What are the potential risks of using two-factor authentication for cryptocurrency transactions?

1 answers

• tuee22Sep 09, 2020 · 5 years ago
  At BYDFi, we understand the importance of two-factor authentication for securing cryptocurrency transactions. However, it's essential to be aware of the potential risks involved. One risk is the possibility of a SIM swap attack, where an attacker convinces your mobile carrier to transfer your phone number to their device. This can allow them to intercept your authentication codes and gain unauthorized access to your accounts. To mitigate this risk, it's recommended to use a dedicated phone number for authentication purposes and enable additional security measures, such as a PIN or passphrase, with your mobile carrier. It's also important to regularly review your account activity and report any suspicious behavior immediately.
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