Coinbase Wallet introduced new security features to protect user tokens at a time of rampant NFT frauds. The Wallet app released a statement at the beginning of the week stating that the upgrades are part its efforts to improve safety and user experience. Expect to see some changes when you interact with the wallet app.
These features include those that increase blockchain transparency and security, as well as those that allow for transaction previews. A blocklist for flagged apps, token approval alerts and a spam token management function have been added. This feature automatically hides maliciously-airdropped assets.
Ayoola John is Coinbase’s product manager. He believes the new features will help to simplify crypto transactions. They are often intimidating and lack transparency, which can lead to users falling for “phishing attacks and malicious airdrops and other types of scams.”
Web3 exploration in today’s world can be intimidating and often lacks transparency. We need to do more as an industry to make web3 exploration easier and safer for users.
Using a self-custody wallet with the right protections can go a long wayhttps://t.co/QOJfhyNVYY
Coinbase Wallet (@CoinbaseWallet), January 30, 2023
The transaction preview feature of Coinbase wallet will enable users to understand better the implications of using a smart contract. They will also be able understand how the smart contract will affect their wallet balance before they sign up. Token approval alerts will be sent to users who are harmed by dApps.
You will also be warned if you interact using a flagged app. This will reduce the risk of smart contracts being used by users. This will result in fewer people being victim to phishing attacks or wallet drainers.
New Coinbase Wallet Features Come At A Crucial Period
These new features are coming at a time of high-profile phishing attempts, which highlights the importance of protecting users. Kevin Rose, the founder of Proof, was recently victim to a phishing attempt that stole NFTs in excess of $1 million from his wallet. Last week, Robinhood’s official Twitter accounts were compromised. They were used to promote various scams.
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*All opinions regarding investment and financial matters expressed by NFT Plazas come from the research and experience of site moderators. They are meant to be educational and not for profit. Before making any type of investment, individuals are responsible for fully researching any product.
NFT Plazas’s first article, Coinbase beefs up its Wallet with a New Security Update, appeared first on NFT Plazas.
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