Learn about Binance's new security feature to protect users from SMS phishing. Stay informed about rising SMS phishing concerns and recent incidents.
Binance is planning to unveil a new security feature to assist users in detecting SMS phishing scams. This decision is made in response to growing concerns about SMS phishing. Recently, Joe, a Web3 enthusiast, fell victim to a phishing attack that appeared to be sent by Binance. The scammer impersonated a Binance representative, convincing Joe to create a SafePal wallet and transfer funds to it. The Cyprus police have also recently warned about the rise in SMS phishing schemes. Reports indicate that Coinbase users have also suffered significant losses in recent months. According to CertiK’s report, a total of $2.36 billion was lost in 760 security incidents in 2024, with phishing attacks accounting for $1.05 billion of that amount.
