March 27, 2024
Latest Cryptocurrency News

Telefónica and Chainlink Strengthen Security Against SIM Swap Attacks in Web3

Spain’s leading telecom brand, Telefónica, has unveiled a strategic collaboration with Web3 oracle provider Chainlink to fortify defenses against SIM swap attacks, a pervasive method employed by hackers to gain unauthorized access. This groundbreaking partnership, announced on February 15, aims to enhance the security of smart contracts by securely connecting them with GSMA Open Gateway APIs.

Telefónica emphasized that this collaboration would facilitate the secure integration of smart contracts with the GSMA Open Gateway SIM Swap API, introducing an additional layer of protection against identity theft through SIM swaps. The integration allows the verification of data from various sources using Chainlink, combined with a framework of common network APIs providing access to operator networks.

SIM swap attacks involve the illicit takeover of a victim’s mobile phone number, enabling hackers to gain access to sensitive information such as crypto accounts, credit cards, or bank accounts. The collaboration with Chainlink enables Telefónica to strengthen transaction security and enhance the security of blockchain transactions. Smart contracts can now request information from the application programming interface (API), ensuring that a device’s SIM card has not undergone any unauthorized changes.

Telefónica’s Chief Metaverse Officer, Yaiza Rubio Viñuela, stated that this collaboration marks the “first use case” of the GSMA Open Gateway SIM Swap API, positioning Telefónica as a significant player in the Web3 landscape. She emphasized the company’s commitment to supporting developers as the industry progresses into the “web of the future.”

This venture into Web3 is not Telefónica’s first; in 2022, the company enabled cryptocurrency payments on its online marketplace Tu, supporting Bitcoin, Ether, and other crypto payments. Additionally, Telefónica recently partnered with Nova Labs to leverage blockchain technology for reducing infrastructure costs and expanding coverage in Mexico, showcasing the company’s dedication to staying at the forefront of technological advancements.

Image by Tomek from Pixabay

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