Cryptocurrency users, beware! Coinbase customers are being targeted by highly sophisticated vishing scams designed to steal their recovery phrases. These attacks are more advanced than ever, using personalized data to appear legitimate. Read on to learn how to protect yourself.
How Coinbase Vishing Scams Work
Scammers are using multi-layered tactics to trick users into revealing their recovery phrases. Here’s how the attack unfolds:
- An automated voicemail warns of suspicious activity on the victim’s account.
- A live call follows, with the scammer posing as Coinbase support.
- Urgent follow-up calls build trust before requesting the recovery phrase.
The Role of Leaked Data in Phishing Attacks
These scams leverage personal data from previous breaches, including a May incident where 97,000 users’ information was exposed. Attackers use cloned emails, spoofed caller IDs, and even pre-generated seed phrases to appear credible.
Why Non-Custodial Wallets Are Crucial
The crypto industry’s mantra—“not your keys, not your crypto”—remains vital. Scammers can bypass secure platforms if users voluntarily give up their seed phrases. Non-custodial wallets like Best Wallet, which offer MPC and biometric security, provide better protection.
Best Wallet Token ($BEST): A Secure Alternative
The $BEST token offers reduced fees, staking rewards, and access to new projects. With over $14 million raised in its presale, it’s gaining traction as a tool for combating crypto fraud.
How to Avoid Falling Victim to Vishing Scams
Follow these steps to protect your crypto:
- Never share your recovery phrase with anyone.
- Verify support calls through official channels.
- Use non-custodial wallets for added security.
FAQs
What is a vishing scam?
A vishing scam uses phone calls to trick victims into revealing sensitive information, such as recovery phrases.
How can I tell if a Coinbase support call is legitimate?
Coinbase will never ask for your recovery phrase. Verify any support requests through official channels.
What are non-custodial wallets?
Non-custodial wallets give users full control of their private keys, reducing the risk of phishing attacks.
How does Best Wallet protect against scams?
Best Wallet uses multi-party computation (MPC) and biometric security to safeguard your crypto.
