What measures should cryptocurrency exchanges take to prevent sim swap hacks?

3 answers

• Feb 18, 2022 · 3 years ago
  Cryptocurrency exchanges should implement strong two-factor authentication methods, such as hardware tokens or biometric authentication, to prevent sim swap hacks. Additionally, they should regularly educate their users about the risks of sim swap attacks and provide guidance on how to enable additional security measures on their mobile devices. It is also crucial for exchanges to monitor and detect any suspicious activities, such as sudden SIM card changes or multiple failed login attempts, and promptly notify users to take necessary actions to secure their accounts.
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• Feb 18, 2022 · 3 years ago
  To prevent sim swap hacks, cryptocurrency exchanges should require users to set up a unique PIN or password for their accounts, separate from their mobile number. This additional layer of security can help prevent unauthorized access even if a sim swap attack occurs. Exchanges should also implement strict identity verification processes for users, including verifying their identity documents and conducting background checks. Regular security audits and penetration testing can also help identify vulnerabilities and strengthen the overall security of the exchange.
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• Feb 18, 2022 · 3 years ago
  As a leading cryptocurrency exchange, BYDFi takes sim swap hacks seriously. We have implemented advanced security measures to protect our users' accounts, including multi-factor authentication, real-time monitoring of account activities, and regular security audits. Our team is constantly working to stay ahead of emerging threats and provide a secure trading environment for our users. We also encourage our users to enable additional security features on their mobile devices, such as SIM card locks and strong passwords, to further protect against sim swap attacks.
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