Spanish telecommunications company Telefónica announced its cooperation with the decentralized oracle Chainlink to provide security for smart contracts and prevent hackers and vulnerability exploitation related to Web3, including preventing "SIM card swap attacks."
Telefónica is a Spanish telecommunications company and the fifth largest fixed-line and mobile communications operator in the world. It mainly provides local telephone and mobile communications services in Europe and Latin America.
Telefónica and Chainlink Labs announced a strategic alliance to jointly implement secure connections between Web3 smart contracts and other GSMA open gateway APIs.
GSMA (Groupe Speciale Mobile Association, GSMA) is an industrial trade association established in 1995. It was sponsored by mobile communication operators and related companies to promote the common standards and construction of GSM mobile phone systems. Currently, it has more than 220 countries and nearly 800 members. Family of activists.
Through integration with Chainlink, not only can transaction security be enhanced, but information requests can also be made to APIs through smart contracts, introducing an additional layer of security to blockchain transactions to ensure that no unauthorized access has occurred to the device's SIM card. Change. Using the GSMA Open Gateway API through Chainlink can also reduce risks beyond transaction security and solve two-factor authentication (2FA) and fraud detection issues in Web3 dApps and DeFi services. Operator Vivo (Telefonica Brazil) will be the first to commercialize it in Brazil.
A SIM swap attack is a hacking tool based on identity theft and false impersonation of a financial account holder. This scam appears in endlessly in the Web3 industry. For example, the SEC previously posted fake tweets on Twitter on the eve of the approval of the Bitcoin spot ETF; and when the FTX exchange collapsed in 2022, US$400 million was stolen, all of which were SIM card swaps. attack.
