The new support feature of Coinbase will help curb some of the risks involved in trading cryptocurrencies as users who suspect fraud will be able to connect to a live operator and an investigation process will begin.
Customers who suspect their account has been hacked by third parties will now be able to call a new support line set up by Coinbase.
Users will be able to speak with a live support person who will be able to initiate an investigation right away.
Coinbase thinks that this implementation, in an industry where support tickets and emails are the typical forms of communication, would help consumers save time while dealing with a crisis.
Coinbase also provides extra security features including two-factor authentication, unknown device identification, and enhanced hardware security keys to its customers.
ATOs, or account takeovers, occur when a malicious actor gains access to and control of a user’s account. They are classified as a type of identity theft in which hackers imitate the account holder’s credentials in order to recover the account holder’s password and log in.
These credentials are frequently obtained as a result of earlier data breaches or other forms of fraud such as phishing attempts or keyloggers.
In the crypto realm, account takeovers are a significant danger because assets may be removed very quickly and are more difficult to track or recover than traditional banking activities.
While phishing attacks and security breaches will continue to occur, consumers can take a number of steps to protect themselves.