Is SMS verification code a reliable method for securing digital asset transfers?

3 answers

• Dec 26, 2021 · 3 years ago
  Using SMS verification code for securing digital asset transfers can be considered reliable to a certain extent. It adds an extra layer of security by requiring users to verify their identity through a code sent to their registered mobile number. However, it is important to note that SMS verification codes can be vulnerable to SIM swapping attacks, where an attacker gains control of the user's phone number. Additionally, SMS messages can be intercepted or redirected, compromising the security of the verification process. Therefore, while SMS verification codes can provide some level of security, it is recommended to use additional security measures such as two-factor authentication or hardware wallets for enhanced protection.
  735368
• Dec 26, 2021 · 3 years ago
  SMS verification codes are commonly used in digital asset transfers as a security measure. While they provide a convenient way to verify the user's identity, their reliability can be questioned. SMS messages can be intercepted or redirected, making it possible for attackers to gain access to the verification code. Moreover, SIM swapping attacks have become increasingly common, where attackers fraudulently transfer a user's phone number to their own device. This can bypass the SMS verification process altogether. Therefore, it is advisable to consider alternative security measures such as hardware wallets or biometric authentication for more reliable protection of digital assets.
  687229
• Dec 26, 2021 · 3 years ago
  As a representative of BYDFi, I can confidently say that SMS verification codes are not the most reliable method for securing digital asset transfers. While they do provide an additional layer of security, they are susceptible to various vulnerabilities. SIM swapping attacks and interception of SMS messages are common methods used by attackers to bypass this security measure. At BYDFi, we recommend our users to utilize stronger security measures such as hardware wallets and multi-factor authentication to ensure the safety of their digital assets.
  552138