The Australian Federal Police (AFP) has issued a warning to over 130 individuals targeted by a new text message scam that impersonates legitimate Binance communications . The fraudulent scheme exploits Sender ID spoofing, making the messages appear in the same text thread as genuine Binance alerts, deceiving recipients into believing they are authentic. According to the March 21 statement from the AFP, the scammers claim that the victim’s crypto account has been compromised and instruct them to set up a new wallet for security purposes. Victims are then directed to transfer their funds to a so-called “trust wallet,” which is actually controlled by the scammer. “The messages allegedly contained fake verification codes and were often ‘spoofed,’ meaning they appeared in a legitimate existing message thread from the well-known cryptocurrency exchange,” the AFP further explained. Victims who called the fraudulent support number provided in the texts were pressured into moving their crypto holdings for “safekeeping,” only to have their assets stolen. Crypto Users Urged to Verify Official Contacts The AFP’s Cybercrime Operations Commander, Graeme Marshall, highlighted the difficulty of recovering stolen funds once they are transferred. Scammers quickly shuffle the assets through multiple wallets, making it nearly impossible to trace or seize them. The police revealed that the scam mimics a March 14 incident where X (formerly Twitter) users reported receiving spoofed emails impersonating Coinbase and Gemini, urging them to create new wallets with pre-generated recovery phrases controlled by the scammers. Government to Combat Crypto Scam Schemes The Australian government has taken several steps to combat such crypto scam schemes. In December 2024, it also announced plans to introduce an SMS Sender ID Register and enforce industry standards. This initiative will require telecom companies to verify that messages sent under a brand name match the legitimate sender. The Sender ID Register, expected to launch in late 2025, aims to prevent scammers from exploiting sender ID loopholes. A pilot version will run in the meantime as a temporary safeguard, according to Australia’s Communications Minister, Michelle Rowland. Crypto scams have been a major concern in Australia . The AFP reported that in the 12 months leading up to August 2024, Australians lost approximately 382 million AUD ($269 million) to investment scams, with 47% of the losses involving cryptocurrencies. The post Australian Federal Police Warns of Crypto Scam Spoofing Binance Texts appeared first on TheCoinrise.com .
