Coinbase Text Scam: How to Spot It Fast

Scam texts tend to include crypto coins and attempt to rob you of your money. Fraudsters use counterfeit messages that appear to be initiated by Coinbase to intimidate you. They are referred to as a Coinbase text scam or a Coinbase SMS scam also known as a Coinbase text message scam. They bait you with news or messages that are urgent. In one such instance, a scam text was:

(COINBASE) Your withdrawal OTP code is 736191. If this was not you please call us on (+1 any US number). It looks real, but it is actually a scam.

What Is a Coinbase Text Scam?

Coinbase is an actual exchange of cryptocurrencies. However, a Coinbase text scam is a counterfeit SMS by fraudsters. They involve themselves in phishing to lure you into selling your information or money. The government is cautioning that it is an increasing issue. Even the New Jersey prosecutors claimed a phishing scam targeting cell phone users by way of text messages is on the rampage. Their observation said that scammers use fraudulent text messages to mimic Coinbase and steal user credentials. It is a type of SMS phishing also referred to as smishing. Regardless of whatever you term it as, phishing text, Coinbase SMS scam or Coinbase impersonation scam, it is fraud. To crypto users, the gambling stakes are high. Coinbase is also observing that once an amount of cryptocurrency is transferred, it cannot be reversed. There is a reason why scammers are aware of the fact that once they fool you, the money might be gone forever.

Real-Life Scam Example

You receive a text that seems to be important: (COINBASE) The OTP code of your withdrawal is 736191. In case this was not you, then call to Coinbase official number only. Ref CB97405. Your heart skips a beat. No withdrawal was requested by you. It is this very text that was discovered by law enforcement as being a scam. It was published in the Washburn County Sheriff’s office as an example of a Coinbase SMS scam. In reality, it is not a message from Coinbase. It is a trick. The phone number and the one-time code are counterfeit. In case you receive this text, do not call that number, wipe out the text.

Real Stories of Coinbase Text Scams

These tricks have also been experienced by real people. Indicatively, an SMS that was received by Cory in NYC, Coinbase: Login code 834719. If this wasn’t you, call +44-20-7193-8000 (this is just example number)” Cory was scared at first. He had not made an attempt to log in, which made him nearly panic. He did not make a call but closed the message and opened the Coinbase app to verify. There was no login attempt. He knew it was a fake and deleted the message and turned on the enhanced security via an authenticator app on his account.

Another incident occurred in Malaysia when Bina was informed by a text that her Coinbase email had been altered. It appeared official, and she did not press any button. She entered her account with the help of the app and everything seemed to be alright. Bina then blocked the sender and reported the scam to Coinbase. Cory and Bina did not lose anything as they remained calm and scrutinized.

How to Spot a Fake Coinbase Text

Although a scam text may have the appearance of being official, it has distinct indicators. Watch for warning signs:

 

• • Unknown sender: The information is on a random phone number and not the official number of Coinbase. Official Coinbase notifications are shorter in length or they have branded senders.

• • Unexpected code or alert: You receive a one-time code or withdrawal notice that you did not order. This has been referred to as a Coinbase verification code scam. Ignore it. No unsolicited verification code or alert will be sent by Legit Coinbase.

• • Requests to call or click: The message does not leave out a phone number or a link and requests verification or calling. None of the messages in your Coinbase account will request you to place a call to an arbitrary number or use an unfamiliar link.

• • Account warnings: In case a text says that your account is locked or in danger, consider it a scam. A random SMS would not normally be notified by Coinbase via its app or email.

• • Spelling, grammar, or urgency: Scammers try to rush you. They can contain typing errors or use very urgent language. Coinbase’s official messages are written in understandable and correct language.

• • Wrong channel: Random SMS is not typically employed by Coinbase to issue alerts, although they typically do it either via email or through the official app. In case of doubts, check the official Coinbase app to get notifications.

• • Check the link or number: In case of any connection, hover or copy the same to determine whether it actually is coinbase.com. If it doesn’t, it’s phishing. Also, check the number of any phone or any link online – any scam numbers and fake links are frequently listed in online warnings.

• • Coinbase policies: Coinbase is saying that they will never request your password, private keys, or 2FA codes via text. It also states that it does not make use of SMS to verify transactions. Any text that appears to seek personal information or confirmation of a transaction is probably a fake one.

These are the same signs that have been observed by authorities. On one report, it cited messages sent by unknown numbers, unsolicited one-time codes for passwords, and calls asking to call a phone number to check account activity as red flags. The other identified red flags were another unknown number, OTP code, spelling errors, and urgent language. These are tips to consider for each Coinbase text.

Scam Texts Impersonating Coinbase

Fraudsters tend to use the name Coinbase in their spam emails to appear authentic. But look closely. Coinbase’s official texts involve the use of short codes or branded tags. A fraudster may simply write [COINBASE] or something like that, however, the source number or the link is not authentic. In the event of odd bits of information such as a haphazard reference code (such as “Ref CB97405”), then this is probably false. It is worth inquiring everywhere: Did I ever begin this action? Otherwise, it is most likely a counterfeit Coinbase text. Follow your heart: you can never go wrong by not listening to it.

Are These Coinbase Texts Legit?

One would want to ask, Is a Coinbase text ever legitimate? Yes, Coinbase is capable of texting you in specific situations (e.g., when a 2FA log-in code is provided), but not when the actions are initiated by you. The help section of Coinbase specifically states that in case you receive a text notification regarding cryptocurrency that you did not authorize, it is probable that it is a scam. Opinion being aired by the site, too, reminds us: “Coinbase Team will never request you to provide your password, 2-step verification code, or a personal key. Coinbase messages that are legit will not be urging you to call any number or to give sensitive information. In case of any doubt, you should also always be sure to log into the Coinbase application or web page yourself not through the link in the text. To test whether your site is free of phishing, you can use any Online Text Editor Tool to detect suspicious messages or links and then you can decide whether or not to click on them.

What to Do If You Get a Suspicious Text

If you receive a suspected Coinbase scam text, act quickly:

 

1. 1. Don’t click or respond: Do not call the number or even a link. Coinbase and security professionals do not recommend communicating with the scammer. The most appropriate thing is to delete the message. As an example, technology instructions recommend that in case you receive one such text, you should delete the text without any reply.

1. 1. Block and report: Go to the settings of your phone and label the message as junk or spam and block the number of the person who sends the message. This prevents additional fraudulent texts by this source.

1. 1. Report to Coinbase: Send a screencap of the bogus message and send it to the security of coinbase.com. The security team of Coinbase investigates these claims and tries to save the user.

1. 1. Forward to 7726 (SPAM). In the case of being in the US, forward the suspicious message to 7726. This is a free shortcode that notifies your mobile carrier of the fraud and they can block it on behalf of others.

1. 1. Report to authorities. Reporting to the FTC: If you have a complaint to file against Google, you may do so at reportfraud.ftc.gov or the IC3 (Internet Crime Complaint Center). Contact your local cybercrime department or local police in other countries, such as Action Fraud in the UK.

Through these actions, you will be safeguarding yourself and other people. Coinbase actually asks its users to report phishing messages by sending them 7726 and email screenshots. In case you have posted something that reveals some of your sensitive data without being aware that it was a scam, then you should immediately change your passwords and report this matter to your bank. Make use of email alerts and other 2FA, too, on your accounts. Do not give out your codes to anyone.

Protect Yourself and Stay Safe

Although you managed to avoid a scam, be sure to keep your account safe:

 

• • Use your phone’s spam filter: Numerous phones are able to sieve scam messages. Filter Unknown Senders is enabled on iPhone. On Android, you can use built-in spam-blocking features or security applications that can identify phishing SMS before you even see them.

• • Keep software updated: Security updates are usually applied to phones. Install them in a manner that bugs or vulnerabilities are resolved. This complicates the process of being exploited by the scammers.

• • Use strong security: Use a special, strong password for your Coinbase account, and do not use the same one again. It is best to have a password manager to keep it.

• • Use 2FA apps, not SMS: Enabling the use of an app (such as Google Authenticator) to use two-factor authentication rather than SMS. Application authenticators have codes on your phone and are far less vulnerable to SIM/SMS attacks.

• • Bookmark Coinbase: You should always go to Coinbase by typing coinbase.com on your Internet browser or save a bookmark. This sees to it that you end up at the actual location. Do not use links in the email or texts.

• • Think before you act: Scammers want you to panic. When you receive a scary message, you should stop and ask yourself the question: Did I do something that prompted this? In case the answer to this question is no, do not answer or give any directions on the text.

• • Monitor account: Check your last transactions by logging up to the official Coinbase application or webpage on a regular basis. In case you notice any suspicious activity, account security is necessary.

• • Stay informed: Look out for Coinbase’s official warnings or blog posts on security scams. The Help Center of Coinbase frequently contains current information on phishing. The best way to deal with the tricks of the day is to know them.

• • Share the knowledge: Warn friends or family members about using crypto for these scams. In case you find information about fake texts that are pretending to be Coinbase, alerting other people can also save them.

• • Take it seriously: Crypto scams can be huge. Indicatively, the law enforcement has recently taken control of $225 million stolen in crypto frauds assisted by Coinbase. Any little step you take to prevent scammers will lessen their number.

With the help of these guidelines, you will be able to stay out of a fake Coinbase text.

Note: Coinbase will not request you to provide sensitive information, and will never send you a verification code that you are not supposed to expect. Be keen and verify messages, as well as securing your crypto.

Quick Checklist: Stay Safe from Coinbase Text Scams

 

• • Treat any unexpected Coinbase SMS as suspicious.

• • Verify if you requested the code or alert. If not, ignore it.

• • Do not share any login info or 2FA codes in a text.

• • Never use third-party sites to view account activity always use the official Coinbase app/website to view account activity.

• • Block the number and send the text email security@coinbase.com and send the message to 7726 (SPAM) in the US. Reporting to authorities (FTC/IC3) is also a possibility.

• • Share these tips with your crypto friends or relatives.

• • When something does not smell right, go with your gut feeling and believe it is a scam.

The Coinbase text scam and the Coinbase SMS scam appear to be real, but they are not. Always avoid clicking on things you do not know, always reply, and never share your code. Never reply to messages using the third-party Coinbase app. Provided that you take prompt action, you will be able to prevent these phishing text Coinbase attacks before they damage your account. In case a Coinbase text message is suspicious or requires you to do something quickly, think it is a scam and verify it using official sources. The most basic step to securing your crypto is to be wary of unsuspecting communications. Stay safe out there! Be careful. Before sending any crypto, always verify the wallet address. You can use trusted tools like CrypStudio
to check if a wallet has been reported in any crypto scam.

FAQs About the Coinbase Text Scam

Q1. What is a Coinbase text scam?
A Coinbase text scam refers to a counterfeit message that claims to be a Coinbase message. Scammers send it to take away your login information, OTP code, or money. And these texts appear genuine yet are phishing attacks.

Q2. Can Coinbase send real text messages?
Yes, but only on actions that you initiate, like login or 2FA configuration. Coinbase does not use random codes, requests to set passwords, or dial a phone number.

Q3. Why do I keep getting Coinbase verification codes I didn’t request?
It implies that somebody is trying to get into your account, or you have been mistaken with your number. Do not share the code. Allow two-factor authentication and change the password.

Q4. How can I report a fake Coinbase text?
Take a screenshot and email it to security@coinbase.com. Also, you can send the message to 7726 (SPAM) when in the U.S. This will assist Coinbase and mobile carriers to thwart the scam.

Q5. Are Coinbase SMS scams increasing?
Yes. Automated tools are now in use to send thousands of fake messages per day by scammers. Cryptocurrency users should exercise caution and confirm all messages within the Coinbase app.