Consumer Protection Tuesday: How to Educate Family and Friends About Crypto

This post is part of a weekly Tuesday series at Coinbase about the latest consumer protection and security measures for crypto owners.

 At Coinbase, we’re working hard to help update the financial system, and make it safer and more secure. While only 0.34% of blockchain transactions are used for illicit activity, and cash remains the preferred medium for illicit transactions, crypto security is always a top priority. Coinbase maintains a robust compliance program, which includes Know Your Customer (KYC) checks, sanctions screenings, suspicious activity reporting, and strong law enforcement partnerships to detect and prevent illicit activity on our platform.

 Share Your Crypto Knowledge with Loved Ones

 There is a lot of excitement as Bitcoin (BTC) and other digital assets reach record highs with some natural cooling off. Trusted cryptocurrencies like Bitcoin are a great entry into investing beyond stocks and bonds.

With that comes a growing need for education around safe crypto practices and how to spot and avoid spoofing, phishing, and other kinds of scams. Online scams are evolving with generative AI and can easily deceive the uninformed. The number of cybercrimes per year is expected to rise globally. More education and preparation can help protect loved ones as we head into 2025. 

Family gatherings over the holidays are a great time to share knowledge. There are a number of other ways that you can inform family and friends about safe crypto practices.

Follow these quick tips on educating loved ones about crypto.

Talk Openly About How to Avoid Scams

It’s important to talk about crypto and crypto security in a way that your family and friends will understand. Scams involving crypto, gift cards, and cash come in many forms. They can be romance scams, fake job offers, cybercriminals pretending to be customer support or government employees, or something entirely unexpected.

Talks can also be as simple as showing your parents how to update their security settings and passwords. You can comfort older and younger family members by helping them set up two-factor authentication (2FA) in a safe environment.

Share Trusted Online Resources with Family

The holidays are a time for sharing around the world. You can always give crypto as a gift to loved ones. More importantly, you can introduce them to safe exchanges, wallets, and other trusted platforms. There are many useful resources for crypto security and education online.

Coinbase Learn is a comprehensive educational platform that explains digital assets and blockchains. Coinbase also recently launched the Tech Against Scams Coalition. Our mission is to protect and educate consumers by partnering with other companies to help raise awareness and combat scams.

Use Secure Messaging Apps and Private Chats

When family members are living in different places, messaging apps and social media are a great way to connect. Apps like WhatsApp and Telegram allow you to securely share private information with specific user groups. Direct messages on social media carry more risk.

Always beware of phishing attempts from strangers and warn your family and friends about the pitfalls of engaging. If anyone you know has fallen victim to a scam and needs help, you should immediately contact their local police. If your family is in the U.S. you can also file an online report with the FBI.