What are the advantages of using TOTP instead of SMS-based authentication for cryptocurrency transactions?

3 answers

• Tanzeem RahatDec 02, 2024 · 2 years ago
  TOTP offers better security for cryptocurrency transactions compared to SMS-based authentication. With TOTP, a unique password is generated every 30 seconds, making it much harder for hackers to gain access to your account. SMS-based authentication, on the other hand, relies on a text message sent to your phone, which can be intercepted or spoofed. TOTP is also not tied to your phone number, so even if you lose your phone or change your number, you can still access your account using the TOTP code.
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• Hendriksen GundersenAug 16, 2023 · 3 years ago
  Using TOTP instead of SMS-based authentication for cryptocurrency transactions provides an extra layer of security. SMS-based authentication can be vulnerable to SIM swapping attacks, where hackers trick your mobile service provider into transferring your phone number to their device. With TOTP, this risk is eliminated as the authentication code is generated on your device and not sent over the network. TOTP codes are also not susceptible to interception or phishing attacks, making it a more secure option for protecting your cryptocurrency assets.
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• ali kadriAug 23, 2021 · 5 years ago
  At BYDFi, we highly recommend using TOTP instead of SMS-based authentication for cryptocurrency transactions. TOTP offers enhanced security and protection against unauthorized access to your account. With TOTP, you can generate unique codes on your mobile device using apps like Google Authenticator or Authy. These codes are time-limited and cannot be reused, providing an additional layer of security. SMS-based authentication, on the other hand, relies on the security of your phone number, which can be compromised. By using TOTP, you can ensure the safety of your cryptocurrency transactions and protect your assets from potential threats.
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