That way they could take over the victim’s account. However, crooks who had stolen a victim’s email address, password and phone number could trick Coinbase into sending the text to the crook’s phone. As part of the process, Coinbase sends out an SMS text message to the customer’s smartphone with a code to verify their identity. This is the type of process you’d use if you forgot your password, for example.

This happened because there was a flaw in the Coinbase process customers use for recovering access to their accounts. News has emerged that Coinbase is telling more than 6,000 users that money may have been taken from their accounts several months ago. The latest example is the theft of digital money from the Coinbase cryptocurrency exchange. Do two-factor authentication wrong and customers can be victimized. But it’s not merely getting the IT department to flick a switch. It reduces the odds of an attacker successfully abusing the theft of people’s passwords to steal data. Multifactor or two-factor authentication is one of the best things an organization can do. By the way, among the things Biden urges organizations to do for their part is encrypt their data and use multifactor authentication. President Biden said the goal is to build a coalition of nations to improve law enforcement collaboration, stem the illicit use of cryptocurrency and work together in diplomatic bodies to disrupt malicious cyber activity.

Thirty countries have been invited by the United States to meet virtually this month to find ways to fight cybercrime. I’m Howard Solomon, contributing writer on cybersecurity for. Select group of countries to fight cybercrime, Coinbase victimized by 2FA error a text messaging scam and more.

2fa for coinbase app