Why Does Coinbase Need My Bank Login
A recent phishing campaign targeting Coinbase users shows thieves are getting smarter about phishing 1-time passwords (OTPs) needed to complete the login process. Information technology likewise shows that phishers are attempting to sign upward for new Coinbase accounts past the millions as part of an effort to identify email addresses that are already associated with active accounts.
A Google-translated version of the at present-defunct Coinbase phishing site, coinbase.com.password-reset[.]com
Coinbase is the earth's second-largest cryptocurrency exchange, with roughly 68 million users from over 100 countries. The now-defunct phishing domain at issue — coinbase.com.password-reset[.]com — was targeting Italian Coinbase users (the site'southward default language was Italian). And it was fairly successful, according to Alex Holden, founder of Milwaukee-based cybersecurity firm Concord Security.
Holden'south team managed to peer within some poorly hidden file directories associated with that phishing site, including its administration folio. That panel, pictured in the redacted screenshot below, indicated the phishing attacks netted at least 870 sets of credentials before the site was taken offline.
The Coinbase phishing panel.
Holden said each time a new victim submitted credentials at the Coinbase phishing site, the administrative console would make a loud "ding" — presumably to alert whoever was at the keyboard on the other cease of this phishing scam that they had a live one on the hook.
In each example, the phishers manually would push a button that caused the phishing site to enquire visitors for more information, such as the 1-time password from their mobile app.
"These guys have real-time capabilities of soliciting any input from the victim they need to go into their Coinbase business relationship," Holden said.
Pressing the "Send Info" button prompted visitors to supply additional personal information, including their name, date of birth, and street accost. Armed with the target's mobile number, they could likewise click "Send verification SMS" with a text message prompting them to text dorsum a one-time code.
SIFTING COINBASE FOR Active USERS
Holden said the phishing group appears to have identified Italian Coinbase users by attempting to sign up new accounts under the email addresses of more than ii.v million Italians. His team as well managed to recover the username and countersign information that victims submitted to the site, and virtually all of the submitted email addresses ended in ".it".
But the phishers in this case likely weren't interested in registering whatever accounts. Rather, the bad guys understood that any attempts to sign up using an email address tied to an existing Coinbase business relationship would fail. After doing that several million times, the phishers would then accept the email addresses that failed new account signups and target them with Coinbase-themed phishing emails.
Holden's information shows this phishing gang conducted hundreds of thousands of halfhearted account signup attempts daily. For example, on October. 10 the scammers checked more than 216,000 email addresses against Coinbase's systems. The following day, they attempted to register 174,000 new Coinbase accounts.
In an emailed argument shared with KrebsOnSecurity, Coinbase said it takes "extensive security measures to ensure our platform and customer accounts remain as safe as possible." Hither's the rest of their statement:
"Like all major online platforms, Coinbase sees attempted automatic attacks performed on a regular basis. Coinbase is able to automatically neutralize the overwhelming majority of these attacks, using a mixture of in-business firm car learning models and partnerships with manufacture-leading bot detection and abuse prevention vendors. We continuously melody these models to block new techniques every bit we observe them. Coinbase's Threat Intelligence and Trust & Safety teams besides piece of work to monitor new automated abuse techniques, develop and utilise mitigations, and aggressively pursue takedowns against malicious infrastructure. We recognize that attackers (and attack techniques) will go along to evolve, which is why we accept a multi-layered approach to combating automated corruption."
Last month, Coinbase disclosed that malicious hackers stole cryptocurrency from 6,000 customers after using a vulnerability to bypass the company's SMS multi-gene authentication security feature.
"To conduct the assault, Coinbase says the attackers needed to know the customer'southward email address, password, and phone number associated with their Coinbase account and have access to the victim's email account," Bleeping Computer's Lawrence Abrams wrote. "While it is unknown how the threat actors gained access to this information, Coinbase believes it was through phishing campaigns targeting Coinbase customers to steal account credentials, which have become common."
This phishing scheme is another example of how crooks are coming upwards with increasingly ingenious methods for circumventing popular multi-gene authentication options, such as one-time passwords. Last month, KrebsOnSecurity highlighted research into several new services based on Telegram-based bots that brand it relatively easy for crooks to phish OTPs from targets using automated phone calls and text messages.These OTP phishing services all presume the customer already has the target's login credentials through some ways — such as through a phishing site like the 1 examined in this story.
Savvy readers hither no dubiousness already know this, but to observe the true domain referenced in a link, await to the correct of "http(s)://" until you encounter the commencement slash (/). The domain directly to the left of that first slash is the true destination; anything that precedes the second dot to the left of that first slash is a subdomain and should exist ignored for the purposes of determining the true domain name.
In the phishing domain at issue here — coinbase.com.password-reset[.]com— password-reset[.]com is the destination domain, and the "coinbase.com" is just an arbitrary subdomain of countersign-reset[.]com. Yet, when viewed in a mobile device, many visitors to such a domain may simply see the subdomain portion of the URL in their mobile browser's address bar.
The best advice to sidestep phishing scams is to avert clicking on links that arrive unbidden in emails, text messages or other media. Most phishing scams invoke a temporal element that warns of dire consequences should you neglect to respond or act apace. If yous're unsure whether the message is legitimate, take a deep breath and visit the site or service in question manually — ideally, using a browser bookmark so as to avoid potential typosquatting sites.
Too, never provide whatsoever data in response to an unsolicited phone call. Information technology doesn't matter who claims to exist calling: If you didn't initiate the contact, hang upward. Don't put them on hold while you call your bank; the scammers can get around that, too. Only hang up. So you tin can call your bank or wherever else y'all need.
Past the way, when was the last fourth dimension y'all reviewed your multi-factor settings and options at the various websites entrusted with your almost precious personal and financial information? It might exist worth paying a visit to 2fa.directory (formerly twofactorauth[.]org) for a checkup.
Why Does Coinbase Need My Bank Login
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Source: https://krebsonsecurity.com/2021/10/how-coinbase-phishers-steal-one-time-passwords/
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