Coinbase tightens security in its wallet to curb NFT scams
Coinbase Wallet introduces alerts on tokens and visual previews of transactions to help Web3 users secure their digital assets and keep them safe from rampant NFT scams.
Changes in Coinbase wallet
The announcement made on Monday by the crypto firm indicates the steps towards improving the security of Coinbase Wallet and enhancing user experience. Coinbase is implementing better transparency measures in the blockchain by adding transaction previews, creating a flagged dApps blocklist, approval alerts of tokens, and an unsolicited token management system that deals with evil digital assets.
Coinbase exchange offers users a separate way of managing transactions through the Coinbase wallet. The wallet allows users to give consent to transactions. The addition of security features in the wallet comes after phishing attacks and customer complaints.
Introduction of transaction previews
The new transaction previews announced by Coinbase will enable users to understand how the smart contract operates before making any commitment.
Users will preview how the balance in the wallet will change before approval, thus reducing cases of losing money to swindlers. On the other hand, token approval alerts will inform the Coinbase user every moment when a dApp demands to take control of an NFT or any other digital asset.
The flagged feature implemented by Coinbase exchange aims at enabling the wallet user to know the difference between safe and risky agreements. All the deals deemed potentially dangerous will be flagged. The part shields the users from phishing attacks or any other form of wallet drainers.
Improved security and interoperability
The announcement clarified that Coinbase Wallet commits to ensuring its users enjoy maximum security and a better experience. The company has improved the features of Ledger hardware wallets enabling users to customize the elements and make wallets compatible with other blockchains.
The company also announced that it would improvise a way of allowing the applications to access tokens in the next few weeks by updating the revoke feature. The current system allows customers to include up to 15 ledger addresses.
Ayoola John, the product manager at Coinbase, indicated that the new structures come into action because the crypto transactions lack transparency or even intimidate the users. The complexities sometimes lead to customers falling into the trap of phishing attacks and other scams.
Vulnerability of users to phishing attacks
The recent phishing attack on Kevin Rose, the founder of Moonbirds, saw him lose NFTs worth more than $1 million from his wallet. The integration of the new features comes into action to protect such attacks and secure the Web3 platform.
Crypto Twitter also has been under attack from rampant scams, which saw the official Twitter account of Robinhood compromised by attackers. Azuki Ethereum NFT collection also was attacked, and the hackers used the accounts to perpetrate scams on innocent crypto users.
Although crypto companies have tightened security to deter breaches, hacks and NFT scams continue to ravage the industry. Hackers have advanced to target users other than exchanges. Measures to protect funds are crucial to realizing a secure Web3 environment.