Watch out Coinbase users A nasty new wallet-draining scam is doing the rounds TechRadar Skip to main content TechRadar is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Here's why you can trust us. Watch out Coinbase users A nasty new wallet-draining scam is doing the rounds By Sead Fadilpašić published 5 August 2022 Be extra careful with 'urgent' emails from Coinbase (Image credit: Shutterstock / Wit Olszewski) Audio player loading… Cybersecurity experts have warned of an elaborate scam targeting customers of cryptocurrency exchange Coinbase. Researchers from security firm PIXM recently discovered an email campaign whereby attackers masquerade as Coinbase to trick people into handing over their account credentials. In the email, the user is warned that their account needs attention due to an "urgent matter". Sometimes they need to confirm a transaction, and sometimes they need to provide additional information to prevent their account from being locked. Bypassing two-factor authentication Regardless of the contents of the email, they always carry a heavy dose of urgency, and obviously, provide the user with a link where they can log into the platform and sort out the mess. However, the link leads to a fake webpage that looks almost identical to the real Coinbase site. But here's where it gets really advanced. Most users have two-factor authentication enabled, so the crooks devised a way to work around it. When a user types in their passwords, they get relayed to the actual Coinbase site, and then the crooks ask for the 2FA code as well.Read more> Apple, Google told to explain themselves after crypto scams hit app stores (opens in new tab) > Shield against scammers with the best identity theft protection services around > Secure your digital wealth with one of the best Bitcoin wallets around (opens in new tab) To make things even worse, the victim gets redirected to a site that says "account suspended" and offers them a chance to talk to "customer support". Yet again, this is not the actual Coinbase customer support, but rather the continuation of the scam, where the attackers try to obtain as much personally identifiable information on the victim as possible. The data they're looking to obtain at this point, according to the researchers, includes phone numbers, postal addresses, emails, and estimated account balance.Get physical for enhanced protection with the best security key (opens in new tab) choices today Sead Fadilpašić Sead is a seasoned freelance journalist based in Sarajevo, Bosnia and Herzegovina. He writes about IT (cloud, IoT, 5G, VPN) and cybersecurity (ransomware, data breaches, laws and regulations). In his career, spanning more than a decade, he's written for numerous media outlets, including Al Jazeera Balkans. He's also held several modules on content writing for Represent Communications. See more Computing news Are you a pro? Subscribe to our newsletter Sign up to theTechRadar Pro newsletter to get all the top news, opinion, features and guidance your business needs to succeed! Thank you for signing up to TechRadar. You will receive a verification email shortly. There was a problem. Please refresh the page and try again. MOST POPULARMOST SHARED1The iPhone 14 Pro is made of the wrong stuff; the Pixel 7 proves that to me2Stop saying Mario doesn't have an accent in The Super Mario Bros. Movie3Google Pixel Tablet is what Apple should've done ages ago4RTX 4090 too expensive? Nvidia resurrects another old favorite5More than one million credit card details leaked online1The iPhone 14 Pro is made of the wrong stuff; the Pixel 7 proves that to me2iPhone 15 tipped to come with an upgraded 5G chip3Google Pixel Tablet is what Apple should've done ages ago4If this feature succeeds for Modern Warfare 2, Microsoft can't ignore it5Apple October launches: the new devices we might see this month Technology Magazines (opens in new tab)● (opens in new tab)The best tech tutorials and in-depth reviewsFrom$12.99 (opens in new tab)View (opens in new tab)