Cyprus Police Warn Against Crypto Scams: Stay Safe

A new wave of crypto-related scams has emerged in Cyprus, with fraudsters impersonating Binance, one of the world’s largest cryptocurrency exchanges. The Cypriot police have issued a public warning about a large-scale SMS phishing campaign designed to deceive investors and steal their login credentials. The scam involves fraudulent text messages claiming that an unauthorized login attempt has been detected on the recipient’s Binance account from a foreign location. The message urges users to call a provided phone number, leading them into a trap set up by cybercriminals.

This form of cyber fraud, known as smishing (a combination of SMS and phishing), is becoming increasingly common as crypto adoption grows. By exploiting trust in well-known platforms like Binance, scammers aim to trick unsuspecting users into revealing sensitive information such as login credentials, two-factor authentication codes, or even access to their wallets.

Rising Cases of Crypto-Related SMS Scams

The scam in Cyprus is not an isolated incident. Similar fraudulent activities have been reported in other countries, including Spain, where cybercriminals impersonated major banks via SMS to confirm fake crypto purchases. In one such case, scammers stole over €10,000 from two victims in Cantabria, highlighting how these attacks can have severe financial consequences.

As crypto markets remain highly lucrative, fraudsters continuously develop new ways to exploit users. Many victims unknowingly interact with these fraudulent messages, assuming they are legitimate alerts from Binance or other financial institutions. Given the complexity of modern cyber threats, authorities emphasize the importance of education and caution when handling unexpected financial notifications.

How to Protect Yourself from SMS Phishing Attacks

To prevent falling victim to SMS phishing scams, experts recommend the following precautions:

• Never click on links or call phone numbers provided in suspicious SMS messages. Legitimate companies, including Binance, do not ask users to verify security incidents via text messages. If you receive such a notification, visit the official website manually or use the verified customer support channels.
• Always verify the source of the message. Official institutions do not request sensitive login information via SMS. If you receive a message urging you to take immediate action, double-check its authenticity before responding.
• Enable security features on your Binance account. Binance offers an anti-phishing code feature, which allows users to set a personalized code that appears in all official Binance emails. This helps verify whether a message is genuinely from the platform or a phishing attempt.
• Use multi-factor authentication (MFA). Enabling MFA on your accounts adds an extra layer of security, making it more difficult for scammers to access your funds even if they obtain some of your credentials.

Authorities Urge Immediate Action Against Crypto Scammers

Cypriot law enforcement agencies have urged the public to report any suspicious SMS messages related to cryptocurrency. Victims of scams should immediately notify the police and contact their cryptocurrency exchange’s support team to secure their accounts before any funds are withdrawn.

With crypto-related scams on the rise, staying vigilant and adopting strong cybersecurity practices is more crucial than ever. As the industry grows, so does the sophistication of fraudulent schemes, making user awareness the first line of defense against financial fraud.