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Cyprus Police Warn of SMS Scams Impersonating Crypto Exchange
Cyprus police have issued a warning to the public about a surge in SMS scams targeting crypto investors, with scammers impersonating a well-known crypto exchange.
The scammers are reportedly sending mass text messages claiming that an “unauthorized login attempt has been detected from a foreign country” on users’ accounts. The messages instruct recipients to call a phone number, attempting to trick them into revealing their login details and account access.
How to Identify and Avoid SMS Scams
These messages are fake, and the police are warning people not to respond or interact with the sender. To avoid falling victim to similar scams, follow these tips:
- Be cautious of unsolicited messages, especially those asking for personal or financial information.
- Verify the authenticity of messages by contacting the relevant organization directly.
- Never provide login details or account access to unknown individuals.
- Use two-factor authentication to add an extra layer of security to your accounts.
In a separate development, the exchange in question had previously reported blocking over $2.4 billion in potential scams and fraud between January and July 2024, preventing losses for more than 1.2 million users.
Phishing Scams Remain a Threat
According to ScamSniffer data, phishing scams stole over $10.2 million in cryptocurrency from more than 9,000 victims in January, down 56% from December. However, the blockchain forensic firm reports a surge in Telegram “Fake Safeguard” scams, which have jumped over 2,000% since November 2024, with more than 300 fake accounts appearing daily.
As the crypto market continues to evolve, it’s essential to remain vigilant and stay informed about potential scams and threats.
For more news and updates on the crypto industry, visit Global Crypto News.
