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DACO warns of new fraud scheme using Coinbase platform

The Department of Consumer Affairs in Puerto Rico (DACO, in Spanish) has issued a warning regarding a new form of electronic fraud, this time involving the Coinbase application, a platform for trading money for cryptocurrencies.

“In the past few days, our inspectors have detected another scheme designed to commit fraud against Puerto Rican consumers using the Coinbase application, a platform dedicated to exchanging currencies, including the United States, for cryptocurrency,” DACO Secretary Hiram Torres-Montalvo said.

“This new and well-designed scheme originates when criminals send the consumer an email, with all of Coinbase’s information, including its logo,” he said. “In that correspondence, it is indicated that the person received $421 and that, to access the funds, they have to click on link provided for it,” Torres-Montalvo said.

That link takes consumers to a website that mimics everything related to Coinbase; however, it is not the actual application, he said.

“By simply clicking the link, those behind this fraud have access to the data stored on the access device, be it a mobile phone, tablet or computer,” he explained. “That in itself is very dangerous and compromises the security of the consumer’s personal information, which is the goal of these criminals.”

He cautioned that while some device security features may filter these emails and send them to the junk folder, many still land in the inbox, leading consumers to believe they are legitimate and end up opening them.

The government official advises users to check the sender’s address to confirm if it comes from Coinbase. If it is a scam, the email’s root will not be @coinbase.com, and the message should be ignored.

“In addition, if you have not made any transactions on the application, you should also discard the message,” he said.

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This story was written by our staff based on a press release.

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