Binance Responds to SMS Phishing Attack, Plans New Security Feature

Binance has officially responded to reports of SMS phishing attacks targeting its users, emphasizing that SMS spoofing is a common cyber threat rather than a new hacking technique or an attack aimed specifically at Binance or the cryptocurrency industry.How the Attack WorksSMS phishing (also known as smishing) allows attackers to modify the sender’s identity, making fraudulent text messages appear to come from a trusted source, such as Binance. In certain countries and regions, the legal framework around SMS spoofing remains unclear, making it difficult to combat these attacks.Binance acknowledged the challenges in preventing SMS phishing but assured users that it is working on a new security feature to help them verify the authenticity of text messages and mitigate phishing risks. Protecting Your Cryptocurrency from SMS Phishing AttacksBinance urges users to stay vigilant and adopt the following security measures to protect their accounts:1. Verify the Source of MessagesAlways double-check messages claiming to be from Binance by using Binance’s official verification channels. If you receive a suspicious text, do not click on any links or provide sensitive information.2. Enable Two-Factor Authentication (2FA)Enabling 2FA (such as Google Authenticator or YubiKey) provides an extra security layer, ensuring that even if a hacker obtains your credentials, they cannot access your account without the second authentication factor.3. Never Share Personal or Account InformationBinance will never ask for passwords, 2FA codes, or private keys via SMS, email, or social media. If you receive a message requesting such details, report it immediately.4. Avoid Clicking on Suspicious LinksBefore clicking any link in a text message, check its legitimacy by verifying it against Binance’s official domain. Scammers often use links that closely resemble Binance’s website to deceive users into entering their login details.Common Types of SMS Scams Targeting Crypto UsersScammers deploy various tactics to steal funds and sensitive data, including:Fake 2FA Requests – Users receive a fraudulent message claiming their account needs upgrading or migration to Web3, leading them to a phishing website.Withdrawal Cancellation Alerts – Scammers send texts instructing users to "cancel a withdrawal request", tricking them into entering login details on fake Binance websites.Account Verification Scams – Users are told to "verify" or "upgrade" their accounts or risk suspension, prompting them to submit sensitive data.What to Do If You Receive a Suspicious Binance SMSReport the scam to law enforcement authorities and Binance Support.Freeze your Binance account if you suspect a compromise.Secure your financial information by notifying banks and credit agencies.Binance continues to enhance security measures and advises users to remain cautious of SMS phishing tactics to safeguard their crypto assets.