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Binance Introduces New Security Feature to Combat SMS Phishing Scams
Binance is set to launch a new security feature designed to help users detect and prevent SMS phishing scams. The move comes in response to a growing number of cases involving SMS phishing fraud, including a recent incident where a Web3 enthusiast, Joe Zhou, fell victim to a scam.
The Rise of SMS Phishing Scams in the Crypto Space
Zhou’s situation is a prime example of how sophisticated these scams can be. He received an SMS message that appeared to be from Binance, warning him that his account was being accessed from North Korea. The scammer, posing as a Binance representative, convinced Zhou to create a SafePal wallet and transfer funds to it. Fortunately, Zhou became suspicious and contacted Binance, but not before the scammer had withdrawn additional funds.
This incident is not an isolated case. Phishing attacks targeting crypto users have been on the rise, with Cyprus Police’s cybercrime division issuing a warning about an increase in SMS fraud schemes just over a week ago. In these scams, attackers impersonate Binance officials, sending messages that appear legitimate, tricking users into revealing their login credentials.
Crypto Platforms Under Attack
Other major crypto platforms have also been targeted by phishing scams. Between December 2024 and January 2025, Coinbase users suffered significant losses due to social engineering scams. According to blockchain investigator ZachXBT, at least $65 million was stolen during this period. Attackers used various tactics, including phishing emails, fake customer service calls, and counterfeit websites, to deceive users into transferring funds under the guise of security verification.
The stolen assets were then laundered through bridges and mixing services like other similar platforms. The scale of phishing-related losses has been substantial, with a total of $2.36 billion lost across 760 on-chain security incidents in 2024, according to a report. Phishing attacks accounted for $1.05 billion of these losses, nearly half of the total amount.
Protecting Yourself from SMS Phishing Scams
To avoid falling victim to SMS phishing scams, users should be cautious when receiving messages that appear to be from their crypto platform. Here are some tips to keep in mind:
- Be wary of messages that create a sense of urgency or panic.
- Never reveal your login credentials or sensitive information via SMS or email.
- Verify the authenticity of messages by contacting your crypto platform directly.
- Use two-factor authentication (2FA) to add an extra layer of security to your account.
“Phishing attacks are a major concern in the crypto space, and it’s essential for users to be aware of the risks and take steps to protect themselves.”
As the crypto space continues to evolve, it’s crucial for users to stay informed and take proactive measures to safeguard their assets. Stay up-to-date with the latest news and trends on Global Crypto News.
