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Major European cryptocurrency exchange Bitpanda has issued a critical alert to its users and the broader crypto community, warning them about an increase in SMS-based phishing and scam attempts targeting user accounts. The alert, shared via Bitpanda’s official X account, aims to protect users from falling victim to this type of scam.

In a recent post, Bitpanda warns crypto users to beware of fraudulent scam messages, adding it will never ask users to call or send funds anywhere.

This warning highlights the increasing sophistication of scammers, who are now able to make their messages appear next to legitimate communications from trusted sources. As the popularity of digital assets grows, phishing attempts and fraudulent messages become more common, making it critical for users to stay vigilant and adopt best practices for securing their assets.

Safety guidelines issued

In a 1-minute, 15-second video posted alongside Bitpanda's tweet, the crypto exchange stated that it does not have an inbound phone number, which means it would never ask users to call back, call a particular phone number or request that they transfer funds anywhere for any reason.

Bitpanda also stated it would never request a user account balance, password, 2FA or SMS codes, going further to offer safety guidelines.

First, crypto users should ensure they use only official links. Bookmarking legitimate websites might come in handy rather than relying on random search engine results.

Second, stay calm, as scammers typically create a false sense of urgency to pressure victims into making hasty decisions. Crypto users should take time to assess the situation and verify any requests before acting.

Third, crypto users should avoid links. They should never click on links on unsolicited messages, even if they appear legitimate. Users should also always verify the authenticity of messages.

As a safety precaution, cryptocurrency users should protect their personal information by never sharing passwords, 2FA or any other sensitive information and, finally, reporting suspicious activity.