Text scams are prevalent nowadays and continually changing. The most recent trend features counterfeit messages regarding Coinbase, the cryptocurrency service. A regional news article noted the scam in Nevada, while others have shared their experiences on Reddit. Luckily, the Coinbase scam follows a recognizable pattern observed in earlier text scams, such as those related to the DMV, Indeed, or E-ZPass tickets that have been around for a while.

Here’s an example of a fraudulent Coinbase scam text I received. The phone numbers have been redacted to protect your privacy. Credit: Screenshot: Mashable

How to spot a Coinbase scam text and what actions to take if you come across one

There are several signs that indicate the text is fraudulent: 1) I am not a Coinbase user, and 2) it comes from an unfamiliar +63 phone number. The +63 country code belongs to the Philippines and has become associated with the frequent E-ZPass frauds. The message instills a sense of urgency — resolve this non-existent withdrawal problem — a typical maneuver employed by scammers. Their goal is to incite immediate action before you can think critically. Coinbase mentions on its site: “If you get a text message indicating that you’ve received cryptocurrency that you did not authorize, it is probably a phishing scheme. Coinbase does not send texts to confirm transactions.” Hence, any such message from Coinbase is a scam.

If you receive the text: Avoid clicking any links, do not call the provided phone number, and do not reply. Simply delete the message and report it as junk. If you’re worried, reach out to Coinbase directly rather than using the scammers’ phone number. In general, you can simply delete the scam text and move forward.

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