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The messaging app Telegram (TG) has a reputation for being a reliable privacy tool. It is very popular in the cryptocurrency community. However, some of the app's features also open up opportunities for scammers. This means that users need to be vigilant when using Telegram.
Recently, there has been a rise in fraudulent activity related to Telegram, especially cases where cybercriminals impersonate Binance employees to deceive, phish, or conduct fake investments. Note that if a Telegram user has information about the account in their profile description, there is an extremely high probability that they are a scammer.
In this article, we will discuss common scams on Telegram and share tips on how not to become a victim.
Account takeover fraud on Telegram
Malefactors impersonate Binance employees
Scammers often impersonate Binance employees.
In the first case, a Binance user met a supposedly financial advisor on Telegram who offered to help him make money by participating in a fraudulent airdrop from a fake Binance organizer. The scammers, posing as Binance, then told the user that he had to pay a tax fee and provided a phishing link for payment.
Note. Scammers posing as Binance employees often use the official logo and employee names. Their goal is to make users trust them and hand over assets.
Binance bot with impersonation
Malefactors often also impersonate the Binance support bot.
Note. The bot's username is Binance Support, but this account is not an official Binance channel.
Binance group impersonation
Here is an example of a fake group on Telegram. Users received spam and were added to a Binance group on Telegram with the exchange's logo and a chat with a fake Binance support representative.
Note. In this group's chat, the scammer was engaging in fake mining and asked users to send ETH to receive fake BNB.
Safety tips in case of account takeover fraud on Telegram
Always carefully check contact information on Telegram. Account details can be found on the profile page. Pay special attention to the username field and do not rely on the information provided in the 'About' section. This section can be easily manipulated, as anyone can claim to be associated with official Binance channels. Below is a screenshot of a typical user's profile page. Note that scammers often hide the username by adding supposedly official information in the 'About' section to deceive users.
Important note. If a Telegram user has information about the account in the 'About' section, it is very likely that they are a scammer.
When checking account data, pay attention to every letter in the username, check for uppercase and lowercase letters, as well as special characters. Some scammers replace letters with special characters or change the case of letters to make their accounts look very similar to the official ones. If you do not examine the name carefully, you may not notice the difference. For example: a scammer uses the letter L in the name BlNANCE when the correct spelling is BINANCE. At first glance, these two characters appear identical!
Use the Binance Verify channel. You can verify social media accounts there. Enter the username in the search bar to see the verification results. The image below shows what you should see if the account is linked to a real Binance employee. If the contact in TG provides you with a verified screenshot to gain your trust, always check the source and the TG account to ensure they actually match.
$Phishing on Telegram
Malware
If you make a search request for 'download TG', you may well encounter malicious unofficial TG software. Such programs may have malicious functionalities added.
Note. There is no official Chinese (CN) version of Telegram. Do not download it, or you may fall into the hands of scammers.
Cryptocurrency giveaway fraud
Scammers send invitations on Telegram to participate in a cryptocurrency giveaway for a small fee. In most cases, these giveaways seem too good to be true.
Below are real examples of such scams.
Note. The screenshots show a giveaway scam in which the user was offered to pay a small amount of money to later receive a reward. Once the user made the transaction, they most likely lost valuable assets.
Tips for protecting against phishing scams on Telegram
Download Telegram software only from the official channel. Always check the source of the software download and do not use installation packages from third-party sites. Unofficial clients may be altered to gain control over your account, read your entire chat history, and gather information about your device, posing a significant security risk to your account. If you are using Telegram software downloaded from unofficial channels, immediately delete it and reinstall it from the official source.
Activate 2FA (two-factor authentication) to add an extra layer of security to your TG account. This will reduce the likelihood of your account being hacked. Below is how to enable 2FA in Telegram (Profile → Privacy and Security → Two-Factor Authentication).
When using Telegram, it is important not to share personal and confidential information. This includes your full name, username, phone number, email address, passwords, seed phrases, banking details, etc.
Do not click on links from untrusted sources. Clicking on a link or sharing confidential information can lead to the loss of personal data and assets.
Investment fraud on Telegram
Fake airdrops
Airdrop fraud is a phishing attack where users participate in fake airdrops. Victims are usually convinced to make payments, connect wallets to malicious smart contracts, or share private keys to participate in the fake airdrop. In all cases, the promised airdrop does not occur, and users simply lose their personal information and/or assets.
Note. This is a fake airdrop for IO.NET (IO), where users were convinced that they could receive tokens during a presale that had not yet been listed. However, even if a user receives IO tokens, they are likely not real.
Fake tokens
Below are examples of scams with fake tokens. Malefactors create temporary accounts/groups/websites on Telegram, through which they offer fake tokens and deceive people. Victims are promised unusually high returns, often paid in the form of non-existent assets. Such tokens have neither real value nor liquidity.
Note. During token launches, instances of fraud with them increase. If a team claims to be participating in Binance Launchpool but is conducted outside of our platform, it is likely a scam. To stay informed about the latest projects on Binance Launchpool, we highly recommend regularly checking the official page of our website. There we publish the most accurate information in real-time about our Launchpool programs.
Safety tips for investment fraud on Telegram
Do not trust investment offers with extremely high returns. If an investment seems too good to be true, it is likely a scam.
Refer to official promotions on the official Binance website and participate only in them. Be cautious of fake promotions.
Always research the project before deciding to invest in it.
Pay special attention to details, carefully analyze the source, and verify the authenticity of projects before making a decision.
Additional materials
Scammers on Telegram
How to recognize fraud: cryptocurrency giveaway scams
Security measures in cryptocurrency: how to identify and protect yourself from fake Binance Launchpool tokens#BinanceAlphaAlert