How can simswapping impact the trading activities on digital currency exchanges?

3 answers

• Mohamed EisaSep 16, 2024 · a year ago
  Simswapping can have a significant impact on the trading activities of digital currency exchanges. When a user's SIM card is swapped without their authorization, the attacker gains control over their phone number. This can allow the attacker to bypass two-factor authentication (2FA) measures and gain access to the user's digital currency exchange accounts. With access to the accounts, the attacker can potentially steal funds, manipulate trades, or perform other malicious activities that can disrupt the trading activities on the exchange.
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• Anu GillMay 26, 2021 · 4 years ago
  Simswapping is a serious threat to the security of digital currency exchanges. It can lead to unauthorized access to users' accounts, which can result in financial losses and a loss of trust in the exchange. To mitigate the impact of simswapping, exchanges should implement additional security measures, such as multi-factor authentication and monitoring for suspicious activities. Users should also be vigilant and take steps to protect their phone numbers, such as using strong passwords and enabling SIM card locks.
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• AmbeNov 27, 2021 · 4 years ago
  At BYDFi, we take simswapping very seriously. We understand the potential impact it can have on the trading activities of digital currency exchanges. That's why we have implemented robust security measures to protect our users' accounts. We use advanced authentication methods and closely monitor for any suspicious activities. Our goal is to provide a secure and reliable trading environment for our users, and simswapping is one of the risks we actively address.
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