Crypto Fraudsters Are Fooling Aussies with Fake Text Messages

4 mins well spent

Cryptocurrency scams are getting more sophisticated, and Australians are now being targeted in a new scheme that makes fake messages look incredibly real. Scammers are impersonating Binance, one of the world’s largest cryptocurrency exchanges, by sending fake texts that appear in existing message threads. This tactic makes it difficult for victims to spot the fraud before it’s too late.

Authorities have already identified over 130 victims, and the number could rise as more cases come to light. If you’re involved in crypto trading or investing, you need to stay alert. Let’s break down how this scam works, how you can protect yourself, and what to do if you suspect you’ve been targeted.

How This Crypto Scam Works

Scammers have found a new way to trick people by pretending to be Binance representatives. Here’s how they do it:

1. They send fake texts that appear in existing message threads – The scam messages are inserted into previous conversations, making them look legitimate.
2. They claim your account has been breached – Victims receive alarming messages saying their Binance accounts have been compromised.
3. They provide fake verification codes and a fraudulent support number – The texts include fake security codes and a phone number to call for help.
4. They convince victims to transfer their cryptocurrency – When people call the fake support number, scammers tell them to “protect” their funds by moving them into a “trust wallet.”
5. They steal the funds – The scammers control this wallet, allowing them to instantly transfer and launder the stolen crypto.

Once the cryptocurrency is moved into the scammer’s hands, recovering it becomes almost impossible. The stolen funds are quickly transferred through multiple wallets, making tracking difficult for law enforcement.

Authorities Are Taking Action

This scam has gained so much attention that both the National Anti-Scam Centre (NASC) and the AFP-led Joint Policing Cybercrime Coordination Centre have stepped in to investigate. They worked alongside international law enforcement agencies to identify victims through messages found on an encrypted platform.

Police Warn: If You Get a Warning SMS, Take It Seriously

Australian Federal Police (AFP) Commander Graeme Marshall has urged all Australians to be extremely cautious. If you receive an SMS or email from the NASC warning you about this scam, do not ignore it. It could be the difference between saving your funds or losing everything.

“If you have already transferred your cryptocurrency to a so-called trust wallet, report it immediately to your bank or digital currency exchange,” Commander Marshall said. “Then, contact the police through ReportCyber and quote the reference number AFP-068.”

Impersonation Scams Are Becoming More Common

Deputy Chair of the Australian Competition and Consumer Commission (ACCC), Catriona Lowe, also spoke out, warning that impersonation scams are on the rise. These scams work because people tend to trust messages that appear legitimate.

Lowe advises all Australians to verify communications before taking action. “We urge everyone to contact organizations directly using their official website or app to confirm any suspicious messages,” she said.

How to Protect Yourself from Crypto Scams

With scammers getting more advanced, you need to stay ahead of their tricks. Here’s what you can do to keep your cryptocurrency safe:

1. Always Verify Messages

Even if a text appears in an existing thread, don’t assume it’s real. Scammers are now capable of inserting fake messages into legitimate conversations.

2. Never Call Unverified Phone Numbers

If you receive a message asking you to call a number for account security reasons, don’t do it. Always check Binance’s official website or app for support contact details.

3. Watch Out for Urgency Tricks

Scammers create a sense of urgency to make victims panic and act quickly. If a message is pressuring you to take immediate action, stop and verify first.

4. Use Official Verification Tools

Binance has a security tool called Binance Verify that allows users to check if a message, email, or phone number is official. If in doubt, use this tool to confirm.

5. Never Share Sensitive Information

Your seed phrase, passwords, and two-factor authentication (2FA) codes should never be shared with anyone, no matter how convincing they sound.

6. Stay Updated on Scam Alerts

Scammers are always changing tactics, so staying informed is key. Follow Binance’s official channels and cybersecurity news to keep up with new threats.

What Binance Is Doing to Fight Scammers

Binance’s Chief Security Officer, Jimmy Su, emphasized that protecting users is their top priority. The company is actively working to close telecom loopholes that scammers exploit.

“Scammers often impersonate trusted platforms like Binance,” Su said. “They manipulate sender names and phone numbers to create urgency. Always verify communications using Binance Verify.”

He also reminded users:

• Never share sensitive information.
• Don’t transfer funds under pressure.
• If in doubt, stop and verify through official sources.

Binance is also working closely with law enforcement agencies to track down scammers and enhance security measures for users.

Final Thoughts: Stay Alert & Protect Your Crypto

Crypto scams are becoming more sophisticated, and scammers are constantly finding new ways to trick people. This latest Binance impersonation scam is particularly dangerous because the fake messages look so real.

The best way to protect yourself is to stay cautious, verify all communications, and never rush into making financial decisions under pressure. If you ever receive a suspicious message, take a step back, check official sources, and report any fraudulent activity immediately.

Your security is in your hands—stay informed, stay alert, and keep your crypto safe!