Theft-proof wallet

On January 30, Coinbase announced its latest product, a secure crypto wallet. Its primary function is to inform you about any suspicious movement registered in the wallet. The introduced transaction preview and the list of blocked addresses are to protect investors against cryptocurrency theft. Thanks to it, it will be possible to detect undesirable activities and then take steps to block fraudsters.

As such, Coinbase has become the newest provider of this type of wallet.

The changes introduced are intended not only to protect their customers, but also to increase the comfort of use. And what do they protect against? Against spam and resource tokens airdropped. They allow full access to the wallet during the transaction and the wallet itself will calculate how the transaction will affect the wallet. What’s more, it has an automatic list of flagged and blocked Apps. The app will also send transaction approval alerts. The updates have reduced the likelihood of financial loss and the app will send signals as soon as it detects a fraud attempt. In addition, the application gives users the ability to combine multiple wallets into one and it makes the service much easier.

We know well that the cryptocurrency industry with its definitions and transactions can be overwhelming and difficult to identify. This is a loophole for scammers that needs to be sealed.

Companies that provide cryptocurrency wallets have launched very similar solutions that will protect their users against phishing or cryptographic fraud.

The American exchange Coinbase opens the possibility of viewing transactions and the list of blocked entities as cryptocurrency thefts have increased recently.

The Phantom company, which provides its users with cryptocurrency wallets, proactively scans transactions, searching for anything that may be suspicious. All movements that may lead to committing a crime are checked. The user receives a warning every time he tries to make an undesirable move.

Coinbase also said that in the coming weeks, the company will launch a new feature that will allow you to “view and revoke non-existent token balances. Such a feature is important as hackers are implementing more and more tools to hijack transactions and intercept funds sent to their own wallets instead of the initial destination address .

Such solutions are useful even for experienced users, after all, anyone can click on an undesirable link or open malware.