Scammers using Coinbase’s domain name in high-profile assaults

Several customers have reported fraudsters utilising the Coinbase domain name and other security concerns with the cryptocurrency exchange on Twitter.

Users of the cryptocurrency exchange Coinbase have taken to Twitter in recent weeks to highlight frauds and phishing assaults utilising the company’s services and apps, with some even alleging that scammers are faking the Coinbase domain name.

The most recent incident was reported on July 7 by a Twitter user named Daniel Mason, who claimed to have been the victim of fraud using the domain.

Mason points out that the con artist had a strong command of the English language. According to the article, the fraudster told Mason during a phone conversation that he would get an email from Coinbase about the purported account breach.

There have been several reports of security breaches at the cryptocurrency exchange that have been shared on social media. Users have reported becoming victims of phishing on Coinbase Wallet and scammers utilising the company’s web address, among other schemes, as detailed on Coinbase’s support website.

Cointelegraph interviewed a person who had fallen prey to a similar scheme. The user, who requested anonymity, claimed to have phoned Coinbase’s helpline to check the legitimacy of an email warning of a potential account breach. The worker then acknowledged that there had been genuine contact, but the email had been hacked.

A Coinbase worker verified the identity of a hacker, who then took cryptocurrency. A witness, the time and date of the conversation, and the employee with whom the customer talked were all provided, but the company “struggled me along” before assuming any responsibility, the customer said. The matter has been filed in court. The victim estimates losing about $50,000 worth of assets due to the theft and freezing of cash.

The attacks in these instances mirror the one on Twitter user Jacob Canfield. On June 13, a fraudster allegedly called and texted Canfield, claiming that he had to reset his two-factor authentication (2FA).

The support website for the exchange provides the trusted and official [email protected] email address. The corporate site also assures customers that employees will never remotely access their devices or ask for a password.

Experts advise using complex, random passwords for all of your crypto accounts and turning on two-factor authentication for all of your apps.

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