Here’s how crypto wallets are detecting scammers, courtesy Coinbase

  • AMBCrypto
  • Cryptocurrency News
Here’s how crypto wallets are detecting scammers, courtesy Coinbase

  • The most recent cryptocurrency wallet service to roll out transaction previews and blocklists is Coinbase (NASDAQ: COIN ).
  • The bitcoin exchange now stands alongside many other vendors of cryptocurrency wallets.
In response to an increase in cryptocurrency thefts, U.S.-based cryptocurrency exchange Coinbase has introduced transaction previews and blocklists.

On 30 January, the cryptocurrency exchange stated that it had added a new set of safety features to its wallet software. This would make it simpler for customers to recognize and respond to suspected wrongdoing from scammers.

These integrations contain a transaction preview feature that informs the user of the expected change in their “token and NFT balances” before pressing the confirm button.

How users will gain with the crypto wallets Additionally, the company has introduced token approval alerts, which inform users when a dApp requests permission to withdraw tokens and NFTs. Moreover, to reduce “exposure to potential vulnerabilities,” the company has also included new layers of permission control that allow users to revoke dApp connections directly from the app.

The cryptocurrency exchange joins the ranks of numerous other cryptocurrency wallet providers, such as Solana [SOL]-based Phantom, Web3 wallet provider Ember, and Bitski, that have either launched or announced comparable capabilities targeted at preventing cryptocurrency scams and phishing assaults.

On 27 January, Phantom reminded users that its wallets are protected with several security features, including transaction previews, an open-source blocklist, NFT spam reporting, and burning. This was only two days after Moonbirds creator Kevin Rose acknowledged losing $1.1 million in NFTs because of a targeted phishing attack.

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