Coinbase Adds Wallet Security Feature To Combat Phishing
The US-based cryptocurrency platform Coinbase is making Coinbase Wallet safer because there are more threats to users.
The cryptocurrency exchange says it has added Features to its wallet to help protect its users from scams like phishing attacks and malicious airdrops.
The crypto exchange says the Coinbase Wallet will now provide more transparency. When engaging with smart contracts or decentralized apps (DApps) to ensure customers are informed of every action they do, from coin trades to NFT minting.
“Transaction previews: To give you more peace of mind as you conduct swaps, mint NFTs, and transact in web3, Coinbase Wallet now shows you an estimate of how your token and NFT balances will change during a transaction before you hit ‘confirm.’
“Token approval alerts: We’ve made it clear when a DApp is requesting approval to withdraw your crypto and/or NFTs. Of course, we still recommend that each user does their own research before granting a DApp permission to access their assets.”
Coinbase also says that its digital asset wallet now has “enhanced layers of protection” that protect against possible scams. The US crypto exchange says that a filtering system that blocks DApps and addresses that have been flagged has been added. The flagged DApps and addresses are contained in a blacklist “incorporating tens of thousands of domains and more than one million wallet and smart contract addresses.”
Coinbase blacklists addresses used by fraudsters to lure consumers to unsafe websites using airdrops. Also, users can’t see these airdropped assets that come from addresses that are on a blacklist. Users can also hide and report airdrops they think are suspicious.
The crypto exchange wallet now lets users “revoke DApp connections immediately from within the app” to prevent risk.
Also, users will soon be able to see how many tokens they already have and take them away.
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