Crypto Scam Alert: Fake SMS Support Scams Targeting Aussie Investors

• crypto-scams
• sms-phishing
• 2fa-security

Fake support messages from crypto exchanges are tricking users into handing over their assets. Learn how this scam works and how to protect yourself.

SMS from Your Crypto Exchange? It Might Be a Scam

Receiving an SMS that looks like it’s from Binance or Coinbase—especially one in the same thread as your real login codes—can feel legitimate. But that’s exactly what scammers are counting on.

The Scam: What It Looks Like

This new wave of phishing attacks appears through SMS messages sent to your existing exchange conversation thread. These spoofed messages warn of unauthorised activity and ask you to call a ‘support’ number urgently.

Victims who call are connected with scammers posing as support agents. These scammers, often using local accents and tech-savvy language, convince you to transfer funds to a 'safe' wallet—one they secretly control.

Why the Scam Works

• Urgency: Claims of account breaches trigger fear and quick action.
• Familiarity: Messages appear in legitimate SMS threads, making them harder to detect.
• Calm, credible voice: Scammers mimic real support staff with technical jargon and polite tones.

Scam Lifecycle Explained

• Step 1: Spoofed SMS Alert
  The message looks routine and urgent. It may read: “Unusual login detected. Call support immediately.”
• Step 2: Fake Support Call
  Calling the number connects you with a scammer who walks you through ‘protective steps’, which are actually setups for theft.
• Step 3: Wallet Transfer
  You’re asked to transfer funds to a new wallet that you believe is secure. In truth, the scammer controls it. Once transferred, your assets are gone for good.

How Scams Are Evolving in 2025

Scammers now mimic behaviour, not just branding. Messages reference past transactions. Calls might use AI-generated voices to keep you on the line. The lines between real and fake have never been blurrier.

This sophistication means gut instinct alone isn’t enough. You need process, vigilance, and the right tools.

How to Protect Yourself

• Don’t trust urgent messages: Real platforms rarely ask for immediate calls.
• Verify contact: Only use contact details from the official exchange app or website.
• Upgrade your 2FA: Use an authenticator app or physical security key, not just SMS.
• Stay calm: Scammers win when you panic. Pause, think, and double-check.

If You’ve Been Targeted

• Don’t engage again: Block and ignore further contact.
• Document everything: Save messages and phone numbers.
• Report the scam: Contact your crypto platform, and the ACCC's Scamwatch.

These scams are built on emotion, urgency, and trust. Staying informed and careful is the best defence. Don’t just react—verify before you act.