Protect Yourself from Crypto Scams: Tips from Coinbase During Scams Awareness Week

Coinbase is taking a stand against fraud by supporting the Australian government’s Scams Awareness Week. This initiative, held from August 26-30, emphasizes the critical need for consumer education in the fight against scams in the cryptocurrency space.

Key Insights from Coinbase’s Managing Director

John O’Loghlen, managing director of Coinbase APAC, pointed out that while only 0.34% of crypto transactions globally involve illicit activity, scammers are becoming increasingly sophisticated in their methods, specifically targeting vulnerable groups, including older Australians. He stated:

“Unfortunately, bad actors have been around for centuries and are not going away anytime soon.”

Essential Tips to Combat Scams

O’Loghlen provided several practical tips for Australians to protect themselves from scams:

• Be Patient: Slow down and be vigilant when examining urgent requests from unknown senders.
• Verify URLs: Always check that you’re using the correct website URL. Look for typos or spelling mistakes.
• Enable Two-Factor Authentication: This adds an extra layer of security, with hardware security keys being the most secure option, followed by authenticator apps.
• Account Protection: If you suspect your account has been compromised, lock it down immediately and contact support for help.

The Evolving Nature of Scams

Despite the low percentage of illicit transactions in crypto, O’Loghlen stressed the importance of collaboration between the government and the crypto industry to enhance consumer protection. He highlighted the persistent issue of phishing attacks, particularly targeting vulnerable individuals, including those aged 65 and older, using tactics like romance scams to manipulate victims into approving fraudulent transactions.

What do you think about Coinbase’s advice on crypto scam prevention and consumer education? Let us know in the comments below.