Coinbase has announced a new suite of security features to help protect NFT holders from theft. The wallet now supports the ability to set up two-factor authentication across all of its services, including Coinbase Pro, Coinbase Wallet, and Coinbase Commerce. Here are a few key points :
The updates include token approval alerts, transaction previews, and a blocklist of flagged dApps. Along with an innovative spam token management feature that instantly conceals maliciously distributed assets.
Just days ago, Moonbirds founder Kevin Rose shockingly suffered a $1.1 million loss of NFTs due to a phishing scam.
Meanwhile, another Twitter account associated with the NFT collection Azuki was also attacked. Hackers exploited unsuspecting users by urging them to click on an infectious link that resulted in multiple wallets being emptied.
In response to the incidents, Coinbase Wallet has launched two new features – token approval alerts and transaction previews.
Token approval alert notifications will be sent directly to users when someone attempts to send a transaction from the Wallet containing suspected malicious tokens.
This allows users to quickly identify and reject scams before they are completed. Additionally, the new transaction preview feature provides users with details of proposed transactions. Before signing and sending, allowing them to double-check their actions and avoid mistakes.
Coinbase Wallet has also published a blog post with security tips for users. The post stresses the importance of never revealing your private key or other sensitive information. And becoming familiar with the types of scams out there so that you can recognize them early.
It also reminds users of the importance of keeping their passwords and other login credentials secure, as well as regularly; changing passwords to increase security
Coinbase Wallet also includes a range of new safety features to help users secure their accounts and protect against fraud. These include two-factor authentication, email notifications, advanced security questionnaires, and recovery phrases.
Additionally, Coinbase Wallet has added the ability for users to view a summary of their recent transactions and review them if desired. This provides users with details of their activity, helping them to identify any suspicious activity and contact Coinbase Wallet if necessary.
Coinbase Wallet is also introducing a new feature called Secure Custody. Secure Custody is a secure storage solution that provides users with an additional layer of security to protect their funds; from being stolen or lost.
With Secure Custody, users have the option of setting up an additional passphrase, similar to a PIN or password. This extra layer of security helps to ensure that only the user has access to their funds and information.
Coinbase Wallet is a secure and convenient way to manage your digital currency. The wallet offers an intuitive user interface and advanced security features such as two-factor authentication.
A Secure Custody, and detailed analytics about your activity. With Coinbase Wallet, you can securely store, send and receive digital currency with ease. The wallet also provides users with peace of mind as their funds are safeguarded against theft or loss.
With Secure Custody, users have the added assurance of an additional passphrase to protect their information and access to funds. Coinbase Wallet is a great option for those looking for a secure, user-friendly way to manage digital currency.