What are the potential risks and vulnerabilities of using SMS authenticator in the cryptocurrency industry?

1 answers

• Clancy CardenasMay 07, 2022 · 3 years ago
  SMS authenticator in the cryptocurrency industry is not without its risks and vulnerabilities. Hackers can intercept SMS messages and gain access to the authentication code, potentially compromising the user's cryptocurrency holdings. SIM card swapping attacks are also a concern, where hackers manipulate the mobile service provider to transfer the user's phone number to a new SIM card under their control. This allows the hacker to receive the authentication code and bypass the user's security measures. Additionally, relying solely on SMS authentication can be problematic due to network coverage issues or outages, leading to delays or failures in receiving the code. To mitigate these risks, it is recommended to explore alternative authentication methods like hardware wallets or app-based authenticators that provide stronger security measures.
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