Under no circumstances will Binance request account details via text, WhatsApp, email, or any other means. Numbers should be promptly blocked and reported to Binance security. This scam leads to users losing their funds as they are blocked on WhatsApp and the scammer becomes unreachable.ĭefending Against WhatsApp and Text Message ScamsĪny texts claiming to be from Binance staff should be ignored. In reality, it's the same scammer on WhatsApp, convincing users to transfer their crypto assets to a so-called secure Binance-approved account. The message asserts that their account is compromised, and a supposed Binance representative (carrying a counterfeit employee ID) will reach out via WhatsApp to help. It's been widely reported among Binance users that they receive fraudulent text messages claiming to be from Binance staff. Messaging Scams through Text and WhatsApp The key to remember here is to only transfer crypto to buyers once you have confirmed receipt of payment in your bank account. The same amount the crypto buyer is supposed to transfer to your account. Scammers often impersonate your bank, confirming that you receive the payment in your bank account. This suggests scammers may employ phone number manipulation to lend credibility to their fraudulent activities. What's notable here is that these messages can sometimes originate from a number previously used by Binance for sending official communications. The second scheme involves SMS messages containing phishing links, similar to what has been described in this paragraph. This deceptive message tricks the seller into believing that they have already received the payment, leading them to release cryptocurrency when in fact, no payment has come through.Ģ. Here, the seller receives a fake SMS stating that a transaction has been completed. The most common and damaging one is a fraudulent confirmation message. There are essentially two types of deceitful SMS schemes:ġ. This masking of information gives these malicious messages an air of authority, which can lead to unsuspecting investors divulging sensitive information. It involves masking sender information in text messages to appear as if it's coming from a legitimate or trusted source, such as a reputable cryptocurrency trading platform or a bank. SMS spoofing in crypto trading is an increasingly prevalent tactic utilized by scam artists aiming to trick investors and gain unauthorized access to their accounts or performing operations that comprise their financial security, like releasing cryptocurrency during a peer to peer transaction without confirming that the money is in the bank account. However, increased activity and popularity have also led to a rise in fraud attempts, particularly through fake SMS scams, known as SMS spoofing. In today's digital world, Peer-to-Peer (P2P) cryptocurrency trading has emerged as a popular and lucrative investment avenue. Users can fend off scams by adopting high-security practices, validating all transactions internally, and ignoring suspicious external interactions. Fake SMS scams are proliferating in cryptocurrency trading, where scammers impersonate trusted sources to trick investors.Ĭrypto users face numerous scams, including messaging, verification code, phishing, account suspension, QR code scams, and customer service impersonation.
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