South Jersey people turned to Troubleshooters after hackers took tens of thousands of dollars.
Vibhor Jain of Marlton, Burlington County, said he was physically ill every time he thought about a cryptocurrency account that had expired.
“It’s just ridiculous if this happens,” he said.
Jain has been developing Coinbase accounts for five years. The investment at the time was between $ 28,000 and $ 30,000.
Then last year, he received a suspicious message.
“I got some notifications on my phone that said my Coinbase had changed, and I couldn’t log into my Coinbase account,” he said.
Jain said within minutes, hackers used 400 transactions to channel accounts.
He said about $ 34,500 had been lost.
Jain believes that Coinbase should give a red mark on the transaction.
“This is because Coinbase financial institution should be able to check the pattern and immediately stop the transaction,” he said.
As an IT engineer, Jain thinks he did everything he needed to do to secure his account.
But Jain later learned his personal information had been compromised in two separate data breaches involving Coinbase and mobile operators.
He said he did not get any news from either.
“They have to make sure all the accounts have to change their passwords. Implement it,” Jain said.
Chris Pierson, founder and CEO of a cybersecurity company BlackCloak said making a long, complex critical password.
Ideally it should be the only sentence or phrase you can guess.
“Making sure that the password for your crypto account isn’t the one used on other accounts will be very important,” Pierson said.
If it’s hard to remember, Pierson recommends using an encrypted password locker.
Also make sure you have an extra layer of authentication to sign in to your account.
“Duel factor authentication will be an SMS code sent to your phone, or you have some type of authentication,” he said. “It could be a real token that you put into a computer to perform a transaction or a real authenticator app.”
And don’t accept unsolicited offers received via text, email or phone to engage in cryptocurrency.
Experts say that if you already have a crypto account, don’t accept incoming requests asking you to provide information.
Troubleshooters reached out to Coinbase on behalf of Jain, and Jain said that while he could not disclose the details, he was happy with the results after Troubleshooters joined.
Coinbase told Troubleshooters they could not speak about the Jain case specifically because of secrecy.
Instead, he raised claims about customer safety and care in general.
“Coinbase took over extensive security measures to ensure customer accounts remain secure. In addition to educating our customers on best practices to secure Coinbase accounts, Coinbase has a dedicated fraud investigation team and policy to ensure specialized support for its customers. We also started rolling out special phone support for the ATO August from 2021, and delivered global phone support to all customers, and instant messaging last year.
When there is a problem, we work directly with the customer to resolve the issue. We are unable to share details about Mr. Jain’s account due to customer confidentiality. In most cases, Coinbase do not cover any losses resulting from unauthorized access to your Coinbase account due to compromise of the customer’s login credentials, which often causes account takeovers.
We recognize that this is a heinous crime that can have a significant impact on consumers. With more and more personal information available online, it is becoming increasingly important for consumers to know how to protect their personal email and mobile phone accounts from unauthorized third parties. Once a third party gains access to a consumer’s email or phone, other consumers ’online accounts may be at risk. That’s why Coinbase regularly works for you educate customers about how to protect your personal email and phone accounts – it’s the most important thing you can do to prevent unauthorized access to all your online accounts, not just Coinbase.
We encourage all customers to take important steps to secure their online accounts. You can see the summary below and the full details on us Help Center.
Use a strong unique password for each of your online accounts
Do not store API key data in public spaces or forums
Make sure all your financial and email accounts are enabled 2FA (two factor authentication), preferably using the TOTP (Time -Based Password Code) code generator
Regularly log out of your Coinbase account
Make sure your mobile device operator has additional security features for your mobile account. “
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