DNS Spoofing

Understand essential crypto terminology related to the Dodd-Frank Act Compliance, including definitions and key concepts crucial for regulatory adherence.

DNS spoofing, also known as DNS cache poisoning, is a cyber attack that targets the Domain Name System (DNS) used to translate human-friendly domain names into IP addresses. In this scheme, attackers manipulate the DNS responses to redirect users from legitimate sites to malicious ones.In cryptocurrency, this can lead to serious security risks. For instance, if a user tries to access a cryptocurrency exchange, a DNS spoofing attack could direct them to a fraudulent site designed to steal login credentials or private keys. By tricking users into revealing sensitive information, attackers can gain unauthorized access to cryptocurrency wallets and accounts.Since many transactions in cryptocurrency are irreversible, victims could suffer significant financial losses before they even realize they’ve been compromised. Users should employ security measures such as two-factor authentication and avoiding public Wi-Fi for transactions to protect themselves from such attacks. Regularly checking the URL in a browser is also critical to ensure that the site is legitimate.

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