Our top priority at Coinbase is the safety of customer funds. Over the last few months, we have made a number of enhancements to the Coinbase platform to protect customers against phone porting.

First, we have conducted an extensive customer education campaign about the benefits of migrating from SMS-based two-factor authentication to apps like Google Authenticator for two-factor authentication—which are secure from phone porting. Over 75% of Coinbase customers with large digital currency balances are now using Google Authenticator-type two-factor authentication. Customers wishing to upgrade their two-factor authentication can do so here. We have also built a secure two-factor authentication recovery process. Additional resources can be found on our two-factor authentication support FAQ.

Second, we have built several systems designed to help protect customers from phone porting. One system is able to detect phone porting at the phone network level in real-time. Another system is able to detect unusual activity for a customer’s account using a risk model.

We are continuing to heavily invest in features that will help protect our customers. This is essential in making Coinbase the most trusted and easiest to use digital currency exchange.