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– Binance warns users of phishing scams via fake SMS claiming account risks or suspicious withdrawals, urging caution against urgent alerts.
– Scammers exploit brand trust by mimicking Binance’s name, with victims reporting losses like ADA savings after clicking malicious links.
– The exchange clarifies it never requests sensitive info (e.g., private keys) via SMS and advises verifying account status through official platforms.
– These scams reflect rising crypto fraud trends, emphasizing the need for vigilance against urgency-driven tactics and unverified communication channels.
Binance has issued a security alert to users following the detection of a surge in phishing scams that involve fake SMS messages. These messages, appearing under the name “Binance,” often claim that an account is at risk or that a suspicious withdrawal has been initiated. The fraudulent texts typically include a fake support hotline or a malicious link, prompting users to act quickly and potentially compromise their account details [1].
The scam works by exploiting the trust users place in the Binance brand, often creating a sense of urgency and fear. In one instance, a user reported losing their ADA savings after responding to a suspicious SMS claiming a login had occurred in Singapore. Despite contacting local authorities and reporting the incident to Binance, the user described the experience as “hopeless,” underscoring the real-world impact of these scams [2].
In its official advisory, Binance emphasized that it will never ask users to provide sensitive information like seed phrases, private keys, or login credentials via SMS, email, or phone. The exchange also clarified that it does not request users to click on links or call numbers to resolve account issues [3]. Users are advised to verify their account status directly through the official Binance app or website if they receive any suspicious messages.
These phishing attempts are part of a broader trend of increasing fraud in the cryptocurrency space. As adoption of crypto continues to rise, so too do the sophistication and frequency of scams. Binance has called on users to remain vigilant, especially when encountering messages that instill urgency or fear. The exchange reiterated the importance of adhering to standard security practices, such as not clicking on unknown links and avoiding the sharing of personal information through unverified channels.
The scam tactic has been particularly effective because the messages often appear directly on users’ phones under the name “Binance,” making them difficult to distinguish from legitimate alerts. Binance has urged users to remain cautious and verify all communications through official platforms. The exchange also highlighted the importance of maintaining good digital hygiene, including regular password changes and the use of two-factor authentication.
As the crypto industry continues to evolve, users must stay informed and proactive in protecting their assets. Binance’s latest warning serves as a timely reminder of the persistent threats posed by cybercriminals and the critical role that user education and vigilance play in preventing such incidents.
Source:
[1] New Binance Scam Tricks Users With Fake Security Texts (https://coindoo.com/new-binance-scam-tricks-users-with-fake-security-texts/)
[2] Lost all my life savings in ADA from a Binance scam, can’t … (https://www.reddit.com/r/cardano/comments/1ms7mmx/lost_all_my_life_savings_in_ada_from_a_binance/)
[3] Attention: Binance Issues Serious Warning Against New … (https://en.bitcoinsistemi.com/attention-binance-issues-serious-warning-against-new-scam-method-it-could-happen-to-anyone/)


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