Holiday Gifts and Grifts: A Seasonal Safety Guide

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.

Stay Ahead of Scammers as You Celebrate with Loved Ones

The holiday season is a time for celebration and cheer around the world. It’s also a time to be extra mindful of scams.

Scams are expected to rapidly increase as thieves look to exploit online shoppers during the holidays. Cybercriminals are using AI-generated websites and advanced phishing to dupe even careful consumers. With online shopping at all-time highs, authorities expect to see a rise in scams across the board.

There is a lot to watch out for this year as owners of crypto, stocks, and other assets see record gains. Security is paramount. The holidays are a time to enjoy the present and think about the future. Family and friend gatherings this year are a golden opportunity to talk about best practices. 

Follow these tips to help keep you and your loved ones safe this holiday season.

Safely Give and Receive Crypto

Giving and receiving crypto as a holiday gift can be a rewarding experience for both seasoned and novice owners. Cybercriminals know this and are ready to take advantage however they can. Stick to well-known coins and only buy and transfer crypto through a trusted exchange like Coinbase.

Assets like Bitcoin can be a great gift. Beware of fraudulent websites and tokens. Airdropped coins from unknown parties often occur around the holidays. If you receive unexpected crypto offers as a gift, make sure you know the sender and can verify the network.

Watch Out for All Kinds of Holiday Scams

Scams increase across the board during the holiday season. Authorities like the FBI are warning about a big wave of fraud attempts this year with online shoppers expected to spend more than $260 billion. Thieves target victims in many different ways. Scams could involve gift cards and charity requests or fake jobs and travel deals. 

Messages and calls from romantic strangers, customer support staff, and social security agents are some of the most common scams. Always be prepared for the unexpected. While some scams may seem obvious, others using generative AI can be very deceptive.

Brush Up on Your Crypto Security

It’s a joyous season across the crypto markets with Bitcoin breaking $100K for the first time. Other coins have more than quadrupled in value over the past month. Always make sure your private info is secure when you shop for crypto. 

If you have spare time around the holidays it doesn’t take long to review your security settings. Make sure your device has the latest security software installed and that you’re using two-factor authentication (2FA) and other security tools when accessing your accounts.

Share Your Knowledge with Loved Ones

The holidays are about giving and helping. This includes sharing useful information about safe practices with family and friends. You can educate loved ones on how to spot scams and secure their accounts and devices. You can also introduce them to trusted crypto exchanges and wallets.

More education and preparation can help protect the ones we love most as we head into the new year. At Coinbase we wish everyone around the world a safe and happy holiday season.