Cyprus Police Warn of Rising SMS Scams Targeting Binance Crypto Users

Cyprus police have issued a strong warning to the public about an increase in SMS scams targeting cryptocurrency speculators. According to a cybercrime division statement, scammers are imitating major cryptocurrency exchange Binance in order to defraud users. The fraud includes sending out bulk text messages to recipients saying that an “unauthorized login attempt from a foreign country” has been discovered on their Binance accounts.

The bogus messages direct users to contact a certain phone number, where scammers try to obtain login information and get access to their accounts. Authorities have established that these messages are fraudulent and advise the public not to interact or connect with the senders. Binance has not yet issued a formal comment about the problem.

This warning comes amid a larger increase in cryptocurrency-related frauds. In August 2024, Binance reported preventing over 2.4 billion in fraud between January and July, protecting over 1.2 million consumers from losses. The exchange was fined over 4.3 billion in November 2023 for breaking federal anti-money laundering and sanctions legislation.

Despite a 56% decrease in cryptocurrency phishing schemes in January, with losses reaching $10.2 million, new risks emerge. ScamSniffer, a blockchain forensic organization, has reported a massive spike in Telegram “Fake Safeguard” frauds, which have increased by more than 2,000% since November 2024. More than 300 phony accounts are created every day, illustrating fraudsters' shifting strategies.

Cyprus police advise cryptocurrency users to be cautious, avoid clicking on fraudulent links, and check any account-related messages via official Binance channels. As frauds get increasingly complex, remaining aware and careful is critical for safeguarding digital assets.