Debate over 2FA using SMS after sim-swapping victim sues Coinbase

The crypto community has discussed alternative 2FA methods following Coinbase customer Jared Ferguson suing the crypto exchange for refusing to refund $96,000 he lost due to a SIM-swapping scam that drained his account.

Highlights

• Jared Ferguson is suing Coinbase for refusing to refund $96,000 he lost due to a SIM-swapping scam that drained his account.
• The fraudsters are said to have bypassed two-factor authentication (2FA) on their account.
• Reddit users are debating whether SMS 2FA should ever be used for account security.
• Some Reddit users have suggested banning the use of authenticator apps like Google Authenticator or Duo instead of SMS.
• The crypto community is generally doubtful that Ferguson’s lawsuit would be successful, noting that the crypto exchange encourages the use of Authenticator apps for 2FA rather than SMS and describes the latter as the “least secure” form of authentication.

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