Recent Thefts and Attacks on notable people in the industry have led to the creation of new features to protect users.United States-based Crypto Exchange Coinbase has become the latest Crypto Wallet provider to carry out transaction previews and blocklists amid a rise in Crypto Thefts.
On Jan. 30, the Crypto Exchange declared that it had integrated a new set-up of security features to its wallet application to make it easier for users to detect and take action on potential treachery from scammers.
The preview feature of the integrations provides the user with an estimation of how their token and NFT balances will change during a transaction before the confirm button is hit.
The firm has also carried out token approval alerts, which make it clear to the user when a decentralized application dApp is mentioning approval to pull out tokens and nonfungible Tokens (NFTs).
Moreover, the firm has also introduced new layers of permission management that enable users to revoke DApp connections straightforwardly from the application to help limit “exposure to potential weaknesses.”
The Crypto exchange joins the positions of several other Crypto wallet providers that have either carried out or reported similar features aimed at combating Crypto scams and phishing attacks, including Solana-based Phantom, Web3 wallet provider Ash and Bitski.
Only two days after Moonbirds creator Kevin Rose conceded to losing $1.1 million in NFTs by means of a targeted phishing attack, Phantom reminded users on Jan. 27 that its wallets are protected with various security features which incorporate transaction previews, an open-source blocklist, NFT spam detailing and consuming.
The firm explained its transaction preview feature: “when you take an action in Phantom, such as printing a NFT, we scan your transaction and proactively find anything that looks off-putting. Website looks off-putting? You get a warning. Attempting to obfuscate code? Warning. Interacting with suspicious tokens? Warning.”
Phantom blocks users from connecting with malicious domains on the open-source blocklist.
Tweeting on the same day as Phantom, Web3 wallet provider Ember detailed the list of its own security tools.
The list includes translation previews, token and NFT locking to stop assets being depleted as part of malicious transactions, and approval renouncing.
The firm said in its latest entry that it will launch a feature that will allow users to view and remove their token balances.
These kinds of features are significant for Crypto and NFT users, as scammers/hackers convey a wide array of tools to hijack transactions and get funds sent to them rather than the initially expected destination.
Well known methods that dupe even experienced users include phishing attacks, scam airdrops directing individuals to tap on malicious connections, and malware.