If you’re a Coinbase user, you might want to double-check your security settings because scammers are getting sneakier by the day.

Reports are flooding in about advanced phishing attacks targeting unsuspecting users, and they’re using some pretty clever tactics, often impersonating Coinbase itself.

Crypto account security

A Twitter user named Daniel Mason shared a chilling experience, and told he received texts and emails from scammers that looked like they were coming straight from Coinbase’s official domain.

They even used a real phone number. The scammer reached out, claiming there was a breach in Mason’s account and asked for personal details like his address and Social Security number.

Mason wasn’t alone in this ordeal, as many users have taken to social media to voice their concerns about similar scams.

One anonymous victim even recounted a harrowing tale where a Coinbase employee mistakenly confirmed a hacker’s email as legitimate. This unfortunate mix-up led to a painful loss of $50,000.

The company don’t want your password, or 2FA codes

Another victim, Jacob Canfield, experienced a similar scare when he received messages about changes to his two-factor authentication.

It’s quite alarming how these scammers can mimic official communications so well that even seasoned users can be fooled.

Coinbase has acknowledged these issues and reassured users that they will never ask for sensitive information like passwords or 2FA codes.

They also emphasize that their support team doesn’t make unsolicited calls or send suspicious emails.

For bigger protection, security experts are also urging users to stay vigilant and use strong, unique passwords along with 2FA to protect their accounts.

Hundreds of millions of damage

The reality is that these scams are costing Coinbase users big time, an estimated $300 million annually.

In just the last couple of months alone, users reportedly lost over $65 million due to social engineering attacks.

And let’s not forget the ongoing battle against illegal crypto activities, scammers are getting creative with their tactics.

As the largest crypto exchange in the U.S., Coinbase is under pressure to step up its game in fraud detection and user education.

With scammers lurking around every corner, it’s more important than ever for users to remain cautious and informed.

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