The Coinbase company has recently been increasingly tempted to scam. Since Coinbase only trades cryptocurrencies, the damage to those involved is sometimes high. Therefore, it is worth dealing with current fraud cases in order to be able to react correctly. I’ll show you what’s behind the scams and the best way to act.
It’s behind the Coinbase company
Coinbase is an American stock company. Coinbase has been operating a cryptocurrency trading platform since 2012. Coinbase has created a simple and intuitive platform that should make trading easy for private investors in particular.
The success seems to prove Coinbase right. The company has over 108 million verified users in over 100 countries. Quarterly trading volume is approximately US$159 billion. The platform itself is worth over $100 billion in total.
These types of Coinbase scams currently exist
Coinbase has had to deal with instances of fraud in the past. A circumstance that can be useful to you. Because the company now informs openly about existing security vulnerabilities and common types of fraud. So that you can keep an overview, I will introduce you to the current scams.
Blacklisted trading scams
If you learn that you have been the victim of suspected fraud, I can only advise you to contact a (competent) lawyer as soon as possible. Often “every second” literally counts in order to avoid further damage or minimize existing damage.
If you are unsure of certain messages, it is advisable to contact a lawyer in advance. Don’t be shy, the crypto market is a huge field. Therefore, professional advice should also be sought.
Alleged support and imitation
Criminals continue to set up fake support facilities, posing as an alleged business. The respective phone numbers are then increasingly advertised on the Internet in order to attract potential victims. If unsuspecting victims fall into the trap, they are manipulated into revealing personal information. These are then diverted for fraudulent purposes.
So beware of potential calls from Coinbase. Fraudsters can now fake phone numbers and pretend to be real numbers. In this context, we speak of “caller ID spoofing”.
Do not divulge confidential information over the phone. Certainly no security codes or passwords. Coinbase employees will never ask you to share sensitive information. Often bad employees try to access your PC remotely. Do not allow such measures under any circumstances. With remote access, crooks can gain access not only to your computer, but also to your financial accounts.
Gifts are designed to attract victims
Sometimes the people concerned are also attracted by gifts. Scammers use social media to increase their reach. False news is spread on the Services promoting a promotion.
The messages contain links to other websites that have nothing to do with the Coinbase company, but are similar in structure to the real site. To increase the credibility, various fake social media profiles confirm the benefits of the advertising campaign. If you follow the fraudulent link, you will be promptly asked to “verify”. To do this, the victims are supposed to transfer cryptocurrencies to third party accounts so that they can benefit from the advertisement campaign. Don’t let that fool you. Coinbase does not offer freebies. The company will also never ask you to send cryptocurrencies to external addresses.
Investment Scams: Don’t Be Fooled by Promised Returns
Websites, email addresses or social accounts are often set up to aggressively advertise questionable trading services and investment offers. Existing company names such as Coinbase are often misused.
Fraudsters lure with often unrealistic returns. Potential victims are invited to send sometimes large sums in cryptocurrency. So be especially critical if supposed Coinbase “partners” want to advise you on questionable transactions. In many cases, it is simply fraud. Use the Internet to find out more about the company in question.
Popular now: recharge fraud
The so-called “add-on fraud” is particularly popular at the moment. Scammers offer various “loading services” on various platforms. Here you are pretending to need accounts on the Coinbase platform.
The story behind it is (almost) always the same. An unexpected profit had arrived, which now had to be transferred to a high-limit Coinbase account. We wouldn’t have such a thing, so we’d look for one and pay the owner a portion of the proceeds. You should never get involved in such stories. Because scammers often steal all cryptocurrencies and submit unauthorized charges through verified payment methods.
Targeted messages are distributed on the Telegram platform that are intended to appeal to Coinbase users. Similar to the giveaway trick, an attempt is made to guide the user to fraudulent websites.
However, there is an important difference here. Coinbase does not have an official account on the Telegram platform. Therefore, the messages posted are not authorized by the company in any way and are mostly designed for fraudulent purposes only. Therefore, you should just ignore all messages from “Coinbase” on the Telegram portal.
Employment scam: lured by potential jobs
In the case of Coinbase, there are also times when scammers pose as professional recruiters and advertise with fake job postings. You search for job seekers in the circle of Coinbase users and contact them. Fake emails are often used. In this case, people are asked to make payments so that mediation can begin. None of this is true, of course. Current Coinbase job openings are available on the website.
Phishing: old trick, but professionalized
The phenomenon of phishing has been known on the Internet for years. Unfortunately, there are still enough people who get caught by the criminals. However, the methods are also becoming increasingly sophisticated.
Phishing poses as genuine websites to trick the visitor into entering their password or other sensitive data. In doing so, malicious websites proliferate through many different channels. Email or targeted search engine advertising is often used for this purpose. So you should always make sure that you are actually accessing the original website. Because phishers often use addresses very similar to the real website.
Caution is advised: there is currently an increase in Coinbase fraud
The Federal Financial Supervisory Authority (BaFin) and the Federal Criminal Police Office (BKA) have recently warned of cases of fraud. Not without reason; Investment fraud has exploded in recent years. Cases of fraud linked to the Coinbase company are also increasing. However, this is not due to the company, but because cryptocurrency is particularly interesting for criminals. Virtual currency can be moved particularly quickly and easily in the digital age and is therefore ideal as stolen goods.
Blockchain helps Coinbase scam
There is, however, a bright spot. In the case of Coinbase-related scams, the blockchain can provide valuable services. However, the time factor is crucial. Therefore, if you have any suspicions, you should immediately consult a specialized lawyer. Valuable evidence can thus be obtained.
What is Blockchain?
Simply put, it is a shared, non-manipulative ledger. Since this database is not stored centrally on a computer, but decentralized with several participants, its use is considered relatively safe. All exchange transactions are recorded in this register and can be consulted.
How blockchain can help!
Since the blockchain records the respective payment flows, the path of the money can be tracked. At least if you act quickly. Criminals can do their best, but they always leave behind evidence. These must be mined from the blockchain and processed through the courts. Ideally, you should have a specialist lawyer on your side.
Acting quickly will help the Coinbase scam
If you are a victim of fraud, it is important to act quickly. Because sometimes it may be possible to recover funds. It does not matter, initially, what the specific case of fraud might look like. It is important that you act quickly. Because if too much time has passed, the most realistic opportunities are wasted. With Coinbase, you have an added advantage on your side. The company cooperates with the competent public prosecutor’s office in the event of fraud and supports you in many ways. In this way, the prosecution can submit targeted requests on portfolio data. This can sometimes help catch perpetrators. If you succeed, you might get a little closer to your money.
Coinbase Scam First Aid
If you have been scammed in connection with the Coinbase company, sometimes significant assets are at stake. However, in addition to the mandatory prompt action, there are other measures you can take. I’ll show you what they might be.
Hire a lawyer
As soon as you are the victim of fraud, you must contact a specialized lawyer. Most of them also offer free initial assessments. He will plan the further procedure with you and knows the peculiarities of this particular area of fraud. If you are represented by a lawyer, you also have the advantage of not having to worry about the rest of the procedure and the associated correspondence.
Specialized computer law against fraud Coinbase
No other deposit
Don’t make any more deposits. Especially not to so-called employees of the Coinbase company or ominous financial institutions. Sometimes the criminals then send fake messages intended to trick you into making further payments. If you are unsure about this, contact your attorney.
Check your security measures
If a scam has occurred, there is a high probability that you have a security breach. Therefore, also secure your online banking and wallet and exchange your passwords. When in doubt, hire a computer specialist to take a closer look at your computer system.