The need for consumer protection has recently increased, due to the high scams and hacks happen happening in the crypto space. As a result, even global regulators, governments of various countries, and crypto companies have find ways to keep bad players at bay from customer exploitation.
In line with this, wallet providers have started tightening their security with enhanced features to eliminate fraud attempts.
Coinbase, a US-based crypto exchange, is the latest crypto exchange to incorporate safety features to protect users from theft and phishing scams. The popular exchange is adding new features to its crypto wallet app, such as transaction previews and blocklists to ward off scammers.
Crypto Exchange Coinbase Unveils New Wallet Security Features
Recently, Coinbase declare integrate new safety features into its wallet app. According to the crypto exchange, new features will allow users to identify and take countermeasures against potential attacks from scammers.
One of them is the transaction preview feature that allows the user to estimate the possible changes in the token and NFT balance during the transaction before pressing the confirm button.
Furthermore, Coinbase added a token approval alert, which notifies users when a decentralized application (dApp) requests approval to withdraw a token or NFT. With this feature, users will be alerted when scammers take action on their account.
The company also introduced a series of permission management that will allow users to block dApp connections directly from the wallet app. It will allow users to block unwanted or suspicious links from accessing their accounts and minimize potential vulnerabilities.
Coinbase is just one among many crypto wallet service providers that have previously introduced a similar feature. Companies that have launched or announced similar features include Solana-based Phantom and Web3 wallet providers Ember and Bitski.
At latest blog post, Coinbase announced that it will launch an additional feature to enable users to view and withdraw their existing token balances in the coming weeks. These features are important for the security of users’ assets because hackers use various tools to hijack transactions and make funds go to people other than their intended purpose.
Phantom And Ember Integrated Security Features
After Kevin Rose, the creator of Moodbird, recently announced a $1.1 million NFT loss, Phantom warns the user that wallet has several security features. According to the NFT wallet provider, the wallet app comes with transaction preview, open source blocklist, NFT spam report, and burning.
Phantom explains that it scans transactions to identify suspicious links like phishing sites when users initiate actions within the app. Transaction preview is a proactive step to avoid hack attacks and fake games from scammers. If the transaction scanner finds anything that looks fishy, the user will receive a warning before they can proceed with the action.
The open-source blocklist consists of a community-maintained list of malicious domains. Phantom’s open-source blocklist feature prevents users from accidentally connecting to these malicious domains.
Also, on January 27, Web3 wallet provider Ember limit security devices through tweets. According to Ember, the wallet app includes security features such as NFT tokens and keys to prevent asset theft, transaction previews, and approval cancellations.
Like other transaction preview features, Ember allows users to see what will happen when they enter a transaction. It will activate to verify the safety before pressing the confirmation button. Token and NFT locks disable assets and prevent users from sending or selling until authentication unlocks them.
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