Coinbase has announced a new support hotline for customers who believe their account has been compromised by outside actors. Users will be able to speak with a live support agent, who can initiate an investigation immediately. In an industry where support tickets and emails are the standard method of communication, Coinbase hopes that this implementation can help users save valuable time in dealing with these types of crises.
Coinbase also offers its clients additional layers of protection including two-factor authentication, unknown device recognition, and advanced hardware security keys.
Account acquisitions, or ATOs, involve a malicious actor gaining access and control over a user’s account. They are treated as a form of identity theft, where hackers simulate the credentials of the account holder to restore a password and login. Most of the time, these credentials are the result of prior information leaks or other types of scams, such as phishing attacks or keyloggers.
Account acquisitions pose a huge threat in the world of cryptocurrencies, as assets can be withdrawn almost instantly and are more difficult to track or recover compared to standard banking transactions.
While phishing attacks and security breaches will continue to exist, there are a multitude of methods that users can take to prevent them.