| Author | Message | ||
     Entrepreneur Kurra Bewarse Username: Entrepreneur Post Number: 3712 Registered: 05-2011 Rating: N/A |
Coinbase slammed for what users say is terrible customer service after hackers drain their accounts 1. Interviews with Coinbase customers around the country and a review of thousands of complaints reveal a pattern of account takeovers, where users see money suddenly vanish from their account, followed by poor customer service from Coinbase that made those users feel left hanging and angry. 2. Coinbase, which went public in April, has a market cap of about $65 billion, has more than 68 million users in 100-plus countries, more than 2,100 full-time employees and $223 billion in held assets, according to the company. 3. While the cryptocurrency exchange company has grown rapidly, complaints have continued to arise. Since 2016, Coinbase users have filed more than 11,000 complaints against Coinbase with the Federal Trade Commission and Consumer Financial Protection Bureau, mostly related to customer service. 4. In a response to his frantic email, Coinbase told Ben his computer had been hacked and there wasn’t anything the company could do. 5. The CFPB responded to one of Ben’s ensuing complaints with an answer from Coinbase’s Regulatory Response Team. The email noted that transactions on the blockchain are irrevocable and said Coinbase’s insurance policy does not cover theft from individual accounts. 6. “There is no credible or supportable evidence that the compromise of your login credentials was the fault of Coinbase,” the message said. “As a result, Coinbase is unable to reimburse you for your alleged losses.” Eventually, the company sent a $200 credit, telling Ben, “your Coinbase experience and your wait for a response to your formal complaint was not up to our standards.” 7. Experts say SIM swapping, where fraudsters seize control of a victim’s phone number and SIM card through their phone company, is to blame for many of the cryptocurrency thefts. “The problem with SIM swapping and cryptocurrency is the moment you lose access to your cell phone, professional hackers will steal all of your money in less than 30 minutes,” said David Silver, an attorney who focuses on cryptocurrency. 8.Silver, whose firm represents the Vidovics, said the top complaints from potential clients are getting locked out of their cryptocurrency exchange platform account and SIM swaps. “Most people who contact me would tell you it’s poor customer service,” Silver said. “They’re being almost victimized twice. Because they themselves have almost no ability to contact Coinbase and deal with them directly, they’re forced to retain professionals.” 9. Etay Maor, senior director of security strategy for cybersecurity company Cato Networks, said he’s seen cybercriminals on the dark web discussing how to break into accounts, including those of Coinbase users. Once hackers break into Coinbase accounts, they put them up for sale on the dark web, according to Maor. He said while credit cards sell for a few dollars, hacked Coinbase accounts can sell for $100 to $150. 10. “When the attacker withdraws those funds from the exchange, that’s not a transaction that you can take back,” Ali Comolli, a management and program analyst at the FBI, told CNBC. https://www.cnbc.com/2021/08/24/coinbase-slammed-for-terrible-customer-service-a fter-hackers-drain-user-accounts.html |