How to Avoid the Text Scam Attempt: Coinbase example

One common type of fraud in crypto is the Coinbase text scam. In this article, we'll explore it and provide examples of different types of fraudulent messages, and provide tips on how to avoid falling victim to these.

Coinbase is one of the largest and most trusted cryptocurrency exchanges in the world. Unfortunately, scammers have taken advantage of the platform's reputation and popularity to perpetrate scams. One common type of fraud in crypto is the Coinbase text scam.

What is the Coinbase Text Scam?

The Coinbase text scam is a type of attack where malicious actors send fraudulent text messages that appear to be from Coinbase. These messages may ask users to verify their identity, confirm a transaction, or prompt users to take other actions related to their Coinbase account. These messages typically include a link that users are asked to click on to complete the requested action.

Examples of Coinbase Text Scams

There are several different types of text scams that are used to trick users. Some of the most common examples include:

  1. Coinbase Withdrawal Text Scam: a text message claiming that a withdrawal has been made from their Coinbase account. The message may instruct users to click on a link to confirm the withdrawal or to cancel the transaction.
  2. Coinbase Identity Verification Scam: a text message asking to verify a user’s identity by clicking on a link and providing personal information such as their social security number, driver's license number, or other sensitive information.
  3. Coinbase Account Suspension Scam: a text message claiming that the user’s account has been suspended due to suspicious activity. The message may instruct users to click on a link to verify their account and regain access.

How to Avoid It

To avoid falling victim to text scams, users at least should always follow these tips:

  1. Be wary of unsolicited text messages: If you receive a text message claiming to be from Coinbase that you didn't initiate, be cautious. Don't click on any links or provide any personal information until you've verified that the message is legitimate.
  2. Double-check the sender's phone number: Scammers may use a phone number that is similar to Coinbase's official number. Double-check the sender's phone number to make sure it matches Coinbase's official number.
  3. Use two-factor authentication: Two-factor authentication can help protect your Coinbase account from unauthorized access. Enable two-factor authentication on your Coinbase account to add an extra layer of security.
  4. Don't provide personal information: Coinbase will never ask you to provide personal information such as your social security number, driver's license number, or other sensitive information via text message.
  5. Verify the message: If you're unsure if a text message is legitimate, contact Coinbase's customer support team through the official website to verify the message.

Conclusion

A phishing attack through a text message is a pretty common risk for both novice and old crypto users, but it can be avoided by following a few simple steps. By being cautious of unsolicited text messages, double-checking the sender's phone number, using two-factor authentication, and never providing personal information via text message, users can help protect their accounts and avoid falling victim to scams. It is important to stay vigilant and informed about the latest exploits and attacks in the crypto space - you an use risk management platforms like Apostro to stay informed and better guard yourself.

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