According to a March 2025 media release from the Australian Federal Police (AFP) and the National Anti-Scam Centre (NASC), a sophisticated scam is targeting cryptocurrency holders across the country. Criminals are impersonating police and Binance support staff, using spoofed communication to trick victims into transferring their digital assets to wallets controlled by scammers.
The Mechanics of the Scam
The scam relies on creating a false sense of urgency and exploiting the trust people have in official institutions. The targets receive an SMS or email, often designed to appear in an existing, legitimate message thread from a known cryptocurrency exchange. The message claims their account has been breached and provides a fake verification code and a support phone number to call.
When victims call the number, a scammer posing as a representative instructs them to “protect” their funds by immediately transferring all their cryptocurrency to a so-called “trust wallet”, which is actually controlled by the criminal. In a similar vein, other police forces have warned about scammers impersonating senior officers and fabricating stories about security breaches to trick victims into entering their wallet passwords on fake websites. The AFP-led Joint Policing Cybercrime Coordination Centre (JPC3) has identified over 130 Australian victims through Operation Firestorm, a global initiative to disrupt offshore organised crime.
How to Protect Yourself
Authorities emphasize that legitimate law enforcement or a genuine company will never make certain requests. Key warning signs and protective steps include:
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Unsolicited Contact and Urgency: Be highly suspicious of any unsolicited contact from someone claiming your account is breached and pressuring you to act quickly. Scammers create artificial urgency to short-circuit your rational thinking.
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Requests for Sensitive Information: A major red flag is any request for your seed phrase, private keys, or passwords. No real police officer or official will ever ask for this information.
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Requests to Transfer Funds: Legitimate authorities will never demand that you move your cryptocurrency to a different wallet to “secure” it.
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Verification is Key: If you are unsure, hang up and contact the organization directly using official contact details from their website or app. Do not use any contact information provided in the suspicious message.
What to Do If You’re Targeted
If you have already transferred funds, report it to your bank or digital currency exchange immediately. Then, report the crime to police via ReportCyber and quote the reference number AFP-068. You can also report scams to Scamwatch to help warn others. Stop all communication with the scammer immediately. For specialized support, especially if you are concerned your identity has been compromised, you can contact the national identity and cyber support service, IDCARE.
