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.
Related Terms
Proof-of-Authority (PoA)
A consensus algorithm that asigns block validation queue based on identity and reputation.
Decentralized Finance (DeFi)
Decentralized Finance (DeFi) refers to the movement of building decentralized financial applications that have no central authority and is censorship free.
Merkle Tree
A Merkle tree is also known as a hash tree in cryptography. It is a tree where every lead node is labelled with cryptographic hash of a data block, and every non-leaf node is labelled with the hash of the labels of its child nodes. It is used to verify of data stored within it and transferable in and between computers.
Unspent Transaction Output
(abbv. "UTXO") Coins that are unspent in the wallet. UTXO virtually represents the cryptocurrency one own in the wallet.
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