Coinbase is an exchange platform where you can buy or sell cryptocurrency or store your digital assets. However, as the cryptocurrency usage is rising, so are the scams. This led to people questioning the legitimacy of the platform.
In this article, we’ll discuss whether Coinbase is a scam and how to protect yourself. Here’s what we will cover:
- What is Coinbase?
- Common scams targeting Coinbase users
- How to protect yourself from such scams on Coinbase?
What is Coinbase?
Coinbase is one of the most reputed and trusted crypto-exchange platforms. The platform offers various security features such as two-step verification, password management, and the Lock My Account feature using which you can quickly lock your account in case of any suspicious activity.
The company is not a scam and is a trusted platform. However, many scammers and hackers are targeting the platform for potential breaches.
Also read: 8 common Crypto scams explained
Common scams targeting Coinbase users
Here are some types of scams that are targeting Coinbase users:
- Impersonation scam: In this scam, the scammers set up a fake customer support platform and attempt to pilfer information.
- Wallet-draining scams: Users are lured via deceptive messages to either click on a link or download malicious software that may drain their wallet without their knowledge.
- Phishing attempts: Scammers use hacking emails impersonating Coinbase employees and lure customers to enter their banking or other details.
Also read: Is Honor Society a scam?
How to protect yourself from such scams on Coinbase?
Now that we have understood the types of scams on Coinbase, let us understand how to protect yourself:
- Unsolicited help might be dangerous: Unsolicited assistance on the internet is dangerous. Scammers use this opportunity to ask for your password or two-factor authentication codes. Do not share your personal information with anyone. Coinbase won’t ask you for this information.
- Use official channels: Always download the Coinbase app from official platforms such as Google Play Store or Apple App Store. You can also use the official Coinabase website to download such an app.
- Utilise security measures: To further protect your crypto assets, you can utilise several crypto assets that are deployed by the company. Choose a difficult password that is less likely to be guessed by the scammers.
- Educate yourself: Keeping yourself educated is one of the most effective ways to protect yourself. Know about the types of crypto scams and tactics used by scammers. Visit websites such as candid.technology to understand and read cybersecurity-related news and understand more about such scams.
In conclusion, Coinbase is not a scam and is one of the most trusted platforms for crypto exchange. However, it is also a goldmine for the scammers. Keep in mind the tips that we have mentioned above to understand how to protect yourself.
Also read: Are receipt scanning apps safe?
