The Australian Federal Police have warned over 130 people about a new text scam targeting crypto users. The scam mimics the sender ID of well-known exchanges such as Binance to trick victims into believing the messages are genuine.
Fraudsters send texts and encrypted messages claiming that a crypto account breach has occurred and instruct users to set up a new wallet for safety.
The scammers provide a fake support phone number, urging recipients to transfer their cryptocurrency into a “trust wallet” controlled by the fraudster.
Joint Efforts to Protect Users
The AFP, National Anti-Scam Centre, and Binance Australia issued a joint media release on March 21, 2025, to warn users about the scam.
The agencies collaborated with the Joint Policing Cybercrime Coordination Centre to reach potential victims and advise immediate action.
Authorities explained that the scam used end-to-end encrypted platforms to contact unsuspecting users. The agencies stressed that anyone receiving such messages must verify the sender using official contact details from trusted sources.
They urged victims to report any suspicious transfers and provided a reference number for reporting cybercrime incidents.
Also Read: North Korean Hackers Use New Phishing and Malware Attacks For Crypto Crimes
Rising Crypto Crimes and Phishing Threats
Recent trends indicate that crypto crimes and phishing attacks are on the rise, putting more users at risk. Criminals increasingly use sophisticated techniques to copy sender details and lure victims into making hasty decisions.
Phishing links have become more convincing, often appearing in genuine-looking message threads and emails. Hackers rely on these methods to quickly move funds through a network of wallets and laundering accounts, complicating recovery efforts.
Law enforcement agencies are working with international partners to disrupt these cybercrime networks and educate the public about potential risks.
Advice for Crypto Users
Crypto users must remain cautious when they receive unsolicited texts or emails that claim urgent action is needed. It is essential to verify any suspicious communication by contacting the service provider directly using official channels.
The Aussie authorities stated that users should avoid clicking on links or downloading attachments from unknown sources and never share sensitive information like seed phrases.
Experts advise that any requests to transfer funds immediately should be treated with extreme caution. Authorities recommend that victims report incidents promptly to prevent further losses and assist in ongoing investigations.
The combined efforts of the AFP, NASC, and Binance Australia show a clear commitment to protecting crypto users and reducing financial loss.
Authorities continue to monitor cybercrime trends and improve collaboration with international partners to disrupt illegal activities.
Also Read: South Korea Launches Dedicated Crypto Crime Investigation Unit To Strengthen Crypto Oversight