SNEAK PEEK
- Recently, Coinbase announced numerous changes to its Wallet software to enhance the user interface and security.
- Revocation capability on Coinbase has been improved to enable customers to remove dApps from the Wallet app.
- Users will now receive notifications of any flagged apps they run into and information on the effects of various activities thanks to the new features.
A cryptocurrency company called Coinbase just announced many updates to its Wallet software that will improve security and user experience. To safeguard users from harmful actions like spam tokens and airdropped assets, these features include transaction previews, token approval notifications, and an automatic blocklist of flagged dApps.
Wallet users will have a thorough grasp of how smart contracts affect their wallet balances before confirmation thanks to the addition of transaction previews. Users can also get token approval warnings when dApps want to access their NFTs and cryptocurrencies from their wallets.
The likelihood of financial loss due to fraudulent activities is reduced if any suspicious activities are discovered with flagged dApp interactions. Warning signals will notify users before engaging in potentially dangerous scenarios like phishing attempts or emptying funds from wallets.
According to a blog post by Coinbase Product Manager Ayoola John, the new capabilities were developed because crypto transactions are frequently overwhelming and challenging to identify, making it easier for customers to fall victim to phishing scams, malicious airdrops, and other types of fraud.
Furthermore, Coinbase updated its revocation functionality to let users uninstall dApps from the Wallet app. It also enables users who have several crypto wallets and different Web3 IDs. Additionally, users of the Wallet program can access up to 15 other Ledger addresses thanks to the browser extension.
Many other crypto wallets companies, like Solana-based Phantom, Web3 wallet provider Ember, and Bitski, have already launched or announced similar functionality to combat crypto scams and phishing attacks.
Phantom reassured users on Jan. 27 that its wallets are secure with features including transaction previews, an open-source blocklist, NFT spam reporting, and burning, just two days after Moonbirds developer Kevin Rose admitted to losing $1.1 million in NFTs due to a targeted phishing assault.
Coinbase Wallet is stepping up efforts to support its new features in response to Kevin Rose’s $1 million NFTs heist, which was caused by phishing. Additionally, recently, hackers have used the Twitter accounts of Azuki Ethereum NFT collection and Robinhood for their nefarious purposes.
