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Beware the latest phishing text message scam!

SCAM WARNING | Phishing Text Message Scam Rattles Cryptocurrency Community

By

Sofia Chen

Apr 7, 2025, 06:10 AM

Updated

Apr 8, 2025, 06:07 AM

A cautionary illustration of a smartphone displaying a suspicious phishing text message claiming to be from Coinbase. The phone is surrounded by warning signs and red flags, symbolizing online security risks.

Alarm Bells Ring for Coinbase Users

As phishing attacks morph into a serious threat, cryptocurrency enthusiasts are sounding the alarm over a suspicious text message targeting Coinbase users. The message reads, "Your OTP to connect a new device to your CoinBase is 977553. If you did not request this, please reach out to us immediately at +1 833-998-9476." Not only does this raise eyebrows, it’s igniting widespread concern.

Unmasking the Deceit: Why This Matters

Within the community, the urgency to spread awareness is palpable. Many have begun questioning whether these messages are legitimate, fearing they might be part of a larger scheme to hijack accounts. "It may be someone has your data and is trying to change account ownership..." says a concerned user, highlighting the critical need for vigilance.

Interestingly, the community has pointed out that while many Coinbase communications appear to come from short codesβ€”generally five digitsβ€”this text employs a toll-free +1 833 number, raising further suspicions. Importantly, Coinbase identifies itself consistently as Coinbase not CoinBase, although some argue that branding inconsistencies exist.

The text’s insistence on OTP (One-Time Password) distribution via phone calls rather than through in-app notifications adds another layer of suspicion. Users should always expect two-factor authentication (2FA) steps to be conducted directly through official applications, rather than unverified text messages.

Community Buzz: Safety Tips and Shared Experiences

As users swap stories on various platforms, a chorus of voices emphasizes the necessity of safeguarding assets. Notable discussions include:

  • Strong advice to keep cryptocurrencies in self-custodial wallets to avoid potential losses.

  • Concerns regarding possible misconduct by Coinbase staff, with fears about unauthorized access to personal data.

  • Encouragement to communicate with verified Coinbase personnel to deter impersonation attempts.

"Always check with the app for the correct contact details and report any phishing messages through official channels!"

Users also note their recent interactions with the suspicious number, emphasizing that repeated calls yielded quick hang-ups until one individual hesitated, exposing the uncomfortable truth: "He needed to attend to his quota." This might signal that the scams are indeed lucrative for the perpetrators.

Current Sentiment: A Mix of Caution and Resolution

The atmosphere in the community remains cautious yet active. Observations about the phishing attempts illustrate a collective determination to educate one another. With many urging friends and family to remain vigilant, the responses are trending towards a proactive stance rather than panic.

Key Insights:

  • πŸ›‘ Phishing attempts surge: Users are advised to approach suspicious messages with caution.

  • ⚑ Account safety: Emphasis on cold wallets as an effective risk mitigation strategy.

  • πŸ” "Education is key!" - An urgent call to spread awareness about scam recognition and prevention.

Overall, the intensity of these phishing threats has galvanized community members into action, stirring a notable initiative toward education and vigilance. Users are banding together in a united front against these tactics, determined to shield their digital assets from falling into the wrong hands.