Are there any alternative methods to confirm the phone number of the recipient for digital currency transactions?

3 answers

• Dec 28, 2021 · 3 years ago
  Yes, there are alternative methods available to confirm the phone number of the recipient for digital currency transactions. One such method is using two-factor authentication (2FA) through SMS verification. This involves sending a verification code to the recipient's phone number, which they need to enter during the transaction process. This adds an extra layer of security and ensures that the recipient is the rightful owner of the phone number. However, it's important to note that SMS verification may not be foolproof as SIM card swapping and other techniques can bypass this method.
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• Dec 28, 2021 · 3 years ago
  Absolutely! Apart from the traditional methods, you can also use voice verification for confirming the phone number of the recipient in digital currency transactions. This method involves an automated phone call to the recipient's number, where they need to verify their identity by following the instructions provided. Voice verification can be more secure than SMS verification as it is harder to fake a voice compared to a text message. However, it may not be as widely supported as SMS verification.
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• Dec 28, 2021 · 3 years ago
  BYDFi, a popular digital currency exchange, offers an alternative method called KYC (Know Your Customer) verification. This process involves verifying the recipient's identity by requesting them to provide official documents such as a government-issued ID and proof of address. KYC verification not only confirms the phone number but also ensures the legitimacy of the recipient. It is a more comprehensive method but may require additional time and effort from the users. Other exchanges also offer similar KYC verification processes to enhance security and prevent fraudulent activities.
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