Cryptocurrency users have seen many different types of scams over the past few years. Especially phishing emails have quickly become the new norm these past few months.  Coinbase users are being targeted by another scam email which fakes a device access login. A very deliberate attempt to trick users, although it remains to be seen how effective this campaign can be. Cryptocurrency users need to be made aware of these issues before they lose their money, though.

Coinbase is one of the most popular companies in the world of cryptocurrency. Not only are they an exchange, but also a wallet service for different currencies. It now turns out there is a new phishing scam circulating which aims to target users of the platform. As one would expect, a lot of other people are getting the same email, though. Never using the same email address for multiple exchanges makes it easier to spot these fake emails, though.

A new Coinbase Phishing Attempt

In this new Coinbase phishing email, users are alerted about a new device logging into their account. The device in question is usually an iPhone and uses a Russian IP address. Users are asked to authorize the login by visiting a link or visit a different link to block the login attempt. Both of these URLs will redirect users to a fake Coinbase website which is designed to harvest login credentials. Anyone falling for this scam is at risk of losing their account balance.

The email address used to send out the emails is also completely fake. Although it seems to originate from the Coinbase domain, the address doesn’t exist in an official capacity. Anyone who receives this email should simply ignore it. Never click any links provided in an email. Companies in the cryptocurrency world should never embed URLs to begin with. Some smaller exchanges still ask users to visit URLs for withdrawals and other actions. A bad course of action, as it sets a dangerous precedent.

It will be interesting to see how many Coinbase users get affected by this phishing email. We have seen multiple attempts to collect user login credentials over the past few months. It is expected we will see even more phishing emails related to Coinbase and other platforms. Cryptocurrency is attracting a lot of criminals, which is an unfortunate byproduct of its success. Users need to take enough precautions to make sure they don’t fall victim to these scams.

Header image courtesy of Shutterstock

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