Spotting Fake SMS: A Guide to Recognizing Exchange Impersonation Scams

The Growing Threat of SMS Fraud

You’ve just received a text message claiming to be from a major trading platform. But something feels wrong. The formatting looks off. It’s asking you to call a number or verify urgent account activity. Stop right there—you may have just intercepted a scam attempt targeting crypto traders.

Fraudsters routinely pose as legitimate exchanges, sending fake SMS messages designed to steal credentials, drain wallets, or hijack accounts. Here’s what you need to know to protect yourself.

What Legitimate Verification Messages Actually Contain

When a major exchange sends you a genuine SMS, here’s what it typically includes:

Actual legitimate messages contain:

• A numeric verification code
• Nothing else

That’s it. No links. No phone numbers. No urgent action requests. No additional information.

These messages arrive when you log in after an extended period, switch devices, or connect from a new IP address. This is standard account protection protocol—nothing more.

Critical security note: Scammers often use the same sender ID as the actual exchange, so your phone may group legitimate messages and fraudulent ones into the same conversation thread. Don’t assume they’re from the same source just because they appear together on your screen.

How to Identify the Red Flags in Fraudulent Messages

Rule #1: Any SMS containing a phone number is fake.

Period. Full stop. Legitimate exchanges never ask you to call anyone via SMS. If you dial that number, you’ll reach a con artist trained to manipulate you into surrendering funds or account access.

Other warning signs in fake SMS attempts:

• Requests to “verify immediately” or handle an “urgent security issue”
• Links to websites (legitimate exchanges send codes only)
• Requests for your 2FA codes or seed phrases
• “Act now or your account will be locked” language
• Phone numbers, email addresses, or contact information of any kind
• Suspicious sender names that look almost but not quite right

What to do when you receive one: Delete it. Block the number if possible. Report it to the platform’s security team if you can do so through official channels.

Understanding Common SMS Scam Tactics

The Impersonation Play: Fraudsters mimic the exchange’s branding, sender name, and even formatting to seem authentic. The difference appears subtle on your phone screen.

The Urgency Angle: “Your account has been compromised!” “Verify now or lose access!” These messages create panic, which clouds judgment.

The Credential Theft: Once you call or click, scammers either harvest your login information directly or guide you through steps that give them account access.

The Giveaway Scam: “Send 0.1 to receive 0.2 back!” Classic and always fake. No legitimate exchange runs its security protocols or promotional offers this way.

Frequently Asked Questions About SMS Fraud

Q: Does receiving a fake SMS mean the exchange itself is scamming me? A: No. These are external fraudsters impersonating the brand. They have no connection to the platform’s actual operations.

Q: What should I do if I already called the number or shared information? A: Contact the exchange’s legitimate support channel immediately. Enable 2FA if you haven’t already. Consider changing your password and monitoring your account for suspicious activity.

Q: What about fake emails asking for verification codes? A: No legitimate exchange will ever request your 2FA code via email. Full stop. If an email asks for it, it’s phishing. Delete immediately.

Q: I saw someone claiming to be “Official Platform Support” on social media. Should I message them? A: No. Ignore and block. Real exchange support never initiates private conversations, never requests 2FA codes, seed phrases, API keys, or remote desktop access.

Q: Is there any recovery if I fell victim to a scam? A: Most exchanges maintain reserve funds (similar to SAFU-style protection) for platform incidents, but these typically don’t cover losses from private phishing or credential compromise. Prevention is your best defense.

Q: How do I verify I’m on the real website? A: Double-check the domain carefully for typos. Look for HTTPS and a valid security certificate. Never click links from messages—instead, manually type the website address into your browser.

Your Defense Strategy

• Trust nothing that arrives unsolicited. Legitimate platforms don’t hunt you down via SMS.
• Treat every message with skepticism. Even if the formatting looks professional.
• Never call numbers in messages. Ever.
• Enable authenticator app 2FA rather than SMS-based verification for additional security layers.
• Report suspected fraud through official channels when you can identify them.

The bottom line: if an SMS message is trying to create urgency, asking you to take action, or requesting any information beyond a simple code—it’s a scam. Your skepticism is your best security tool.