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Binance Customers in Poland Targeted by SMS Phishing Scam

Polish Binance clients fall victim to an SMS phishing scam, with fraudulent messages claiming lottery wins. The scam raises suspicions of a potential data leak, which Binance denies. SMS Spoofing Attacks are a global issue with regulatory measures in place in Poland.

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Wojciech Zylm
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Binance Customers in Poland Targeted by SMS Phishing Scam

Polish customers of the cryptocurrency exchange, Binance, recently fell victim to an SMS phishing scam. The scam involved fraudulent messages claiming that customers had won in the 'Binance Mystery Box' lottery, a deceitful ploy to extract sensitive account information.

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Unmasking the Phishing Scam

These fraudulent texts, appearing in the same message threads as legitimate messages from Binance, led to an aura of credibility. Post discussions with Polish Binance users and analyses of social media posts confirmed the receipt of such misleading texts, raising suspicions of a potential data leak of phone numbers. However, Binance vehemently denies these allegations.

SMS Spoofing Attacks: A Global Challenge

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Binance Poland has elucidated that the GSM system used for sending SMS allows for the sender's name field to be arbitrarily filled. This loophole enables scammers to impersonate legitimate entities, leading to successful SMS Spoofing Attacks. It's not just Poland that's grappling with this issue; similar scams have been reported in other countries, including a sophisticated operation in Hong Kong that cost users nearly $500,000.

Regulatory Measures and Binance's Stance

To tackle this widespread problem, Poland has introduced regulations that mandate the registration of sender names with telecommunications operators. Binance acknowledges the issue but notes that rectifying this would necessitate unrealistic modifications to the entire GSM system. In addition to the phishing scam, Binance also warned of an investment scam known as 'pig butchering,' a manipulative scheme enticing victims into fraudulent crypto investments.

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