Scammers are sending realistic text messages that pretend to be from major exchanges like Binance or Coinbase. The messages often claim that a withdrawal or transfer has been initiated on your account and tell you to call a phone number “immediately” if you did not approve it. Do not call the number in the SMS. It routes you to a fake call center staffed by fraudsters who will try to extract your login, 2FA codes, seed phrases, or convince you to move your assets to a “safe” wallet that they control. Binance has publicly warned customers about this exact tactic and explicitly advises users not to call the numbers in these messages. Binance+1
What these scam texts look like
Common patterns we see:
- “Your BINANCE withdrawal code is 123456. If this was NOT you, call +1-XXX… immediately.”
- “COINBASE security alert: suspicious activity detected. Call our 24/7 line now.”
- “Unusual transfer detected. For urgent help, call this number.”
Real-world examples reported by users show the same script: an alarming withdrawal message plus a callback number to a fake help desk. Reddit+1
Why this works
- Caller and SMS spoofing: Attackers can inject texts into existing message threads or spoof short codes, making the message look authentic. Reddit
- Urgency and fear: The text pushes you to bypass normal security habits and call a number where trained social engineers take over. Coinbase’s security team highlights these fear-based messages as a hallmark of smishing. Coinbase
- Scale of the problem: Text-based fraud is rising fast. In 2024, consumers reported $470 million in losses that started with text messages, according to the U.S. Federal Trade Commission. Federal Trade Commission+1
Exchanges will not ask you to call an unverified number
Legitimate platforms direct you to log in through the official app or website and use in-platform support. Binance warns that these “call us now” texts lead to fake call centers impersonating support staff. Do not call, do not reply, and do not share one-time codes or recovery phrases with anyone. Binance
The new twist: fake withdrawal codes and chained impersonations
Recent incidents show scammers sending fake “withdrawal verification codes” via SMS to lure victims into calling, then escalating with follow-up calls pretending to be from wallet vendors like Ledger. The goal is to capture 2FA codes or get you to move funds to a criminal wallet. Binance
How to protect yourself in 60 seconds
- Do not call phone numbers in any SMS. Delete the message. The FCC advises against calling unknown numbers or replying to suspicious texts. FCC
- Check your account yourself. Open the official app or type the URL manually. Do not use links or numbers from a text. Binance provides a tool, Binance Verify, to confirm URLs, emails, and phone numbers. Binance
- Harden your login. Use an authenticator app or hardware security key. Avoid SMS for 2FA whenever possible. Coinbase
- Review security settings. Rotate passwords, revoke suspicious API keys, and check recent devices and sessions.
- Report the message. Use your carrier’s spam reporting and notify the exchange’s official security channel. Coinbase, for example, asks users to forward screenshots to their security team. Middlesex County NJ
If you already called or shared information
- Reset credentials immediately and enable stronger 2FA.
- Contact the exchange through official support and tell them exactly what happened. Ask them to lock withdrawals if needed.
- Monitor on-chain activity from your wallets and look for new withdrawal addresses or approvals.
- Preserve evidence: screenshots of texts, call logs, numbers, and any wallet activity can help dispute resolution later.
- Report locally: file a report with your national consumer protection or cybercrime center. In Australia, recent alerts highlighted exchange impersonation via SMS and urged verification through official channels. News.com.au
How CyberClaims can help
If you were targeted or lost funds in an SMS callback scam, CyberClaims can assist with:
- Triage and evidence collection to document the event and preserve technical artifacts.
- Blockchain tracing and case preparation that can support exchanges, custodians, and law enforcement in their own reviews.
- Dispute resolution with relevant platforms as part of a coordinated series of disputes to seek freezes or interventions where possible.
We are not a law firm and do not provide legal services. Our focus is operational response, tracing, and structured dispute workflows to improve outcomes with service providers.
