You might have heard about the cryptocurrency Coinbase phishing scam sent out via SMS. So what is it? And how can you stay safe?
Coinbase is one of the most popular cryptocurrency exchanges on the market today, with over 100 million verified users worldwide. But the popularity of this platform has caught the attention of many cybercriminals, who now use Coinbase’s name to swindle users. This is an element of Coinbase texting scams, which many have fallen victim to. So, how do these scams work, and how can you steer clear of them?
What Is the Coinbase Texting Scam?
With so many people owning a smartphone, it’s no surprise that SMS scams are common, and the crypto crime industry is no exception to this. Crypto-related SMS scams are now worryingly widespread, with Coinbase being just one of the reputable company names used to trick victims.
In the Coinbase texting scam, cybercriminals are targeting those who already have a Coinbase account. The malicious actor will text the victim claiming that they need to carry out an action or solve an issue. For example, the victim may be told that they need to verify a transaction or log into their account because suspicious activity has been logged. It’s this kind of scaremongering, persuasive language that urges the victim to take action instead of stepping back and assessing the situation first.
A Coinbase scam SMS will also come with a link, which the attacker will claim leads to the Coinbase login page. However, this link leads to a malicious phishing website that is designed to steal your login credentials. Once the attacker has this information, they can sign into your account and steal your funds. This is especially true if you haven’t employed additional security measures like two-factor authentication.
Losing your funds to an SMS scam can be devastating, so it’s important that you know how to dodge Coinbase SMS scams.
How to Avoid Coinbase Texting Scams
One thing you must never do when you receive a random Coinbase text is click on any links provided unless you’re absolutely sure it’s safe. You can also run the link through a link-checking website to determine whether it’s safe. Generally, however, it’s better to be safe than sorry, so steer clear of any links you think are questionable.
If you think you may need to verify a transaction or resolve an issue on your account, do not click on the provided link in the text message. Instead, go to the official Coinbase website and log in there. That way, you can see if any action needs to be taken on your account without risking your security.
You should also send any suspicious text to Coinbase to notify them of the issue. This can be done via SMS or email, as explained in Coinbase’s blog post about SMS phishing scams. Additionally, ensure that you block any number that you’ve deemed risky so that the malicious actor cannot contact you again.
Crypto SMS Scams Are Everywhere but Are Avoidable
It’s natural to worry about crypto SMS scams, as they’re worryingly commonplace. But by running some preliminary checks, you can ensure that your Coinbase account remains protected from malicious parties looking to get their hands on your funds.