Telefónica, the Spanish telecom giant, is teaming up with Web3 oracle provider Chainlink to bolster security against SIM swap attacks.
Telefónica, the Spanish telecom giant, is teaming up with Web3 oracle provider Chainlink to bolster security against SIM swap attacks. The strategic alliance, announced on February 15, aims to "enable the secure connection" of smart contracts with GSMA Open Gateway APIs. This integration allows for seamless data verification across various sources using Chainlink's technology, within a framework of standardized network APIs for accessing operator networks.
SIM swap attacks are a common hacker tactic, involving hijacking a victim's mobile phone number to gain access to sensitive information like crypto wallets, credit cards, and bank accounts. Even organizations like the US Securities and Exchange Commission have fallen prey to these sophisticated schemes.
Telefónica emphasizes that the integration adds a crucial layer of protection to blockchain transactions. Smart contracts can now leverage APIs to verify if a device's SIM card has undergone any unauthorized changes, preventing hackers from exploiting stolen SIMs for nefarious purposes.
This initiative marks Telefónica's "first use case" of the GSMA Open Gateway SIM Swap API, solidifying their position as a "Web3 enabler," according to Yaiza Rubio Viñuela, the company's chief metaverse officer. She further highlights Telefónica's commitment to supporting developers in navigating the "web of the future."
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