Cybertrace has received numerous reports recently about a new Binance cryptocurrency scam that is costing victims hundreds of thousands, even millions of dollars. Scammers have found a way to spoof the Binance phone number and send text messages to customers. These scam texts look almost exactly like official communications. The scam messages even display in the SMS threads of the real Binance (see image below). They imply that Binance customers’ assets are at risk and include directions to call the phone number in the text message.
Our scam investigators at Cybertrace have received a number of reports recently from people who have received Binance scam text messages that say this:
A new login was detected from a device in Bucharest, Romania. If this wasn’t you, please contact us immediately at +611800751270
The image above shows multiple messages from Binance. The first three messages are genuine verification codes sent by Binance, the final message is the scam message which lands itself in the same SMS thread. This seriously make the message look genuine! But it is a scam and it does not originate from Binance.
Typically, the scam texts say that your account is being accessed from Romania, playing on the perception of Eastern Europe as a hotbed of scam activity. That said, we’ve also seen reports about texts saying that your account is being accessed from Greece. It’s important to expect the unexpected from these kinds of shapeshifting scams.
Victims of this Binance cryptocurrency scam have also reported that when they call the number the individual that answers sounds extremely professional and convincing. They are skilled at instilling trust and playing on the victim’s fears of their Binance account being hacked. The person on the other end of the phone advises the victim to move their various crypto assets into a Trust wallet, which is a virtual cryptocurrency wallet that can contain all kinds of cryptocurrencies.
The scammers then pass the victim through different ‘divisions’ on the phone (in reality, just different individuals involved in the elaborate scam) working with them to establish a Trust wallet. This process can take around 90 minutes.
Once the victim has transferred their assets into the Trust wallet at the scammer’s behest, the scammers then ask the victim to provide their passkey, under the pretense of linking the Trust wallet to Binance.
At this point the wallet empties out with no explanation and seemingly no way to get it back.
If you have been scammed in this latest Binance impersonation scam, or any other crypto scam, contact us. If anyone can trace your lost or stolen crypto and the scammers, it’s Cybertrace.
Unfortunately, a message appearing in your SMS inbox asking you to call Binance, implying that the security of your assets is under threat, sets off the wrong kind of alarm bells for many people.
Instead of stopping and thinking about whether it is a cryptocurrency scam or contacting Binance directly to ask, many sane and intelligent people panic. This is because they have been tricked into worrying by a particularly crafty scam.
Even if panic is not the first response when seeing this text message, it’s natural for many Binance customers to feel like they should at least call the number and see what has happened.
This is when they get you. They have incredibly sharp and manipulative operators on the phone who know precisely what to say and how to say it to instill faith in you that they are helping you. Please beware.
Why is this Binance Cryptocurrency Scam Different (And So Convincing)?
Many people are careful these days when it comes to clicking suspicious-looking links in texts and emails, and if they’re not suspicious, they should be!
Our clients have reported that the text messages in this Binance cryptocurrency scam caught them off guard for three reasons:
- Firstly, unlike other more well-known scams, they are not being asked to click a link
- Secondly, the fact that the scam text shows up in the SMS thread that has previously been for legitimate exchanges with Binance adds to the craftiness of the scam
- Thirdly, our clients have reported that when they call the provided phone number, they are received by a very intelligent, professional and sophisticated individual who knows exactly what to say to get them to move their money and over their passkey.
If you are a crypto investor, it is vital you keep abreast of all the latest scams. You can rely on Cybertrace to break it all down for you because we are investigating a number of cases of this recent iteration of a crypto scam. We pride ourselves on bringing you up-to-the-minute knowledge to safeguard yourselves and your loved ones. We also encourage our readers to share this article because the more public awareness there is, the less the scammers can keep getting away with cheating people out of their hard-earned money.
Whether you have been scammed or you want to know more about how to protect yourself, Cybertrace is an expert in this emerging and shapeshiting space.
