Coinbase consumers around the country are raged towards the Coinbase platform, and the company was discovered to have hundreds of customer complaints.
The interviews and complaints indicated a pattern of account takeovers, in which users see money disappear from their accounts without warning, followed by poor customer assistance from the corporation. Coinbase’s customer support is mostly provided by email, and many customers complain that getting a hold of a representative is difficult.
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.
MONEY VANISHING FROM THE ACCOUNTS
Account takeovers, in which users see money suddenly vanish from their account, are followed by poor customer response from Coinbase, leaving these consumers feeling left hanging and outraged, according to Coinbase customers across the country and an analysis of hundreds of complaints.
According to the FBI, bitcoin transactions cannot be reversed, which exacerbates the problem.
STRUGGLING TO KEEP UP THE PACE
Former Coinbase employees told CNBC that customer support procedures have changed as the company has grown to its current size.
During Coinbase’s early years, the staff communicated with customers using a live help chat.
Many customers asked for reassurance about cryptocurrencies, who worked part-time in customer support at Coinbase from 2014 to 2016. It took long hours to communicate and return to the queries of the people.
AN EMAIL CONTACT ONLY
The Consumer Financial Protection Bureau (CFPB) responded to one of the pardon subsequent concerns with a response from Coinbase’s Regulatory Response Team. Transactions on the blockchain are irreversible, according to the email, and Coinbase’s insurance policy does not cover theft from individual accounts.
“There is no credible or convincing proof that Coinbase was responsible for the hack of the login credentials,”. All the queries were answered through email and there was no proper representative to hold on and deliver to the problems faced through them. The decision to do that is disastrous because the time that it took to respond to emails took a lot longer than it would for a live chat. So, to address a query, it would take a lot of things to address to the email box, taking five days to complete a problem that could have been solved in a few minutes
NO PROPER REDRESSAL SYSTEM
The pattern of complaints from customers who state they are locked out of their accounts, even after providing required information or updates. The organization has received 1,128 complaints in the past three years, according to its website. BBB said it sent a letter to Coinbase to address the customers’ complaints and receive feedback from any implemented improvements. Here are a lot of gaps to address if it comes to a system that assures the customer’s requirements.
Though crypto is a very risky and speculative platform and dealing is a major risk. With the up and downs of the market, the customer is also in a dicey situation about their investments and considers it to be more of gameplay but the institution or the trading platform can act as a major standard and backbone when it decides such major chunks. In complexities and the security is the root of a trading forte, if the basic institution is subsequent towards cyber-attacks and poor resolving processes, then the whole concept is tarnished and puts the value at risk.
Though the company is continuing to update and improve its system. Through all this growth, some of the customers, unfortunately, experienced challenges and delays reaching the support team, which resulted in a negative impact for some of our customers. Improving the customer experience remains a top priority for Coinbase.” Though they have declined to disclose how many customers’ accounts have been hacked or the total amount it has refunded customers because of the hacks.