zachxbt recounted how scammers routinely spoof phone numbers and use stolen personal information to gain trust with victims on phone calls, where they claim to be Coinbase employees informing users of unauthorized account access. They then walk victims through "securing" their accounts, but in reality they direct people to cloned versions of the Coinbase website where the victims are made to transfer their assets to the scammers.
zachxbt concluded, "Coinbase needs to urgently make changes as more and more users are being scammed for tens of millions every month. ... Coinbase is in a position where they have the power to make these changes and set a good example but they have chosen to do little to nothing ."