Australian federal police have warned over 130 individuals about a new SMS scam targeting crypto users, which impersonates Binance by using the same sender ID as the legitimate exchange. Scammers send messages that appear credible, claiming there’s a breach of users’ crypto accounts and instructing them to set up a new wallet. These messages are designed to look authentic as they appear in existing threads with Binance communications. When victims call the provided support number, they are instructed to transfer their cryptocurrency to a 'trust wallet' managed by the scammers, resulting in stolen assets. The AFP has found that such scams exploit telecom vulnerabilities to spoof message sender IDs. To combat this, the Australian government is launching an SMS Sender ID Register to ensure that messages correspond to legitimate senders. The AFP noted that in the previous year, nearly AUD 382 million was scammed, with around 47% involving crypto-related frauds. Red flags of this scam include unsolicited messages about account issues and pressure to respond quickly.

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