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Chainlink LINK LINKUSDT}

Chainlink And Telefonica Launch Web3 Solutions To Combat SIM Card Fraud

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Chainlink
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Spanish telecommunications giant Telefonica recently announced its partnership with Chainlink, a move aimed at combating Web3-related exploits, including SIM card fraud. Considering the damage these exploits have inflicted on the crypto space, this is undoubtedly a welcome development. 

Related Reading: Ethereum, Solana, And Chainlink: Crypto Analyst Shares Bullish Predictions For All Three

How This Partnership Will Boost Web3 Security

Telefonica mentioned integrating Chainlink, the decentralized Oracle network, to strengthen Web3 security with the GSMA Open Getaway. GSMA Open Gateway is a “framework of common network APIs (Application Programming Interface) designed to provide universal access to operator networks for developers.”

Telefonica integrating Chainlink will “enable the secure connection of Web3 smart contracts” with the help of the GSMA Open Gateway API. One of the APIs supported by GSMA includes SIM SWAP, which will be the first use case introduced in this partnership. The SIM swap API allows developers to integrate this functionality into their applications. 

In this instance, Chainlink, already known for connecting blockchain-based smart contracts to real-world data through its oracles, will act as the intermediary, supplying Web3 applications with data from the SIM swap API. These data will include information like date and time stamp, which shows when a SIM associated with a phone number was last changed. 

These Web3 applications can easily detect and prevent any wallet takeover or fraudulent transaction from SIM Swap attacks. Telefonica added that this will mitigate risk beyond transaction security, “addressing two-factor authentication (2FA) and fraud detection in Web3 dApps and DeFi services.”

Chainlink LINK LINKUSDT
LINK’s price trends to the upside on the daily chart. Source: LINKUSDT on Tradingview

Strengthening Web3 Security

Security breaches in the Web3 space continue to occur at an alarming rate. Bitcoinist recently reported how the infamous phishing group Angel Drainer drained 128 wallets worth about $403,000. Specifically, the SIM swap attacks, which the Telefonica-Chainlink partnership hopes to address, led to the loss of over $13.3 million worth of crypto in just four months last year. 

Interestingly, the FTX breach, which led to the loss of over $400 million worth of crypto, was also recently revealed to have occurred due to a SIM swap with the attackers sim-swapping the details of an FTX employee. Therefore, this recent partnership is a significant step forward as stakeholders in the industry continue to find a lasting solution to these exploits.

Related Reading: Aave Seeks To Integrate Chainlink’s CCIP For GHO Transfers

Once that happens, the crypto industry can be sure that more users will be willing to invest their funds without fearing a significant breach. 

Cover image from Unsplash, Chart from Tradingview

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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