Coinbase Wallet Rolls Out Safety Features to Protect Crypto Users From Thefts and Phishing31. January 2023
• Crypto exchange Coinbase has rolled out a suite of safety features for its wallet app in order to protect users from crypto thefts and phishing attacks.
• The new features include transaction previews, token approval alerts, and layers of permission management.
• Other crypto wallet providers have also rolled out similar features to combat crypto scams and phishing attacks.
Crypto thefts and phishing attacks have been on the rise lately, making it more important than ever for users to protect their crypto. To combat this issue, United States-based crypto exchange Coinbase has rolled out a suite of safety features for its wallet app.
The new features, which were announced on Jan. 30, are designed to make it easier for users to spot and take action on potential foul play from scammers. The transaction preview feature, for instance, allows users to see an estimation of how their “token and NFT balances will change” prior to confirming a transaction. Coinbase has also included token approval alerts, which make it clear to the user when a decentralized application (dApp) is requesting approval to withdraw tokens and nonfungible tokens (NFTs). Additionally, the firm has implemented new layers of permission management that enable users to revoke DApp connections directly from the app, reducing their exposure to potential vulnerabilities.
Other crypto wallet providers have also taken steps to protect their users from crypto scams and phishing attacks. Solana-based Phantom, Web3 wallet provider Ember, and Bitski have all rolled out or announced similar features. This comes after Moonbirds creator Kevin Rose admitted to losing $1.1 million in NFTs due to a targeted phishing attack.
As crypto thefts and phishing attacks continue to be an issue, crypto wallet providers are doing their best to protect their users. With these new safety features, users can rest assured that their crypto is in good hands.