Topic: You data is not safe on centralized exchanges - page 3. (Read 395 times)
OP, thread's title is very misleading because "You data is not safe on centralized exchanges" has nothing to do with the given case. In article, we read that 11 users become a victim of phishing. It's their responsibility to check the url of where they enter the data. Centralized exchange is not an issue here. Even if these users ha self-custody wallets, they would still lose it because of their inattentivness.
There is only way to not worry about centralized exchanges, data breach, and privacy breaking. The solution is never do KYC or simply avoid centralized exchanges, don't use their service, it will give you rest of mind and happiness. In short, when you see this type of news, you will walk pass like you don't know anything about it because they have nothing on you. Simply see kyc as criminal activity that people indulge in and we know when you don't do crime, you will not have any fear even if they(hackers) try to stop you.
Note that even decentralized exchanges are not actually decentralized and they can collect user data like centralized exchanges too. They only don't require users to do KYC but using decentralized exchanges and some of their services like staking, farming to earn is not safe. Their decentralized exchanges can stop operation anytime and if you lock your coins in their staking pools, you can lose your coins anytime.Privacy is not completely secured on decentralized exchanges and you have to use them with caution too.
On centralized exchanges, KYC is not only to prevent and control criminal activities, money laundering. KYC serves many purposes for centralized exchanges and governments.
How do hackers know who to send messages to?
There is only way to not worry about centralized exchanges, data breach, and privacy breaking. The solution is never do KYC or simply avoid centralized exchanges, don't use their service, it will give you rest of mind and happiness. In short, when you see this type of news, you will walk pass like you don't know anything about it because they have nothing on you. Simply see kyc as criminal activity that people indulge in and we know when you don't do crime, you will not have any fear even if they(hackers) try to stop you.
If it is someone like me, this is easily avoidable, but what if it gets to the hacker's selling peoples data to thieves and which can lead to physical robbery and attack.
https://cointelegraph.com/news/hong-kong-binance-users-phishing-scam-jpex-crypto-scandal
Why KYC is extremely dangerous – and useless
This is an important danger of using centralized platforms that should be considered. Any KYC requirement that requires information like phone numbers, residential addresses, social media handles, and other personal data is highly dangerous. With these data, criminals can physically track their targets with less restrictions. These days many people live their lives on social media. They cheaply give out their locations on the internet which will give these criminals access to them. The recent murder of a well-known rapper in South Africa was facilitated because he gave out his location on social media. Having a special email, phone number or social media media account for registration in these centralized platforms will reduce some of the risk of using them. https://cointelegraph.com/news/hong-kong-binance-users-phishing-scam-jpex-crypto-scandal
Why KYC is extremely dangerous – and useless
How do hackers know who to send messages to?
Is the message randomly sent to people? I think the hackers target Hong Kong Binance users and that can only be from data breach or insider work.
If it is someone like me, this is easily avoidable, but what if it gets to the hacker's selling peoples data to thieves and which can lead to physical robbery and attack.
https://cointelegraph.com/news/hong-kong-binance-users-phishing-scam-jpex-crypto-scandal
Why KYC is extremely dangerous – and useless
Quote
Hong Kong police warned users of the scam in an Oct. 9 post to its Facebook page dubbed “CyberDefender.”
“Recently, fraudsters posing as Binance sent text messages claiming that users must click the link in the message to verify their identity details before a deadline, otherwise their account would be deactivated.”
“Recently, fraudsters posing as Binance sent text messages claiming that users must click the link in the message to verify their identity details before a deadline, otherwise their account would be deactivated.”
Is the message randomly sent to people? I think the hackers target Hong Kong Binance users and that can only be from data breach or insider work.
Quote
According to the post, the phishing scheme has seen 11 Hong Kong-based Binance customers report combined losses of more than $446,000 (3.5 million Hong Kong dollars) in the last two weeks.
If it is someone like me, this is easily avoidable, but what if it gets to the hacker's selling peoples data to thieves and which can lead to physical robbery and attack.
https://cointelegraph.com/news/hong-kong-binance-users-phishing-scam-jpex-crypto-scandal
Why KYC is extremely dangerous – and useless
Maybe newbies may be the ones to easily fall a victim of this kind of attack because when something is coming from Binance or any reputable exchage, one should be able to descern if they are actually from a verified source or not through the content on what they are sending, also, for every user of any of centralized exchanges, there's no privacy and security at it's highest order on such user that guaranteed the safety of one's asset, if you're using an exchange then know it that everything you do there is at your own risk, they can experience any challenges that will directly affect you as well being their user, what they give is not wallet but accounts, all user wallet keys are in their possession, remember not your keys not your coins.
How do hackers know who to send messages to?
If such things sent to your email, you must check whether your email was pwned.https://haveibeenpwned.com/
Quote
Is the message randomly sent to people? I think the hackers target Hong Kong Binance users and that can only be from data breach or insider work.
If it is from internal staffs, they will be caught by the exchange soon. It's your responsibility to wait for confirmation from the exchange about that message as well as how they handle their internal problems. 
Insider involvement is very likely in cases of this type of fraud because they only target Binance Hong Kong users, these types of messages are not sent randomly, they already hold user data leaked by insiders. The contents of the message they sent made the victims who were always active on Binance and stored assets there feel afraid, without thinking twice they immediately clicked on the link as directed in the message.
It is very easy for hackers to get user data, they can work with insiders to get user data who store assets on the exchange. Avoid storing assets on the Exchange, there is no guarantee that your assets will be safe there.
It is very easy for hackers to get user data, they can work with insiders to get user data who store assets on the exchange. Avoid storing assets on the Exchange, there is no guarantee that your assets will be safe there.
Hackers will use a lot to trick their targets, which has been proven by several cases we have heard about. The hackers sent random text messages to many people and just waited for someone to fall into their trap. We have to be careful and confirm the information we receive, and the important thing is that we don't panic if we get a message like that.
If we panic, we won't be able to think clearly and will fall into their trap easily because they can also play with their target's psychology. They will very convincingly influence their targets to follow what they want. The hackers already had the target's data but sent the messages randomly.
So the sale of customer data does exist, and hackers can get it easily. We may also have experienced getting an offer from someone we don't know, but he already knows our name and address. That's because the data we provide to banking or insurance agencies share the data with each other.
If we panic, we won't be able to think clearly and will fall into their trap easily because they can also play with their target's psychology. They will very convincingly influence their targets to follow what they want. The hackers already had the target's data but sent the messages randomly.
So the sale of customer data does exist, and hackers can get it easily. We may also have experienced getting an offer from someone we don't know, but he already knows our name and address. That's because the data we provide to banking or insurance agencies share the data with each other.
How do hackers know who to send messages to?
Is the message randomly sent to people? I think the hackers target Hong Kong Binance users and that can only be from data breach or insider work.
Centralized exchanges we know are not safe and the bitter truth is that we can't completely avoid them. Although In this scenario Its not just enclosed in how unsafe having our data's on centralized exchanges or any other kyc required entity, It also has a lot to do with knowledge. Anyone using binance and is well informed about how binance operates in terms of notifying or reaching out to their customers will not have problem identifying that binance don't notify their customers on any important issues as such through text messages and will move straightaway to login into their account to check for such notification if it's there or better still contact the customer service.Quote
Hong Kong police warned users of the scam in an Oct. 9 post to its Facebook page dubbed “CyberDefender.”
“Recently, fraudsters posing as Binance sent text messages claiming that users must click the link in the message to verify their identity details before a deadline, otherwise their account would be deactivated.”
“Recently, fraudsters posing as Binance sent text messages claiming that users must click the link in the message to verify their identity details before a deadline, otherwise their account would be deactivated.”
Is the message randomly sent to people? I think the hackers target Hong Kong Binance users and that can only be from data breach or insider work.
There are many advance fashions of scammers that is why whatever crypto exchangers we are using we ought to study and research to learn about their operations as having prep knowledge of that can easily save us from falling to a scam coming through that angle.
For the fact that we can't completely guarantee of not using centralized entities which means these are the kind of risks we'll likely be experiencing using them we also have to equip ourselves in knowledge against these expected scams. For without knowledge it's easy for anyone to fall to their antics.
This is the major problem of using a centralized exchange, because it opens room for scammers to disguise as the exchange to ask customers some personal information that they can use to have access to your funds.
I could remember that this trick is not new here in my country because this is how scammers will send you a text message or call you, that they are from your bank and that you should send them your last four digit number of your ATM card for them to verify your bank account to avoid blockage of ATM card. So many people fell for this trick, especially the ones that were not educated , and they got all the funds in their account wiped out.
This is the same method that these scammers has come with by deceiving people to verify their Binance account through the form so that they can have details which they can use to access your their Binance account.
It is better to stay away from CEX and if you can't, don't believe in whatever message or link that you get from anyone when it comes to your finance.
I could remember that this trick is not new here in my country because this is how scammers will send you a text message or call you, that they are from your bank and that you should send them your last four digit number of your ATM card for them to verify your bank account to avoid blockage of ATM card. So many people fell for this trick, especially the ones that were not educated , and they got all the funds in their account wiped out.
This is the same method that these scammers has come with by deceiving people to verify their Binance account through the form so that they can have details which they can use to access your their Binance account.
It is better to stay away from CEX and if you can't, don't believe in whatever message or link that you get from anyone when it comes to your finance.
Is the message randomly sent to people? I think the hackers target Hong Kong Binance users and that can only be from data breach or insider work.
This does not have to be the only cases. One of the loopholes that hackers use and that companies use to evade responsibility is sharing data with third parties is sharing data with third parties, whether those parties are legal or for commercial purposes, and therefore there are several copies of your data in several Parties. Some of these parties abide by the laws and maintain the confidentiality of the data and delete it after a while, but there is always a third party that is vulnerable to hackers or to leaking and selling the data. even the current laws that protect customer data will fail with such data sharing.
You should use better email filters, check any link before clicking on it, and make sure it is not a phishing link.
Right now, whoever the company who texted me, especially if it is finance related mobile applications, I make sure to ignore or much better delete them.
And now that the Philippines' health insurance corporation has been hacked and become a victim of ransomware, SMS and email of millions of people could have fallen victim to these attackers—a reservoir for bad actors to steal not only money but also PII (Personally Identifiable Information) that they can use to exploit.
Somewhat similar story: https://www.philstar.com/headlines/2023/10/10/2302640/philhealth-hacked-what-we-know
And now that the Philippines' health insurance corporation has been hacked and become a victim of ransomware, SMS and email of millions of people could have fallen victim to these attackers—a reservoir for bad actors to steal not only money but also PII (Personally Identifiable Information) that they can use to exploit.
Somewhat similar story: https://www.philstar.com/headlines/2023/10/10/2302640/philhealth-hacked-what-we-know
How do hackers know who to send messages to?
Is the message randomly sent to people? I think the hackers target Hong Kong Binance users and that can only be from data breach or insider work.
If it is someone like me, this is easily avoidable, but what if it gets to the hacker's selling peoples data to thieves and which can lead to physical robbery and attack.
https://cointelegraph.com/news/hong-kong-binance-users-phishing-scam-jpex-crypto-scandal
Why KYC is extremely dangerous – and useless
Quote
Hong Kong police warned users of the scam in an Oct. 9 post to its Facebook page dubbed “CyberDefender.”
“Recently, fraudsters posing as Binance sent text messages claiming that users must click the link in the message to verify their identity details before a deadline, otherwise their account would be deactivated.”
“Recently, fraudsters posing as Binance sent text messages claiming that users must click the link in the message to verify their identity details before a deadline, otherwise their account would be deactivated.”
Is the message randomly sent to people? I think the hackers target Hong Kong Binance users and that can only be from data breach or insider work.
Quote
According to the post, the phishing scheme has seen 11 Hong Kong-based Binance customers report combined losses of more than $446,000 (3.5 million Hong Kong dollars) in the last two weeks.
If it is someone like me, this is easily avoidable, but what if it gets to the hacker's selling peoples data to thieves and which can lead to physical robbery and attack.
https://cointelegraph.com/news/hong-kong-binance-users-phishing-scam-jpex-crypto-scandal
Why KYC is extremely dangerous – and useless
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