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Coinbase recently wrote a blog post detailing a new measure the company is taking to keep its customers safe. It will now actively monitor for data breaches that have username/password combos that match Coinbase user accounts, and notify users/lock accounts accordingly.
When a major data breach occurs, often hackers take any usernames and passwords they find and run them against other major sites, knowing that many users use the same login info on multiple accounts. The practice is called "credential stuffing," and it can affect crypto just like any other online accounts.
Now, Coinbase is going to fight back. Starting today, they will monitor for any data dumps that occur and if they find any usernames/passwords that match accounts on their platform, they will notify the user and lock the account.
To ensure privacy, Coinbase won't just be looking at plaintext passwords either. It will be running your information through an algorithm to produce a hash, then compare that hash to entries from a data dump that have been run through the same process. If there is a match, it means the credentials are identical, which is dangerous for the user. Fortunately Coinbase will lock the account to allow the user time to change their information before their coins are stolen.
Ultimately, this means Coinbase can act as a sort of data monitoring service for its users. It isn't clear how users will respond, but this seems to be a great step forward for security.
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