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"Coinbase will never ask for your password, 2FA codes, or for you to transfer assets to a specific or new address, account, vault or wallet," it said.

By requiring users to provide additional verification, such as a code sent to their mobile device, 2FA has made it more challenging for cybercriminals to gain unauthorized access to user accounts.

However, as hackers continue to refine their tactics, experts say users need more than 2FA to guarantee security.

While 2FA enhances security, it can also foster a false sense of confidence. 2FA seems foolproof, leading many people to pay less attention to other security practices, like using strong, unique passwords for each account.

The lack of encryption in SMS messages also renders them susceptible to interception by hackers, further undermining the security of this 2FA method.