Crypto Wallets Combat Scammers With Transaction Previews And Blocklists – Cointelegraph
United States-based crypto exchange Coinbase has become the latest crypto wallet provider to roll out transaction previews and blocklists amid a rise in crypto thefts.
On Jan. 30, the crypto exchange announced it had integrated a new suite of safety features to its wallet app to make it easier for users to spot and take action on potential foul play from scammers.
Such integrations include a transaction preview feature which gives the user an estimation of how users “token and NFT balances will change” during a transaction before the confirm button is hit.
The firm has also rolled out token approval alerts, which make it clear to the user when a decentralized application dApp is requesting approval to withdraw tokens and nonfungible tokens (NFTs).
Additionally the firm has also introduced new layers of permission management that enable users to revoke dApp connections directly from the app to help minimize “exposure to potential vulnerabilities.”
The crypto exchange joins the ranks of several other crypto wallet providers that have either rolled out or announced similar features aimed at combating crypto scams and phishing attacks, including Solana-based Phantom, Web3 wallet provider Ember and Bitski.
Just two days after Moonbirds creator Kevin Rose admitted to losing $1.1 million in NFTs via a targeted phishing attack, Phantom reminded users on Jan. 27 that its wallets are protected with a number of security features which include transaction previews, an open source blocklist, NFT spam reporting and burning.
The firm explained its transaction preview feature: “when you take an action in Phantom, like minting an NFT, we scan your transaction and proactively find anything that looks fishy. Website looks fishy