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Sim Swapping

By Cryptomcmillan1 | Updated on May 24, 2020
It is a tactic where hacker overtake the mobile phone to exploit the two-factor authentication and two-step verification. Once the hacker gotten hold of the victim's mobile phone number, they could proceed to convince the telco company to migrate the victim's phone number to the hacker's number. Otherwise, they could also intercept any authentication and verification number via text messages or mobile phone and bypass the security of personal accounts such as bank accounts and social media accounts.

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Related Terms

Secure Asset Fund for Users (SAFU)
A feature created by Binance which contains reserve funds that can be used to reimburse users in case of a catastrophic event (eg. exchange hack)
Venture Capital
capital (funds) that is invested in a company that needs a substantial pool of funds to initiate.
Over The Counter (OTC)
It refers to the process that cryptocurrencies are being traded outside exchange and it is done directly between two parties
Double spending
Double spending refers to the act of spending digital currencies twice. This is most commonly applied on crypto exchanges by unscrupulous actors.
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