Telefónica and Chainlik Partner to Prevent SIM Swap Attacks

Global telecom giant Telefónica has formed a strategic partnership with web3 connectivity leader Chainlink Labs.

Telefónica and Chainlik Partner to Prevent SIM Swap Attacks

Through this partnership, APIs on GSMA Open Gateway are connected to Polygon’s PoS blockchain network via Chainlink Functions. The integration represents a major advancement in the fusion of blockchain technology and Telco capabilities. It emphasizes how crucially safe Oracle networks are for transferring real-world data to the blockchain. Enhancing the functionality and security of Web3 apps is another goal of this program.

Increasing SIM Swap Attacks Made This Partnership Necessary

Examining recent cybersecurity breaches makes the need for such technologies crystal clear. A SIM swap attack in November 2022 resulted in a massive heist of over $400 million from the cryptocurrency exchange FTX.

This instance, carried out by three people who were eventually accused by the US Department of Justice, shows how susceptible even reputable internet platforms are to this kind of fraud. By manipulating phone carriers with the use of personal data, the attackers were able to transfer the victims’ numbers to devices under their control and gain access to cryptocurrency wallets and bank accounts.