SMS Blaster Operator (https://hackread.com/police-bust-crypto-scam-smishing-sms-blaster-operator/)