A recent survey reveals that Coinbase, a leading cryptocurrency exchange, is the most targeted brand by scammers in the Web3 space. The survey indicates that among US-based crypto firms, Coinbase is frequently impersonated in phishing schemes designed to deceive investors into transferring their crypto assets to fraudsters.
Phishing Scams Continue to Surge
A report from Mailsuite disclosed that the Coinbase brand was involved in 416 phishing attacks over the last four years. Out of 1.14 million fraud incidents analyzed, more than 249,000 involved attackers impersonating a company or organization. The report highlights the prevalence of such scams in the crypto industry.
CoinMarketCap ranks Coinbase as the world’s second-largest centralized crypto exchange, boasting a daily trade volume exceeding $1.8 billion. CoinGecko data further supports Coinbase’s credibility, with a trust score of 10/10 and over 40.9 million monthly visits.
How Does Coinbase Compare with Other Brands?
Despite Coinbase’s prominence in the crypto sector, traditional finance and technology companies face even higher impersonation rates. For instance, Bank of America experienced 645 phishing attempts, while Mastercard faced 1,262 attacks. Meta, the parent company of Facebook, was the most impersonated brand, with 10,457 reported frauds over four years.
Key Takeaways for Users
– Verify the authenticity of communication from companies, especially when dealing with financial transactions.
– Be cautious of unsolicited emails or messages asking for personal or financial information.
– Use multi-factor authentication to enhance account security.
– Regularly monitor account activity for any suspicious transactions.
According to a Crystal Intelligence report, around $19 billion worth of cryptocurrency was stolen through 785 attacks over the past 13 years. The most significant theft involved the 2019 Plus Token scam, where $2.9 billion worth of Bitcoin and Ethereum were seized by attackers. This highlights ongoing risks and the need for vigilance in the evolving crypto landscape.