Cyprus Police Warn Public of Increased SMS Scam
- Scammers are using SMS to impersonate Binance and steal login details.
- Phishing scams have decreased by 56%, but Telegram scams have dramatically increased by over 2,000% since November 2024.
- Protect yourself by enabling 2FA, keeping your credentials private, and reporting any suspicious messages immediately.
Cyprus police are warning cryptocurrency investors about a rise in SMS fraud. Scammers are pretending to be from Binance, a major cryptocurrency exchange, to trick users into giving away their sensitive login information.
Scam Details
These deceptive SMS messages claim there has been an “unauthorized login attempt from a foreign country” on the recipient’s Binance account. Recipients are urged to call a provided phone number, where scammers attempt to steal login details and gain access to their accounts. The Cyprus Mail, based on reports from the cybercrime unit, has confirmed these messages are fake, and police are advising the public not to respond to or engage with the perpetrators.
While Binance hasn’t publicly commented on this recent SMS scam, they have a history of fighting scams. In August 2024, Binance announced they had blocked over $2.4 billion in potential scam attempts during the first half of the year, protecting over 1.2 million users. However, the company has faced regulatory challenges, including a substantial fine of over $4.3 billion in November 2023 for alleged violations of federal anti-money laundering and sanctions regulations.
Broader Scam Trends
Recent data from ScamSniffer reveals that phishing scams resulted in cryptocurrency losses exceeding $10.2 million in January from over 9,000 victims – a 56% decrease compared to December. Despite this drop, Telegram scams, particularly “Fake Safeguard” scams, have surged by over 2,000% since November 2024, with more than 300 fake accounts being created daily.
In response to these increasing threats, the cybercrime division of the Cyprus police emphasizes the need for heightened vigilance. Authorities recommend that all cryptocurrency users take the following precautions:
- Enable two-factor authentication (2FA): Add an extra security layer to prevent unauthorized account access.
- Never share your login credentials: Keep passwords and personal information secret, even if requests appear to be from legitimate sources.
- Report suspicious messages: Contact local authorities immediately if you receive any questionable SMS messages.
By adhering to these recommendations, users can significantly minimize their risk of becoming victims of cyber fraud. Police are actively monitoring the situation and advise everyone to be cautious when dealing with unsolicited messages related to cryptocurrency accounts.
As cyber threats become more advanced, security measures must also evolve for both users and institutions. Staying informed and vigilant remains the most effective defense against these sophisticated scams.
