Investors Warned: Binance Scammers Exploit Panic with Fake SMS Alerts

Binance has issued a security alert concerning an emerging wave of SMS-based phishing scams targeting its users. These scams involve fake messages that mimic legitimate Binance communications, typically notifying users of "suspicious activity" or "account risk," and urging them to call a fraudulent support number or click on malicious links. The messages, which appear under the name “Binance,” are designed to provoke urgency and panic, compelling victims to act quickly without verifying the legitimacy of the communication [2].

According to the alert, the scams are part of a broader trend of increasing phishing attempts in the cryptocurrency sector. The messages often include a fabricated location, such as Singapore, to add an air of authenticity. In one reported case, a user was misled into transferring their ADA tokens to a wallet controlled by scammers, believing it to be the only way to secure their assets [1].

Binance has reiterated that it will never request users to provide sensitive information—such as seed phrases, private keys, or account credentials—via SMS, email, or phone. The exchange emphasized that legitimate account issues are addressed through official channels, and users are advised to avoid clicking on links or dialing numbers included in unsolicited messages. Instead, Binance recommends that users directly log in through the official app or website to check their account status [2].

The company’s guidance highlights the need for investors to remain vigilant and adopt strong digital security practices. It urges users to verify all communications through official platforms and to report any suspicious activity immediately. Binance’s response aligns with industry-wide efforts to combat rising cyber threats as cryptocurrency adoption continues to expand globally [2].

Security analysts have noted that phishing attacks are becoming increasingly sophisticated, often exploiting the trust users place in well-known brands like Binance. While the exchange has not disclosed the scale of the current threat, it has taken steps to inform its user base and reinforce best practices for account security. Users are encouraged to enable two-factor authentication (2FA) and to monitor their accounts for any unusual activity.

Source:

[1] Lost all my life savings in ADA from a Binance scam (https://www.reddit.com/r/cardano/comments/1ms7mmx/lost_all_my_life_savings_in_ada_from_a_binance/)

[2] New Binance Scam Tricks Users With Fake Security Texts (https://coindoo.com/new-binance-scam-tricks-users-with-fake-security-texts/)