Australian authorities warn people about a new text scam targeting crypto users. Law enforcement alerted more than 130 people about scammers posing as Binance. The scam messages copied the legitimate exchange’s sender ID to appear authentic.
The AFP-led Joint Policing Cybercrime Coordination Centre (JPC3) and the National Anti-Scam Centre (NASC) identified them as victims. The scammers contacted users through SMS and encrypted messaging services, claiming their cryptocurrency accounts had been hacked. They sent them fake verification codes.
Scammers exploit trust to steal crypto assets
The scammers employed fake sender information to make it appear that messages were part of normal conversations. They presented a fake support number and instructed victims to transfer money to a ‘trust wallet.’ This wallet was in scammers’ control and allowed them to steal money instantly.
Operation Firestorm, a global program launched in 2024, targeted organized crime groups behind investment, romance, and cryptocurrency scams. Global cooperation with law enforcement enabled it to identify Australian victims.
Following the transfer of money to a scam wallet by victims, recovery was nearly impossible. Scammers quickly laundered the stolen cryptocurrency through multiple wallets and money-laundering channels. Authorities in Australia and financial crime agencies are teaming up to trace funds, with little success.
Authorities warn crypto users to stay alert. Take NASC warnings seriously. If you sent money, report it to your bank, exchange, and law enforcement via ReportCyber. Impersonation scams are rising, using urgency to trick victims into quick action.
Binance scam alerts: how to spot and avoid fraud
Warning notices are unsolicited messages by Binance or any cryptocurrency exchange about security breaches. Requests for private data, instant fund transfers, and confidentiality are scam signals. Account credentials and funds should never be given to unknown wallets.
To stay safe, verify all messages through official websites. Avoid clicking on links or downloading attachments in unsolicited messages. Keep software up to date and use features like Binance Verify to verify legitimate contacts.
Victims should cut contact with scammers and report to Scamwatch. IDCARE offers identity protection, while Lifeline and Beyond Blue provide support for those affected. Authorities work with global partners to combat cybercrime, with NASC advising on fraud prevention. Staying vigilant remains crucial.
