Coinbase is taking every step to protect the accounts of its users from any cyber-attacks. For this purpose, the exchange has put in many layers of protection to safeguard users’ account. Rise in data breaches and the explosion of the most advanced phishing web portals is one of the reasons. In short, the passwords are floating on the internet with a threat of misuse by criminals.
Coinbase wants to protect users from credential stuffing attacks. In this type of attack, criminals take credentials from various portals which got breached. This process is known as “credential stuffing.” The idea is to gain access to vital online information including cryptocurrency account details. According to a blog of the exchange, most of them are not visible to the customers.
The cryptocurrency exchange has taken steps to address this issue. Its security team will spot if there is any breach of data or credential dump from other portals. Coinbase will lock user account if it finds any potential threat to the user accounts. Then the user can change credentials before the criminals use the hacked information.
Algorithm Called bcrypt
Coinbase will use an algorithm known as bcrypt. This will turn into a string of gibberish called as a “hash” from plaintext password. This is a unique facility to users since bcrypt is an only one-way hash. Thus, no one could decrypt it to steal the underlying password including the exchange.
Similarly, Coinbase adopts the same logic during the testing credentials. The exchange noted that it would check whether the email address belongs to an existing user. The process comes in handy in case there is a breach of the user account. Coinbase continues to innovate while giving utmost importance to security. Founded in 2012, Coinbase is one of the names to reckon.