u.today
Amid concerns to curtail the growing cases of fraudulent schemes, Binance, the world's largest cryptocurrency exchange, has called the attention of its users to a rise in phishing attacks involving fake text messages.
Binance sent crucial warnings earlier today, noting that it has recently observed an increase in phishing attempts targeting users through fraudulent "security alert" messages.
Binance detects rising phishing attacks
Binance warned that the text messages have been designed to trick people into handing over access to their accounts and that vulnerable users have continued to fall victim to these scams.
The exchange further explained that these texts are perfectly disguised to appear as legitimate notifications from Binance, alerting users about false issues on their accounts.
According to the exchange, the phishing texts often claim that a user's account settings have been changed or that suspicious activity has been detected, urging potential victims to click on certain links to get their accounts fixed.
More notably, Binance added that shortened malicious links are often embedded in the messages and that the message content tends to pressure recipients to act impulsively by asking them to "verify" or "secure" their accounts via the attached links.
This way, scammers are able to lure users into reacting quickly before they even have time to verify whether the message or the attached link is genuine.
Binance issues safety measures
While Binance assured its users that it would never ask them to tap a link in a text message to verify or secure their accounts, it encouraged them to be extremely careful when they receive unexpected security-related messages.
To reduce the risk of falling victim to such scams, Binance urged users to verify every link before clicking on it.
The exchange also advised users to enable the Withdrawal Address Whitelist on their accounts to restrict withdrawals to addresses that have been pre-approved.
In addition, Binance recommends that users enable its Anti-Phishing Code feature to help them easily identify legitimate Binance emails.