Protecting Your Binance Account from Emerging Scam Calls
Binance Blog published a new article, revealing insights into a recent trend of scam calls targeting users to manipulate their API settings for malicious purposes. This article aims to educate users on the nature of these scams and provide practical measures to safeguard their accounts.
A new wave of phone impersonation scams is sweeping through the crypto space in 2025, exploiting misplaced trust to gain unauthorized access to users' funds. The scam begins with a seemingly legitimate phone call from someone claiming to be from customer support, urging users to change their API settings due to urgent security updates. These adjustments, however, open the door for scammers to drain funds directly into their wallets. Binance's risk experts are closely monitoring this threat, emphasizing that awareness is the first line of defense. The article breaks down the scam's mechanics, its real-world impact, and offers steps to protect your account.
The scam leverages the API, a tool designed for automated trading and account management, by convincing victims to expand permissions, such as enabling withdrawal functions. This manipulation grants attackers near-total control over the account. Because these changes appear to originate from the user's device, they bypass initial security checks, leaving the account compromised. Social media is rife with warnings from frustrated users who have experienced drained wallets and suspicious calls, sparking widespread concern across the crypto community.
The impact of these scams is significant, with early estimates indicating dozens of users affected and individual losses ranging from hundreds to several thousand USDT in crypto. Beyond financial loss, victims report feelings of shock and betrayal, having believed they were protecting their accounts. The timing of these attacks, during a busy trading period in late July, further exacerbated the situation as users were more focused on trading opportunities than potential threats.
Binance is actively combating this emerging scheme through threat analysis, tracking call patterns and API misuse to identify and block attacker networks. Official communication from Binance never involves unsolicited phone calls for security adjustments; legitimate updates are communicated through the app, email, or binance.com. The 24/7 support team is ready to revoke compromised API keys and freeze accounts if suspicious activity is reported promptly.
To protect your Binance account, activate Two-Factor Authentication (2FA) using the Binance app or a hardware key, ensuring withdrawals require additional verification even if your API is compromised. Implement Passkey for enhanced security, a phishing-resistant authentication method available in the Binance app. Verify all communications and never adjust API settings based on unsolicited calls or messages. Secure your API settings by restricting withdrawal access and rotating keys regularly. Monitor account activity daily and set up alerts for withdrawals to catch unauthorized activity early. Educate yourself on scams through Binance's resources and report suspicious calls immediately.
In conclusion, the rise of fake support calls underscores the importance of vigilance as the strongest defense against scams. By relying solely on official Binance communication channels and avoiding API changes at someone else's direction, users can protect their accounts. Adding layers of protection, like passkeys and hardware-based 2FA, further strengthens defenses against impersonation attempts. Binance continues to monitor threats and develop tools to safeguard users, but the combination of user awareness and platform security remains the most effective strategy against scammers.
