Police specialists in Cyprus detected more SMS fraud attacks on crypto investors according to the Cyprus Mail on Tuesday. Illegal parties pose as Binance team members to steal user login data and empty their accounts.
A suspicious login attempt from another country is reported to victims by fake messages sent by entities they trust. The scammers require recipients to contact a phone number which forces users to give up their login details. Governments verified that the messages are scams so users should disable them while turning on two-factor authentication for security.
The global message about crypto-related fraud serves as the background for this public notice. Binance protected its users from damage by stopping $2.4 billion of potential theft during the initial half-year period.
Cyprus Investors Face Scams
The cryptocurrency market continues to experience identical types of cons. Community investigator ZachXBT reveals that between December 2024 and January 2025 Coinbase faced social engineering assaults which led to users losing $65 million.
Attackers used bogus emails and phone calls plus fake websites that looked like Coinbase in their schemes. Hackers used deceitful security verification methods to steal money from victims who then had the funds processed through cryptocurrency cleaning platforms.
The SMS fraud in Cyprus is one element of an ongoing cybersecurity problem. During 2024 CertiK discovered 760 security incidents with crypto fraud costing victims $2.36 billion making up 31.61% more loss than in the past year. These phishing tactics alone caused $1.05 billion to be lost by victims. Cyberscriminals managed to steal $433.7 million through phishing attempts during 67 attacks during the second quarter of 2024.
⚡️ JUST IN: BINANCE BLOCKS OVER $2.4 BILLION FROM CRYPTO SCAMS IN 2024#Binance revealed that between January and July 2024, it prevented more than $2.4 billion in losses from crypto scams, protecting over 1.2 million users worldwide.
Their 24/7 risk management system, powered… pic.twitter.com/AbAP2b31PS
— JAKE (@JakeGagain) August 22, 2024
Cyprus Warns of Fraud
Online criminals continue to adapt their techniques of attack. Scammers now create job opportunities for major cryptocurrency firms and target job seekers with salaries between $200,000 and $350,000. Cybercriminals use extended interviews as an approval tool before asking victims to send interview footage through Willo Video Interviewing. The instructions to restart Chrome involve installing malware that gives attackers unauthorized entry when victims encounter technical problems.
The attacker uses the inside access to empty cryptocurrency wallets and hurts the system. Cybercriminals use computer weaknesses and deceive people to make their criminal plans work.
Crypto investors must strengthen their security awareness because hackers target them with growing phish attacks along with text message fraud and trickery in recruitment. Security experts advise people to set up two-factor authentication plus hardware security keys while checking the legitimacy of all messages before responding to possible scams.
Cryptocurrency companies strengthen security measures and teach users about dangers as part of their defense against these threats. You should carefully monitor developing cybercriminal tactics each time you handle cryptocurrencies.
This news is republished from another source. You can check the original article here
