Coinbase under attack: how to protect yourself from online scams

Reading time 2 minutes

Published on 16/05/2025

Digital bandits outsmart even the most secure technology

Coinbase, one of the world's most well-known cryptocurrency exchange platforms, was the target of a cyberattack. Hackers managed to access sensitive information belonging to some of the platform's customers and demanded a $20 million ransom in exchange for a promise not to release the data publicly. In response, Coinbase offered the same amount as a reward to anyone who could provide information leading to the arrest of those responsible.

The attack aimed to steal customers' confidential data, with the fraudsters pretending to be Coinbase in order to trick users into handing over their crypto assets.

These tactics are not new and are not limited to the world of cryptocurrencies - they're also used to target more traditional bank accounts.

While the introduction of strong customer authentication has made it harder for criminals to directly access accounts, fraudsters continue to use other methods to deceive victims. These include:

• phishing - fraudulent emails designed to steal personal information;
• vishing - scams carried out over the phone;
• smishing - deceptive text messages.

Fraudsters often spoof the origin of their messages - emails, phone calls, or texts - so they appear to come from trusted sources like banks or companies. They also use social engineering techniques to manipulate victims emotionally or psychologically, often by pretending to be trustworthy, creating a false sense of urgency, or threatening negative consequences.

The most advanced scams combine several techniques. For example, a fraudster might call the victim (vishing), use social engineering to convince them to click a link, and then get them to install malware - malicious software that infects devices and can steal or damage personal data. 

How to protect yourself

• stay informed about the latest scams and alerts from authorities;
• never share sensitive information like your PIN or payment details—your bank will never ask for them;
• use different passwords for different services and avoid saving them in your browser;
• do not click on suspicious links or scan QR codes from unknown sources;
• stay calm and think before acting;
• avoid using public Wi-Fi for online banking;
• regularly check your bank statements and report any suspicious transactions immediately. Ask your bank to block your payment cards if needed;
• enable transaction alerts for payments made from your accounts.

Your rights

If you have acted carefully and followed the advice above, not only are you less likely to fall victim to fraud, but you'll also stand a better chance of getting your money back should anything go wrong. For example, if a scammer makes a payment using your card or transfers money from your online account, all is not lost - you can dispute the transaction and request a refund. Here's what to do: 

1. report the fraudulent transactions to your bank immediately and request a refund for the stolen amount. By law, the bank must respond in writing within 15 working days;
2. if the bank refuses to refund you, you can submit a formal complaint;
3. if the bank rejects your complaint, doesn't reply within 15 working days, or you're not satisfied with the response, you can take the matter to the Financial Banking and Financial Ombudsman (ABF) or submit a complaint to Banca d'Italia.

You can also file a report with the police. While not required to request a refund, doing so helps countering fraud.