Coinbase Add Extra Layer Security to Protect Users From Scam

One of the leading Cryptocurrency Exchange Platforms, Coinbase disclosed that it has enhanced its security measures by adding extra layers of security features. The US-based crypto platform noted that such measures will protect its users from crypto-related scams. 

From Airdrop scams to pump-and-dump schemes, Crypto-related fraud has been on the rise in recent times. Such scams have continued to go unabated because of the decentralized nature of cryptocurrency and the vulnerability of the industry. 

In February 2022, cryptocurrency exchange platform Wormhole lost $320 million after a cyber attack while thousands of Americans lost more than $1 billion to crypto fraud in 2021. A report by the Federal Trade Commission revealed. 

Speaking on the new feature, Coinbase noted that the enhanced security layer will protect its users from malicious airdrops and dangerous websites which are assessed through DApp as well as hiding fees. The enhanced security will also protect Coinbase users from phishing attacks. 

“To give you more peace of mind as you conduct swaps, mint NFTs, and transact in web3, Coinbase Wallet now shows you an estimate of how your token and NFT balances will change during a transaction before you hit confirm”. The crypto platform noted in a blog statement sent to users. 

Investors King understands that Coinbase has been improving its security after hackers drained customers’ accounts in 2021. 

A number of Coinbase users across the United States complained that their money suddenly vanished from their accounts without their knowledge. 

Coinbase thereafter introduced several security measures which include 2 Factor Authentication (2FA). This means, aside from username and password, Coinbase users will need to provide a unique verification code sent to their phones. 

Other security measures adopted by the crypto platform include Google Authenticator and Security Prompt which delivers push notifications to users’ phone anytime there is an attempt to access their wallet from a mobile device different from theirs.