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A new scam alert has surfaced targeting Shiba Inu (SHIB) investors, as fraudsters impersonating Binance intending to steal personal information and user funds. The warning was issued by the Shiba Inu-focused X account "Susbarium," urging SHIB holders to stay vigilant.
This scam employs "smishing," which uses impersonation tactics to deceive victims into believing fraudulent messages are legitimate.
The victim receives an SMS about suspicious account activity, appearing to come from a trusted provider like Binance. Because SMS systems aggregate messages from what seems to be the same sender, the fraudulent message blends in with legitimate texts, making it appear genuine. The message requests that the victim call a number to "secure" their account.
Tomiwabold OlajideOnce the victim calls, scammers instruct them to transfer their funds to a "safe" wallet managed by the scammers. They send a seed phrase via email, SMS text, a fake website or even over the phone. The victim believes their funds are secure and initiates the transfer, only for the scammers to promptly drain the wallet, resulting in a loss.
Susbarium warned the Shiba Inu community not to call any number or provide any personal information. Instead, they should always verify communication through official Binance channels.
Smishing alert issued by Binance
An alert was released by crypto exchange Binance along similar lines over the weekend. In a blog post, Binance noted that phishing scams have evolved to include fraudulent SMS messages, a tactic now known as "smishing," which is derived from combining the words "phishing" and "SMS."
Arman ShirinyanTo combat this, Binance stated it was extending its Anti-Phishing Code to SMS, which would provide an extra layer of security by helping users to verify the authenticity of messages by displaying a personalized, easily recognizable code.
Also, as a precaution, Binance urges users to stay proactive by enabling the latest security features, staying updated about emerging threats and reporting suspicious messages to protect themselves and others.
In addition, unexpected messages urging immediate action or requesting personal information should always raise a red flag. Scammers rely on the urgency to push victims into making mistakes. Hence, crypto users should pause, verify and think before they act.
Even if a message looks to be legitimate, never click on any link in SMS messages. Instead, manually enter the official website’s URL in the browser to ensure they are on the correct platform.
Vladislav Sopov
Dan Burgin