Spain’s Largest Telecom Provider Partners With Chainlink To Prevent Sim Swap Attacks

Telefónica, the Spanish telecom big, is teaming up with Web3 oracle supplier Chainlink to bolster safety in opposition to SIM swap assaults.

SIM swap assaults are a typical hacker tactic, involving hijacking a sufferer’s cell phone quantity to achieve entry to delicate data like crypto wallets, bank cards, and financial institution accounts. Even organizations just like the US Securities and Trade Fee have fallen prey to those refined schemes.

Telefónica emphasizes that the combination provides a vital layer of safety to blockchain transactions. Good contracts can now leverage APIs to confirm if a tool’s SIM card has undergone any unauthorized adjustments, stopping hackers from exploiting stolen SIMs for nefarious functions.

This initiative marks Telefónica’s “first use case” of the GSMA Open Gateway SIM Swap API, solidifying their place as a “Web3 enabler,” based on Yaiza Rubio Viñuela, the corporate’s chief metaverse officer. She additional highlights Telefónica’s dedication to supporting builders in navigating the “net of the long run.”

This text incorporates hyperlinks to third-party web sites or different content material for data functions solely (“Third-Get together Websites”). The Third-Get together Websites aren’t underneath the management of CoinMarketCap, and CoinMarketCap shouldn’t be accountable for the content material of any Third-Get together Website, together with with out limitation any hyperlink contained in a Third-Get together Website, or any adjustments or updates to a Third-Get together Website. CoinMarketCap is offering these hyperlinks to you solely as a comfort, and the inclusion of any hyperlink doesn’t indicate endorsement, approval or advice by CoinMarketCap of the location or any affiliation with its operators.
This text is meant for use and have to be used for informational functions solely. You will need to do your personal analysis and evaluation earlier than making any materials selections associated to any of the services or products described. This text shouldn’t be meant as, and shall not be construed as, monetary recommendation.
The views and opinions expressed on this article are the creator’s [company’s] personal and don’t essentially replicate these of CoinMarketCap.