How does Coinbase verify your credit card for cryptocurrency transactions?

3 answers

• Jack JackJun 28, 2023 · 3 years ago
  Coinbase verifies your credit card for cryptocurrency transactions by following a strict verification process. When you add your credit card to your Coinbase account, they will request authorization from your card issuer. This is done to ensure that the card belongs to you and that you have authorized its use for cryptocurrency transactions. Once the authorization is received, Coinbase will charge a small amount to your card and ask you to verify the exact amount charged. By doing so, they confirm that you have access to the card and can proceed with the transaction. This verification process helps prevent fraudulent activities and protects both Coinbase and its users.
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• Raun BentleyJul 28, 2023 · 3 years ago
  Coinbase takes credit card verification seriously to ensure the security of cryptocurrency transactions. When you add your credit card to your Coinbase account, they will initiate a verification process with your card issuer. This process involves requesting authorization and charging a small amount to your card. You will then need to verify the exact amount charged to confirm your ownership of the card. This additional step adds an extra layer of security and helps prevent unauthorized use of credit cards for cryptocurrency transactions. It's important to note that Coinbase only charges a small amount for verification purposes and does not keep the funds.
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• Elpida KartsakliJan 11, 2025 · a year ago
  As a leading cryptocurrency exchange, Coinbase has implemented a robust credit card verification process to ensure the legitimacy of transactions. When you add your credit card to your Coinbase account, they will contact your card issuer to request authorization. This step is crucial in verifying the ownership and legitimacy of the card. Coinbase will then charge a small amount to your card and ask you to verify the exact amount charged. This process helps prevent unauthorized use of credit cards and adds an extra layer of security to cryptocurrency transactions. It's important to keep in mind that Coinbase prioritizes the security of its users' funds and takes necessary measures to prevent fraudulent activities.
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