Major European crypto exchange Bitpanda has issued a critical alert, reiterating the need for vigilance among crypto holders amid a profileration of scams in the space. One of the primary concerns highlighted by the exchange is the rise in phishing scams.

In a tweet addressed to the crypto community, Bitpanda stated that it has been aware of an uptick in phishing text messages (Smishing), where the sender pretends to be Bitpanda.

These messages can sometimes appear in the same chat as legitimate texts because attackers can impersonate the sender’s identity (sender ID spoofing), and mobile networks do not always verify who is sending the message. This makes it hard to tell the difference between real and fake messages.

Bitpanda shares steps to stay safe

To keep their accounts secure, Bitpanda urges its users to take a few precautionary steps. First, they should always verify the sender/caller for every message and incoming call. They should be wary of messages/calls from unknown numbers or email addresses claiming to be from the Bitpanda support team. This is because Bitpanda does not make unsolicited calls, accept inbound calls or offer support over the phone.

Second, crypto users are urged never to click on links. They should never click links in unsolicited messages, even if they appear to be from Bitpanda. As a rule of thumb, users are urged never to click on a link that does not run via the Bitpanda domain or that uses shortened links or unfamiliar domains. In this case, users should always use the official contact form on the Bitpanda website to check the legitimacy of suspicious requests.

In addition, users should endeavor never to share personal information, and their password, 2FA codes and other sensitive information must not be shared with anyone – not even with someone who is posing as a Bitpanda employee.

Also, users should bear in mind that smishing scams often create a sense of urgency, pressuring them to act within a limited time frame, thus they should take a moment to logically assess the situation and never rush.

Lastly, they should report suspicious messages to relevant authorities and block the sender.