[DigitalToday reporter Sangyup Oh (오상엽)] Global digital asset exchange Binance urged users to be cautious, saying cases are occurring of a "fake payment scam" that induces payments with counterfeit tokens imitating well-known digital assets.

Binance on Oct. 27 disclosed the main methods used in fake payment scams and ways to prevent them.

In a fake payment scam, a fraudster induces a digital asset payment for goods or services and then sends a counterfeit token made to resemble well-known digital assets such as USDT and BTC.

Counterfeit tokens use names and logos similar to real assets and are designed to show even a dollar value on a wallet screen, making it appear as if payment was completed normally.

According to Binance, counterfeit tokens can be issued at low cost by using meme coin launchpads and the like. After securing most of the token supply, fraudsters make it look as if trading is possible by creating a liquidity pool worth about $2,000 to $5,000 (about 2.8 million to 7.1 million won).

If a victim 판단 that payment has been completed and provides goods or services, the fraudster sells the counterfeit tokens it holds into the liquidity pool. As liquidity assets such as actual USDT or BTC then flow out, the counterfeit token's price can fall to virtually close to zero.

Binance also explained that there was a case in which a user sold a TikTok account for 0.9 BNB and then received a counterfeit BNB token that could not be withdrawn or exchanged for other assets.

Fraudsters were found to mainly target users who trade game items, physical products and freelance services on social media or online marketplaces.

In particular, methods are used that urge quick delivery of goods or induce users unfamiliar with digital assets to ignore risk warnings in their wallets.

Binance stressed that users should not determine whether an asset is real based only on the token name, logo or dollar value displayed in a wallet.

To prevent scams, users should check whether the agreed blockchain network is correct before payment and compare a token's contract address with the official address. Users also need to check whether the asset is exchangeable on an actual exchange or a decentralised exchange, and whether it can be converted into fiat currency and the like.

It also said that if someone pressures a user to rush a transaction, or if a risk warning appears in a wallet, the user should stop the transaction and recheck the authenticity of the received asset.

A Binance official said, "Fake payment scams exploit the fact that counterfeit tokens appear real on the surface, so special caution is needed." The official added, "Before providing goods or services, it is very important to directly check the blockchain network, the token's contract address and whether it is actually exchangeable."