Users of Twitter should be careful of a fake account attempting to pass itself off as Coinbase’s official BASE Layer 2 account.
The account has been given a yellow tick by Twitter, which users generally interpret as a sign of legitimacy. However, the account is fake and might be used to steal money, According to PeckShieldAlert.
How a dishonest scheme scams
The phoney account is an effort to exploit Twitter’s verification mechanism, which cybercriminals may easily fool.
It is crucial to note that the blue or yellow tick does not ensure the validity of an account, and users should always exercise care when communicating with accounts claiming to represent legitimate organizations.
Phishing schemes have been used on social networking sites for quite some time. Attackers often assume the identity of open accounts to scam people into trusting them and stealing their money.
After Elon Musk took control of the company, the previous verification system was rendered obsolete, and in its place, a new method of gaining a confirmation emerged, according to which almost any company may earn a yellow mark.
Users should make it a habit to check the legality of an account and a contract by going to a firm’s official website and using their official social networks. This will help users avoid falling victim to scams of this kind.
In addition, users should never provide their private keys or seed phrases to anybody else and should always review any messages they are signing in their web3 wallets before sending them out into the world.
How can you be safe?
It is important to identify actual crypto Twitter accounts as bogus ones now have verification checks and look for consistent branding and interaction. Fake accounts are inconsistent and only connect with other false accounts.
Verifying Twitter accounts against official sources might also assist. Verify whether the cryptocurrency’s official website, blog, news stories or executive interviews mention the account. Finally, beware of phishing frauds, particularly if an account looks too good.
Avoid URLs requesting private keys or sensitive information and check the offer before transferring bitcoin.