Warning Against SMS Scams in Cyprus

Cyprus police have issued a warning about a rise in SMS fraud targeting crypto investors, specifically impersonating the Binance crypto exchange.

Scam Details

The fraudsters are sending mass text messages claiming that an “unauthorized login attempt has been detected from a foreign country” on users’ Binance profiles. These messages instruct recipients to call a phone number, attempting to trick them into disclosing their login details and account access.

Police Response

Authorities have confirmed that these messages are fake and are urging individuals not to respond or interact with the senders. As of now, Binance has not made any public statement on the issue.

Recent Statistics

In August 2024, Binance reported blocking over $2.4 billion in potential scams and fraud during the first half of the year, preventing losses for more than 1.2 million users. Additionally, in November 2023, the exchange agreed to pay over $4.3 billion in fines for violating federal anti-money laundering and sanctions laws.

Other Scam Trends

According to ScamSniffer data, phishing scams stole over $10.2 million in crypto from more than 9,000 victims in January, marking a 56% decline from December. However, the firm noted a significant rise in Telegram “Fake Safeguard” scams, which increased over 2,000% since November 2024, leading to the emergence of more than 300 fake accounts daily.

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