The need for consumer protection has recently increased, given the high occurrence of scams and hack incidents in the crypto space. As a result, even global regulators, governments of different countries, and crypto firms have been seeking ways to keep bad players from exploiting customers.
In line with this, wallet providers have started tightening their security with enhanced features to fob off scam attempts.
Coinbase, a US-based crypto exchange, is the latest crypto exchange to integrate safety features to protect its users from phishing thefts and scams. The popular exchange added new features to its crypto wallets app, such as transaction previews and block lists to repel scammers.
Crypto Exchange Coinbase Explains Its New Wallet Security Features
Recently, Coinbase announced integrating new safety features into its wallet app. According to the crypto exchange, the new features will allow users to identify and take countermeasures against potential attacks from scammers.
One of them is a transaction preview feature that enables users to estimate possible changes in their token and NFT balances during transactions before hitting the confirm button.
Furthermore, Coinbase added token approval alerts, which notify the user when a decentralized application (dApp) requests approval to withdraw tokens or NFTs. With this feature, users would be alerted when scammers are taking action on their accounts.
The firm also introduced a series of permission management that would enable users to block dApp connections directly from their wallet app. It would allow users to block unwanted or suspicious links from accessing their accounts and minimize potential vulnerabilities.
Coinbase is only one among many crypto wallet service providers that have previously introduced similar features. Firms that have either rolled out or announced similar features include Solana-based Phantom and Web3 wallet providers Ember and Bitski.
In the latest blog post, Coinbase announced that it would launch an additional feature to enable users to view and revoke existing token balances in the coming weeks. These features are crucial for the safety of users’ assets as hackers deploy various tools to hijack transactions and make funds go to them other than the intended destination.
Phantom And Ember Integrate Security Features
After Kevin Rose, Moodbird creator, recently revealed a loss of $1.1 million in NFTs, Phantom reminded its users that their wallets have some security features. According to the NFT wallet provider, its wallet apps come with transaction previews, an open-source block list, NFT spam reporting, and burning.
Phantom explained that it scans transactions to identify suspicious links like phishing sites when users initiate actions on their app. The transaction preview is a proactive measure to avoid hack attacks and foul play from scammers. If the transaction scanner spots anything that looks fishy, the user will receive a warning before he can proceed with any action.
The open-source block list consists of a community-maintained list of malicious domains. Phantom’s open-source blocklist feature prevents users from mistakenly connecting with these malicious domains.
Also, on January 27, Web3 wallet provider Ember outlined its security tools via a tweet. According to Ember, the wallet app includes security features such as token and NFT locking to prevent asset theft, transaction previews, and approval revoking.
Like other transaction preview features, Ember allows users to see what will happen upon signing a transaction. It would enable them to verify the safety before hitting the confirm button. The token and NFT locking disables assets and prevents the user from sending or selling them until an unlock authentication.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.