Coinbase creates support phone line for account takeovers

Users who suspect fraud will be able to connect to a live operator, potentially expediting the investigation process.

Coinbase has announced a new support phone line for customers who believe their account has been compromised by outside actors. Users will be able to speak to a live support agent, who can kick off an investigation immediately. In an industry where support tickets and emails are the standard method of communication, Coinbase expects that this implementation could help users save valuable time when dealing with this type of crisis.

Coinbase also offers its customers additional layers of protection that include two-factor authentication, unknown device recognition and advanced hardware security keys.

Account takeovers, 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 in order to restore their password and login. Most times, these credentials are a result of previous information leaks or other types of scams such as phishing attacks or keyloggers.

Account takeovers represent a huge threat in the crypto world, since assets can be withdrawn almost instantly, and are more difficult to track or recover compared to standard banking transactions.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 is a multitude of methods users can take to prevent them.