Binance to introduce new security feature to combat crypto SMS phishing scams

Binance plans to start a new safety feature to help users detect SMS phishing scams.

Binance plans to present New safety feature to help users identify SMS phishing scams. The decision comes in response to growing concerns about SMS phishing fraud, underlined by a Recent phishing attack Taking a web enthusiast Joe Zhou. The company has not yet provided details on the operation of the functionality.

Zhou was the victim of an SMS phishing scam that seemed to come from the Binance. The message falsely said that its account was accessible from North Korea. The crook, who pretended to be a Binance representative, convinced him to create a safepal wallet. Zhou has respected and transferred funds to the portfolio. However, he became a suspect and then confirmed with a binance contact that he was indeed scammed. While trying to recover his assets, the crook withdrew additional funds before the failure of his transaction due to gas costs.

Zhou’s situation is not an isolated incident because phishing attacks targeting crypto users have made the headlines recently. On February 18, the cybercriminal division of the Police of Cyprus issuing A warning concerning an increase in SMS fraud programs. The crooks imitating the officials of Binance sent messages which seemed legitimate, encouraging users to reveal their information of connection of connection. Once obtained, the crooks accessed accounts and stole funds.

Other main crypto platforms have also been targeted. Between December 2024 and January 2025, Coinbase users underwent significant losses due to social engineering scams. Zachxbt blockchain investigator reported that at least $ 65 million was stolen during this period. The attackers used phishing emails, false customer service calls and counterfeit websites to deceive users in the transfer of funds under the cover of security check. The stolen assets were then bleached through bridges and mixing services like Tornado Cash.

The extent of phishing losses has been substantial. According to a Certik reportA total of $ 2.36 billion was lost in 760 chain security incidents in 2024, which represents an increase of 31.61% compared to the previous year. Phishing attacks represented $ 1.05 billion in these losses, almost half of the total amount. The second quarter of 2024 was particularly damaging, with 67 phishing attacks resulting in losses of $ 433.7 million.