Binance Issues Warning Against Rising Whatsapp Scams in Dubai
Binance, one of the world’s largest cryptocurrency exchanges, has issued a warning amid rising WhatsApp phishing scams in the country. The firm clarified that it’s only official communication channels are via Twitter, Instagram, Telegram, Facebook and email.
According to the warning issued by Binance, there has been a surge in “social engineering attempts” against the industry via social media and other applications.
Users are urged to stay alert and exercise caution against these possible phishing scams by following communication from official sources only. Another way to spot the likelihood of a scam is by looking out for spelling mistakes.
Two-factor authentication is highly encouraged as an extra protective layer to user accounts, users are also encouraged to refrain from clicking on links in unsolicited messages. Additionally, the use of strong passwords is highly recommended.
The rise of scams is inevitable as the landscape of crypto and social media continues to expand. WhatsApp being one of the most widely used communication channel across the world is being targeted by scammers as a point of contact for scams.
Nathan Swain, Chief Information Security Officer at Binance, said: “Binance remains steadfast in its commitment to user safety and protection, information security, and ongoing education initiatives to ensure that users are well-equipped to navigate the dynamic landscape of the digital realm securely. Staying informed and vigilant against evolving phishing tactics is key to safeguarding against fraudulent activities.”
The scam takes place through a fake WhatsApp profile created by scammers to impersonate a Binance representative, in most cases claiming an urgent issue with the user’s account and ultimately coercing victims to handover confidential information.
