Coinbase Users Report Scams and Phishing Attacks on Twitter

Coinbase, a prominent cryptocurrency exchange, has recently faced a surge in reports of scams and phishing attacks targeting its users. Social media platforms, particularly Twitter, have become channels for individuals to share their experiences, including incidents involving scammers utilizing Coinbase’s domain name. This article highlights some recent cases, sheds light on the tactics employed by fraudsters, and emphasizes the importance of user vigilance and security measures.

Scammers Exploiting Coinbase’s Domain:

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

Growing Reports of Security Incidents:

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

Authentication of Hackers and Stolen Crypto:

Another victim, requesting anonymity, revealed a similar approach used against them. They contacted Coinbase’s support line to verify an email claiming their account had been compromised. An employee of Coinbase confirmed the email’s authenticity, unknowingly verifying a hacker. The victim alleges that the hacker then stole their cryptocurrency and, despite providing evidence and witness testimony, Coinbase took no accountability. The matter is now in litigation, with the victim reporting losses of approximately $50,000.

Similar Attack on Jacob Canfield:

Twitter user Jacob Canfield shared a similar incident in which he received text messages and calls from a fraudster claiming a change in his two-factor authentication (2FA) settings. The criminal directed Canfield to the “security” team to verify his account, using personal information and sending a verification code email from help@coinbase.com. Canfield refused to provide the code, resulting in the fraudster becoming agitated and ending the call.

Coinbase’s Response and Security Recommendations:

Coinbase acknowledges these security threats and maintains extensive resources to educate customers about preventing phishing attacks and scams. The company collaborates with law enforcement agencies to ensure the prosecution of scammers targeting Coinbase users. Security experts advise users to employ unique passwords for their crypto accounts and enable 2FA on their applications to enhance protection against such attacks.

Coinbase users have become victims of scams and phishing attacks, with fraudsters exploiting the company’s domain name and using convincing tactics to deceive individuals. The exchange emphasizes its commitment to customer security and pledges to work closely with law enforcement agencies to combat such fraudulent activities. To safeguard themselves, users are advised to adopt robust security practices, including using strong passwords and enabling two-factor authentication. Heightened awareness and vigilance are crucial in protecting against cryptocurrency-related scams and phishing attempts.