Binance is set to introduce a new feature aimed at helping its users authenticate the legitimacy of text messages, addressing the growing issue of SMS phishing scams.

Cryptocurrency exchange Binance The company has made an announcement via the social media platform X, detailing its strategy to bolster the security of user assets and fight against fraud. This includes the forthcoming introduction of a feature to help users verify the legitimacy of the text messages they receive.

This development comes in response to a surge in SMS scams targeting Binance users. There have been reports of phishing messages being sent alongside genuine SMS alerts from Binance. It's suspected that scammers could be either spoofing Binance's official SMS sender ID or exploiting weaknesses in the SMS gateway, possibly in collusion with rogue SMS service providers.

SMS spoofing scams often rely on psychological tactics. In these scenarios, the fraudster poses as a trusted entity to trick victims into disclosing sensitive information, like wallet credentials or transferring funds.

One individual recounted their unsettling experience of receiving a dubious text that seemed to come from the familiar Binance number they used for receiving verification codes. The message falsely warned them about unauthorized access to their Binance account from North Korea, which naturally alarmed them, especially following a recent breach involving another exchange, Bybit. Without taking a moment to think, they called the number included in the text.

On the other end, a person with a pronounced British accent answered and instructed the caller to set up a SafePal wallet, claiming it was a partner of Binance and even referencing an article for credibility. The scammer pressed the victim for details about their account and eventually coerced them into transferring all their assets under the guise of an 'investigation.'

Following the scammer’s directions, the victim created the wallet and started withdrawing money from their Binance account. But as time went on, they grew uneasy. After reaching out to a reliable Binance contact, they came to the devastating realization that they had been duped.

How To Identify SMS Spoofing? 

In addition to the announcement, Binance Binance has also shared valuable advice with its users on safeguarding their assets against such scams. The platform urges users to double-check the source of any incoming messages before responding. If a message seems unsolicited or unusual, users should exercise caution. To confirm the authenticity of messages related to Binance, users can utilize the Binance Verify tool or send a screenshot for verification through the support team. For messages from other platforms, it's safer to reach out to them using their official website or other trusted methods.

The company emphasizes the critical importance of enabling two-factor authentication (2FA) to add an extra layer of security, particularly against attackers, including those engaged in SMS spoofing. Users are encouraged to activate 2FA wherever feasible and to enter their 2FA codes solely on authentic websites. It's essential to carefully examine the message to ensure it correlates to the expected action.

Additionally, users should refrain from sharing sensitive personal information—such as passwords, credit card details, Social Security numbers, or any government-issued identity numbers—over text, especially with unverified contacts.

Binance strongly advises against clicking on any links sent via text without first confirming their authenticity. Such links could lead to phishing sites aimed at stealing login information or infecting devices with malware. Always scrutinize the URL before clicking and ensure you’re visiting sites with the proper encryption (look for HTTPS rather than HTTP). Validate any Binance-related links, emails, phone numbers, WeChat IDs, Twitter handles, or Telegram IDs through Binance Verify.