Binance Addresses SMS Phishing Attack: New Feature To Help Users Verify Message Authenticity Coming Soon
In Brief
Binance is taking steps to enhance the security of user assets and combat fraud by planning to roll out a new security feature designed to help users verify the authenticity of text messages.
Cryptocurrency exchange Binance announced on the social media platform X that it is taking steps to ensure the security of user assets and combat fraud, with plans to roll out a new security feature aimed at helping users verify the authenticity of text messages.
This announcement follows the rise of a new SMS scam targeting Binance users. Phishing messages have been appearing alongside official SMS notifications from the platform. It is believed that scammers may have either spoofed the official SMS sender or exploited vulnerabilities in the SMS gateway, potentially working with malicious SMS providers to forge the source number.
SMS spoofing attacks rely heavily on psychological manipulation. In these cases, the scammer impersonates a trusted source to deceive victims into sharing sensitive information, such as wallet details, or transferring funds.
One victim shared their experience of receiving a suspicious SMS from what appeared to be their usual Binance number, which they often used to receive verification codes. The message falsely claimed that their Binance account was being accessed from North Korea, causing panic, especially after a recent hack on cryptocurrency exchange Bybit. Acting quickly and without full consideration, the victim called the number provided.
A person with a strong British accent answered the call and instructed the victim to set up a SafePal wallet, claiming it was a Binance partner and referencing an article. The scammer continued to probe for information about the victim’s account assets, eventually pressuring them to transfer all funds for “investigation purposes.”
Following the instructions, the victim set up the wallet and began withdrawing funds from their Binance account. However, they eventually became suspicious. After consulting with a trusted Binance contact, they realized they had fallen victim to the scam.
How To Identify SMS Spoofing?
In addition to the announcement, Binance has also provided guidance to users on how to better protect their funds from scams. The platform advises users to always verify the source of any incoming message before responding. If you receive unsolicited or suspicious messages, take extra care. For Binance-related messages, users can verify them through the Binance Verify tool or by sending a screenshot to the Binance support team. For other platforms, it’s recommended to contact them directly via their official website or other trusted communication channels.
The platform also stresses the importance of enabling two-factor authentication (2FA) for added security, which provides an extra layer of protection against attackers, including those attempting SMS spoofing. Users should enable 2FA wherever possible and enter their 2FA codes only on official websites. It’s essential to check the message carefully to ensure it corresponds with the intended action.
Additionally, users are urged not to share sensitive personal information—such as passwords, credit card numbers, Social Security numbers, or other government-issued identifiers—via text messages, particularly with unverified contacts.
Binance advises against clicking on any links received via text without first verifying their legitimacy. These links may direct users to phishing websites designed to steal login credentials or install malware. It’s important to check the URL before clicking and avoid visiting sites without proper encryption symbols (such as those with HTTP instead of HTTPS). Always ensure you are on an official website. For Binance-related links, emails, phone numbers, WeChat IDs, Twitter handles, or Telegram IDs, users can confirm their authenticity using Binance Verify.
Disclaimer
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
