What are the best practices to prevent sim swapping in the cryptocurrency industry?

3 answers

• Neeraj VermaMay 23, 2024 · a year ago
  One of the best practices to prevent sim swapping in the cryptocurrency industry is to enable two-factor authentication (2FA) on all your accounts. This adds an extra layer of security by requiring a second form of verification, such as a code sent to your email or a biometric scan. Additionally, it's important to avoid using SMS-based 2FA, as sim swapping attacks can bypass this method. Instead, opt for app-based authenticators like Google Authenticator or hardware security keys like YubiKey.
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• Jorge Cascajo GarcinuñoAug 18, 2024 · a year ago
  To prevent sim swapping, it's crucial to regularly update your passwords and use strong, unique passwords for each of your cryptocurrency accounts. This reduces the risk of your accounts being compromised even if your sim card is swapped. Consider using a password manager to securely store and generate complex passwords. Furthermore, be cautious of phishing attempts and never share sensitive information or click on suspicious links.
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• Meredith GallowayAug 10, 2021 · 4 years ago
  At BYDFi, we prioritize the security of our users' funds. To prevent sim swapping, we recommend our users to enable multi-factor authentication (MFA) and use hardware wallets for storing their cryptocurrencies. MFA adds an extra layer of protection, while hardware wallets keep the private keys offline and secure from sim swapping attacks. Additionally, we regularly conduct security audits and implement the latest security measures to safeguard our users' assets.
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