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At a time when NFT scams are running rampant, Coinbase Wallet has introduced new security features that aim to safeguard user tokens. In a statement released at the start of this week, the Wallet app notes the upgrades are part of its efforts to improve the safety and user experience. Therefore, when you interact with your wallet app, expect to see a few changes.
These range from features that improve blockchain transparency and security to those that help with transaction previews. In addition, token approval alerts, a blocklist for flagged dApps, and a spam token management feature have also been added. The latter automatically hides maliciously airdropped assets.
According to Ayoola John, Coinbase’s product manager, the new features are necessary to demystify crypto transactions. Often, they are “intimidating and lack transparency,” which leads to users falling prey to “phishing attacks, malicious airdrops, and other types of scams.”
In today’s landscape, web3 exploration can feel intimidating & often lacks transparency. As an industry, we need to do more to make the process simpler & safer for users.
Using a self-custody wallet with the right protections can go a long way👇https://t.co/QOJfhyNVYY
— Coinbase Wallet (@CoinbaseWallet) January 30, 2023
That said, the transaction preview feature will allow Coinbase wallet users to better understand the consequences of engaging with a smart contract. Therefore, they will be able to understand how it will change their wallet balance even before they sign in. As for token approval alerts, they will notify users of dApps trying to steal their NFTs and crypto.
Additionally, if you interact with a flagged dApp, you will receive a warning. This should reduce the number of users that interact with potentially risky smart contracts. As a result, people will lose fewer digital assets to phishing attacks and wallet drainers.
New Coinbase Wallet Features Come At A Crucial Period
The new features come at a time when some high-profile phishing attacks have taken place, highlighting the need to protect users. Recently, Kevin Rose, founder of Proof, fell victim to a phishing attack that took NFTs worth over $1 million from his wallet. While, just last week, the official Twitter accounts for Robinhood and the Azuki NFT collection were compromised and used to promote various scams.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the globe.
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