Coinbase Users Report Scams and Phishing Attacks on Twitter

Coinbase, a leading cryptocurrency exchange, has recently faced a spike in reports of scams and phishing attacks targeting its users. Social media platforms, particularly Twitter, have become channels for individuals to share experiences, including incidents involving fraudsters using the Coinbase domain name. This article highlights some of the recent cases, highlights the tactics used by fraudsters, and emphasizes the importance of user vigilance and security measures.

Fraudsters Exploiting Coinbase Domains:

Twitter user Daniel Mason recently revealed a scam he encountered on July 7, involving fraudsters using the Coinbase.com domain. Mason received texts and emails from scammers, who contacted him using a legitimate phone number and sent phishing links under the Coinbase.com domain. Scammers manipulate Mason into revealing sensitive information, such as his address, social security number and driver’s license number. Surprisingly, the imposter appears to be a native English speaker and sounds convincing throughout their communication.

Growing Security Incident Reports:

The Mason case is not an isolated incident. Many users on social media platforms, including Twitter, have shared their encounters with Coinbase-related security incidents. The exchange’s support page features user complaints about scams, including phishing attempts on Coinbase Wallet and criminals leveraging the company’s web address.

Hacker Authentication and Stolen Crypto:

Another victim, who requested anonymity, described a similar approach used against them. They contacted Coinbase’s support line to verify an email claiming their account had been compromised. A Coinbase employee confirmed the authenticity of the email, unknowingly verifying it was a hacker. The victim alleges that the hacker then stole their cryptocurrency and, despite providing evidence and testimony, Coinbase is not held responsible. The matter is now under litigation, with victims reporting losses of around $50,000.

Similar Attack on Jacob Canfield:

Twitter user Jacob Canfield shared a similar incident in which he received text messages and calls from scammers claiming changes in his two-factor authentication (2FA) settings. The criminals directed Canfield to the “security” team to verify his account, using personal information and emailing a verification code from help@coinbase.com. Canfield refuses to provide the code, causing the imposter to become agitated and end the call.

Coinbase Safety Feedback and Recommendations:

Coinbase recognizes these security threats and maintains extensive resources to educate customers about preventing phishing and fraud attacks. The company works closely with law enforcement agencies to ensure the prosecution of fraudsters targeting Coinbase users. Security experts advise users to use unique passwords for their crypto accounts and enable 2FA on their apps to increase protection against such attacks.

Coinbase users have fallen victim to phishing scams and attacks, with fraudsters exploiting the company’s domain name and using convincing tactics to deceive individuals. The exchange emphasized its commitment to customer safety and pledged to cooperate with law enforcement agencies to combat such fraudulent activities. To protect themselves, users are advised to adopt strong security practices, including using strong passwords and enabling two-factor authentication. Great awareness and vigilance is essential in protecting against cryptocurrency-related scams and phishing attempts.