Coinbase has said that it has set up a new support phone line for clients who think their accounts have been compromised. Users can now speak to a live support agent who can kick off an investigation quickly.
In a sector where support tickets and emails are the usual methods of communication, Coinbase now expects that this development may help its users save a lot of time when dealing with such a crisis.
Users who suspect fraud can now connect to the live operators who will potentially expedite the investigation process. Coinbase also provides its users with extra layers of protection that include 2-factor authentication, unknown device recognitions, and advanced hardware security keys.
The account takeovers (ATOs) comprise a malicious actor gaining access and control over a user’s account. These are treated as identity thefts where the hackers simulate the credentials of the account holder to restore their password and log in. In most cases, these credentials are a result of past information leaks or other types of scams like keyloggers or phishing attacks.
Account takeover cases represent a major threat in the cryptocurrency world, since assets can be withdrawn instantly, and are more challenging to track or recover when compared to standard banking transactions. While phishing attacks and security breaches will continue to exist, there are many other methods and security measures that users can take to prevent them.