Consumer Protection Tuesday - Staying Safe From Scammers

Scams are surging across every corner of the internet. Imposters target users of banks, brokerage apps, social networks—any service that stores personal data or money. Social-engineering attacks, where fraudsters masquerade as legitimate support staff and pressure victims to hand over credentials or move funds, account for the majority of customer losses industry-wide.

How social-engineering scams unfold

Fraudsters often pose as customer-support staff—sometimes “from Coinbase,” sometimes from another well-known company that might hold your data. Their playbook is predictable:

• Unsolicited text, email, or call arrives claiming your account is in danger.

• Urgent warning follows: “Act now or lose your funds.”

• Pressure to comply—they ask for your password, two-factor authentication (2FA) code, seed phrase, or tell you to move assets to a “safe” wallet they control.

Fact: Coinbase will never contact you first for passwords or codes or request that you transfer your assets immediately for security reasons (we provide advance notice for any product migrations).

How you can keep your identity and funds safe

1. Secure your account: If you haven’t already, make sure your account is secured and up-to-date by enabling two-factor authentication for login. Hardware keys are the 2FA method we recommend.  Enable allow-listing so your account can only transfer to onchain wallets you know and trust.

2. Educate yourself about scams: Learn common tactics scammers use to get access to your sensitive information, so you can avoid them when you encounter one:

• CX Support Scams

• Romance Scams

• Pig Butchering Scams

• Elderly Scams

• Job Scams

When in doubt, ask for help: You can always contact our support team via phone numbers listed on our Help Center or chat with our virtual assistant (depending on the hours, with a real live support agent).

How Coinbase keeps your identity and funds safe

• We use strong encryption and security: Our platform is developed with encryption at its core. Our security team is constantly working to ensure you and your assets are protected from emerging threats.

• We provide advanced tools to protect your account: From auto-enrolled two-factor authentication, password protection, to multi-approval withdrawals in Coinbase Vault, we provide powerful security features to all our users.

• We respect your rights over your personal information: We only collect necessary personal data and are transparent in how we use it and why we share it.

• We hold our customers’ assets 1:1: Coinbase doesn't lend or take any action with your assets without your permission. We provide a multifaceted risk management program to protect our customers' assets.