Cyprus Police Issue Warning of Increased SMS Scams Targeting

• Scammers impersonate Binance via SMS to steal login details.
• Phishing scams dropped 56%, but Telegram scams surged over 2,000% since November 2024.
• Enable 2FA, don’t share credentials, and report suspicious messages immediately.

Cyprus police have issued a warning amid an increase in SMS fraud schemes aimed at cryptocurrency investors. Authorities have noted that scammers are impersonating Binance, a major crypto exchange, to trick users into revealing sensitive login details.

The Scam Details

The fake text messages notify an “unauthorized login attempt from a foreign country” on the recipient’s Binance account. The recipients are asked to ring a given telephone number, upon which the con artists try to gain login details and access the recipients’ accounts. The Cyprus Mail, under reporting by the cybercrime unit, verified the messages as fakes, and the police asked the public to refrain from answering or interacting with the perpetrators.

While Binance has not yet made a public statement about the recent SMS scam, the exchange has a track record of fighting scams. In August 2024, Binance announced that it had blocked more than $2.4 billion in potential scams during the first half of the year, safeguarding more than 1.2 million users. The company has also had run-ins with regulators, however, such as a major fine of more than $4.3 billion in November 2023 for allegedly breaking federal anti-money laundering and sanctions regulations.

Wider Scam Trends

New figures from ScamSniffer indicate that phishing scams have robbed victims of over $10.2 million in cryptocurrency in January from over 9,000 victims 56% fewer than in December. Despite the decline, an outbreak of Telegram scams, most notably “Fake Safeguard” scams, has increased by more than 2,000% since November 2024, with more than 300 fake accounts created daily.

In response to these rising threats, the cybercrime division of the Cyprus police has stressed the importance of vigilance. Authorities recommend that all cryptocurrency users:

• Enable two-factor authentication (2FA): Adding an extra layer of security to prevent unauthorized access.
• Never share login credentials: Avoid sharing passwords or other personal information, even if the request appears to come from a trusted source.
• Report suspicious messages: Report local authorities immediately if you receive any suspicious SMS messages.

By following these guidelines, users can significantly reduce the risk of falling victim to cyber fraud. The police continue to monitor the situation closely and urge everyone to be cautious when handling unsolicited messages related to cryptocurrency accounts.

As cyber threats evolve, so too must the security measures adopted by both users and institutions. Staying informed and cautious remains the best defense against these sophisticated scams.

Highlighted Crypto News Today

Dogecoin ($DOGE) and Pepe ($PEPE) Listed on INX.One, Boosting Regulated Memecoin Trading