The need for consumer safety has recently increased, given the high occurrence of scams and hack incidents in the cryptocurrency space. In doing so, even worldwide regulatory authorities, governments of different countries, and cryptocurrency corporations have been seeking ways to keep bad players from exploiting customers.
According to this, wallet providers have started tightening their security with enhanced features to fob off scam attempts.
Coinbase Crypto exchange, a US-based cryptocurrency exchange, is the latest cryptocurrency exchange to integrate safety features to guard its users from phishing thefts and scams. Our trending exchange added new features to its cryptocurrency wallets app, such as transaction previews and block lists to repel scammers.
Cryptocurrency Exchange Coinbase Crypto exchange Explains Its New Wallet Security Features
Recently, Coinbase Crypto exchange announced integrating new safety features into its wallet application. Reports by the cryptocurrency exchange, the new features will allow users to identify and take countermeasures against potential attacks from scammers.
1 of them is a transaction sneak peek feature that enables users to estimate possible changes in their crypto token and Non-Fungible Token (NFT) balances during transactions before hitting the confirm button.
Furthermore, Coinbase Crypto exchange added crypto token approval alerts, which notify the user when a decentralized app (dApp) requests approval to withdraw crypto tokens or Non-Fungible Token (NFTs). With this feature, users would be alerted when scammers are taking action on their accounts.
The company likewise introduced a series of permission management that would enable users to block dApp connections directly from their wallet application. It would allow users to block unwanted or suspicious links from accessing their accounts and minimize potential vulnerabilities.
Coinbase Crypto exchange is only one between numerous cryptocurrency wallet service providers that have previously introduced similar features. Corporations that have either rolled out or announced similar features include Solana-based Phantom and Web 3.0 wallet providers Ember and Bitski.
In the latest blog post, Coinbase Crypto exchange announced that it would launch an extra feature to enable users to view and revoke existing crypto token balances in the next few weeks. These features are critical for the safety of users’ assets as attackers deploy numerous 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 founder, recently revealed a loss of $1.1 Million in Non-Fungible Token (NFTs), Phantom reminded its users that their wallets have some security features. Reports by the Non-Fungible Token (NFT) wallet provider, its wallet applications come with transaction previews, an open-source block list, Non-Fungible Token (NFT) spam reporting, and burning.
Phantom stated that it scans transactions to identify suspicious links like phishing sites when users initiate actions on their application. The transaction sneak peek 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.
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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.
Similarly, on January 27, Web 3.0 wallet provider Ember outlined its security tools via a tweet. Reports by Ember, the wallet application includes security features such as crypto token and Non-Fungible Token (NFT) locking to prevent investment theft, transaction previews, and approval revoking.
Like other transaction sneak peek 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 crypto token and Non-Fungible Token (NFT) locking disables assets and prevents the user from sending or selling them until an unlock authentication.
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