Telefónica, a leading telecommunications provider, partnered with Chainlink Labs. Smart contracts will now use the GSMA Open Gateway API to request information, significantly reducing the risk of SIM swap attacks and bolstering transaction security.
Telefónica, the world’s largest telecommunications company, partnered with blockchain oracle provider Chainlink to strengthen defenses against SIM swap attacks, a tactic increasingly exploited by hackers to gain access to Web3 users’ assets.
As part of this initiative, Brazil-based operator Vivo will integrate the GSMA Open Gateway API, SIM SWAP, facilitating data validation from diverse sources using Chainlink’s capabilities. This approach will:
- enhance transaction security;
- enable smart contracts to send requests for information to APIs;
- ensure that the device’s SIM card remains unaltered;
- provide two-factor authentication (2FA);
- detect fraud in dApps and DeFi services.
A SIM swap attack entails hackers seizing control of a victim’s phone number. This is commonly used to breach social media accounts and sometimes to infiltrate cryptocurrency wallets, credit cards, or bank accounts.
The collaboration with Chainlink will provide Web3 developers with new opportunities to leverage standardized API interfaces. Johann Eide, Chief Business Officer of Chainlink Labs, affirms that this initiative will heighten the security of the entire blockchain infrastructure.
Telefónica recently announced a collaboration with blockchain company Nova Labs and introduced the Helium Mobile Hotspots DLT solution to extend mobile coverage in Mexico.
