The cybercrime division of the Cyprus police has warned about a rise in fraudulent SMS messages impersonating Binance, a major cryptocurrency exchange.
Scammers are sending messages claiming that 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. Authorities are advising the public to remain vigilant in protecting their crypto accounts.
Police have confirmed that these messages are entirely fraudulent and are cautioning the public not to respond or engage with the senders. The ultimate goal of scammers is to deceive victims into disclosing their credentials and granting them access to their cryptocurrency accounts.
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.
This warning comes amid 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.
Binance has also been under regulatory pressure. In November 2023, the exchange agreed to pay $4.3 billion in fines after pleading guilty to violating U.S. anti-money laundering and sanctions laws. 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.
While phishing scams declined in January 2025, blockchain security firm ScamSniffer reported that cybercriminals still stole over $10.2 million from over 9,000 victims that month. The firm also noted a dramatic increase in Telegram-based “Fake Safeguard” scams, which have surged by over 2,000% since November 2024, with more than 300 fake accounts appearing daily.
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