In Brief:
- Coinbase has added a new customer contact method to easily block an account in case of an account takeovers (ATO).
- Users who suspect fraud will be able to connect to a live operator, potentially expediting the investigation process.
Coinbase, a cryptocurrency exchange serving retail investors, has announced a new support phone line for account takeovers (ATOs).
Vice President, Casper Sorensen, stated on 19th August that “our goal at Coinbase is to be the most trustworthy cryptocurrency exchange”. He further added, “our security team puts a lot of effort into protecting our 68 million+ users”. He even added that various steps are taken to protect users from ATOs like SIM swaps, or support scams.
Various steps followed to safeguard users are:
- To begin, every customer is automatically enrolled in two-factor authentication. Many traditional banking institutions and other digital platforms do not have this level of protection as a default.
- Thenverification for all customers when they log in from a new, unrecognized device. This provides an additional layer of defence against potential dangers.
- Finally, the client uses the most modern hardware security keys, such as Yubikeys. Yubikeys are the most powerful two-factor authentication device currently available.
Also Read: Coinbase to Add More $500 Million in Crypto Assets
If someone has been a victim of an ATO, contacting at +1 888 908–7930 could help for assistance.
Account takeovers, or ATOs, involve a malicious actor gaining access and control over a user’s account. They are treated as a form of identity theft. They simulate the credentials of the account holder in order to restore their password and login id. Account takeovers represent a huge threat in the crypto world. They can easily withdraw assets and are more difficult.
The main goal of Coinbase is to keep customers safe as they participate in the crypto economy. He further added, “from January we’ve increased our support personnel by fivefold.”
