If you receive a text message claiming to be from Coinbase with a “withdrawal code” or OTP, it’s almost certainly a scam (SMS phishing or “smishing”)—Coinbase never sends those messages.
Here’s what’s going on and what you should do:
🚩 Scam Indicators
-
Unexpected OTP or withdrawal alert: Texts like “Your COINBASE withdrawal code is 1243218… call us if this wasn’t you” are fabricated.
-
Scammy phone numbers: Messages often come from unknown numbers prompting you to call them, a key red flag.
-
Urgency tactics: They always try to induce panic—e.g., “call immediately if not you” .
-
Coinbase never texts transaction codes: AOL’s guide says, “Coinbase does not send out texts to verify transactions”—so any such text is fraudulent.
🛡️ How to Protect Yourself
-
Don’t respond or call the number—these scammers are fishing for personal info.
-
Report the message:
-
Use your phone’s “Report Junk” feature.
-
Forward the SMS to 7726 (SPAM) to alert carriers.
-
Email a screenshot to security@coinbase.com.
-
-
Check activity via official channels:
-
Go directly to the Coinbase app or website to confirm any real activity—don’t click links or call numbers from the text.
-
-
Enable strong security:
-
Use 2-factor authentication with an authenticator app (not SMS-based).
-
-
Stay informed about scams: Coinbase’s security page offers tips on spotting phishing and fake sites .
Also Read : DMV Final Notice Text Scam
💬 From Reddit
One user reported receiving a fake code and noted:
“Received a fake Coinbase text stating that a withdrawal has been initiated…”
They tried calling, and “sure enough, scammers.”
✅ Quick Action Guide
| Step | What to Do |
|---|---|
| 1️⃣ | Ignore or delete the text |
| 2️⃣ | Report it via SPAM, phone features, and Coinbase’s security team |
| 3️⃣ | Check your account directly (not via the message) |
| 4️⃣ | Strengthen security with an authenticator app |
If you’re ever unsure, trust only Coinbase’s own app or website.
Be the first to comment