Binance CEO Richard Teng once again warned of a barrage of phishing scams targeting users of the exchange. This time around, the CEO urged Binance users to stay vigilant against a rising wave of WhatsApp phishing scams.
Richard Teng exposes WhatsApp phishing scams
The Binance CEO shared on X that scammers are impersonating Binance staff on WhatsApp. They join public crypto groups or message users privately. These bad actors offer fake investments, claim account issues or ask for funds and wallet access.
Richard Teng urged users to remain cautious and noted that Binance will never message them in groups about investments or funds.
The Binance team disclosed that they can only contact users via the customer support unit, their official verified X account, Telegram and email. However, customers are advised to use the Binance Verify service to verify their ID when contacting the team via Telegram or email.
The team also urged customers never to click links from WhatsApp claiming to be Binance. Furthermore, they advised users not to share 2FA codes, seed phrases, passwords or private keys with any WhatsApp contact claiming to be a Binance staff member.
Binance highlighted phishing as the biggest threat in these WhatsApp scams. Notably, phishing is a form of online fraud designed to steal users’ personal information or crypto assets.
In a phishing attack, scammers impersonate trusted organizations. They send fake emails, websites or chat messages that look almost identical to legitimate ones to gain users’ trust.
Eventually, they trick users into revealing sensitive information like login credentials, verification codes, wallet details or sending them funds directly.
How WhatsApp phishing occurs
As crypto adoption and social media usage expand globally, scammers are getting smarter. They have now moved to WhatsApp, with its massive global user base and informal communication style.
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Scammers leverage the platform’s familiarity and trust, then pose as Binance representatives. They send individuals direct messages with fake investment offers and may also join crypto-related WhatsApp groups.
For instance, fraudsters could claim an urgent problem with a Binance account, such as suspicious activity. Subsequently, they request sensitive information like account credentials and two-factor authentication codes.
They could also share some details that seem credible, potentially from public sources. The scammer insists on secrecy, claiming the situation is sensitive. Finally, they disappear after they get the needed information or crypto, leaving users with losses.
To prevent customers from consistently falling victim to scams, the Binance CEO recently shared some important security tips.
Source: https://u.today/binance-ceo-issues-major-security-warning-to-whatsapp-users