Cryptocurrency users, beware! Coinbase customers are being targeted by highly sophisticated vishing scams designed to steal their recovery phrases. These attacks are more convincing than ever, leveraging personal data and advanced tactics to trick victims. Read on to learn how to protect your assets.
How Coinbase Vishing Scams Work
These scams often start with an automated voicemail warning of suspicious activity on your account. The caller then poses as Coinbase support, using real user data to appear legitimate. Here’s how the attack unfolds:
- Initial voicemail warning of account compromise
- Follow-up call from “support” with urgent requests
- Gradual trust-building to extract recovery phrases
Why Non-Custodial Wallets Are Crucial for Crypto Security
The golden rule of cryptocurrency remains: “Not your keys, not your crypto.” Non-custodial wallets give you full control over your private keys, making them a safer alternative to exchanges. Features to look for include:
| Feature | Benefit |
|---|---|
| Multi-party computation (MPC) | Enhanced security for transactions |
| Biometric authentication | Extra layer of protection |
| Self-custody | Complete control over assets |
Protecting Yourself from Recovery Phrase Theft
Scammers are becoming increasingly sophisticated. Here are three critical steps to safeguard your crypto:
- Never share your recovery phrase with anyone
- Verify all support contacts through official channels
- Use hardware wallets for significant holdings
FAQs About Coinbase Vishing Scams
Q: How can I tell if a Coinbase support call is legitimate?
A: Coinbase will never ask for your recovery phrase. Hang up and contact support through the official app or website.
Q: What should I do if I’ve already shared my recovery phrase?
A: Immediately transfer your funds to a new wallet with a fresh recovery phrase.
Q: Are non-custodial wallets completely safe?
A: While more secure, they require careful management of your private keys. Losing them means losing access to your funds.
Q: How did scammers get my personal information?
A: Data may come from previous breaches, including a May incident exposing 97,000 users’ data through compromised call center staff.
