In the digital age, Australians over 50 are embracing technology more than ever, with many exploring the exciting world of cryptocurrency. However, with this new frontier comes new risks, and a recent scam has highlighted the need for vigilance among crypto enthusiasts.
Authorities have uncovered a devious text message scam targeting unsuspecting Australians, impersonating a well-known cryptocurrency exchange. Over 130 victims have been alerted to this scam, which uses SMS and encrypted messaging platforms to reach potential targets.
The scam operates by sending messages that appear to be from a Binance representative, claiming that the recipient’s cryptocurrency account has been compromised. These messages reportedly include fake verification codes and a support phone number, which, when called, leads to instructions to transfer cryptocurrency to a so-called ‘trust wallet’ for protection.
Unfortunately, this trust wallet is controlled by scammers, allowing them to steal the assets transferred into it.
The National Anti-Scam Centre (NASC) and the AFP-led Joint Policing Cybercrime Coordination Centre have identified victims through messages found on an end-to-end encryption platform, with the assistance of foreign law enforcement agencies.
AFP Commander Cybercrime Operations Graeme Marshall has warned that once the funds are transferred to an account controlled by scammers, the digital currency is quickly dispersed through a network of wallets and money laundering accounts, making recovery extremely difficult for the victims.
Commander Marshall emphasises the importance of taking any warnings from the NASC seriously and advises those who have transferred cryptocurrency to a trust wallet to report it to their bank or digital currency exchange immediately, and then to the police via ReportCyber, quoting the reference number AFP-068.
The Australian Competition and Consumer Commission’s deputy chair, Catriona Lowe, reminds everyone that impersonation scams are increasingly common. She urges Australians to verify all communications, even those that seem legitimate, by contacting organisations directly using official contact details from their website or app.
Meanwhile, Binance’s chief security officer, Jimmy Su, stresses that user protection is their top priority and that education is crucial in combating scams.
‘Scammers often impersonate trusted platforms—like Binance and others—by exploiting certain telecom loopholes to manipulate sender names and sender phone numbers to create urgency,’ he said.
Su advises users to ‘always verify communications using Binance Verify,’ a tool to confirm official Binance channels, and to never share sensitive information or transfer funds under pressure.
As you navigate the complexities of the digital world, it’s essential to stay informed and cautious. Remember, if something seems too urgent or too good to be true, it’s worth taking a moment to verify its authenticity. By doing so, you can protect not only your finances but also your peace of mind.
Have you or someone you know encountered a scam like this? Share your experiences and tips for staying safe in the comments below. Your story or tip could help a fellow YourLifeChoices reader stay one step ahead of the scammers.
Also read: The new age of fraud: The new scams stealing millions—and how to avoid them
