Telefónica, the largest telecom brand in Spain, has revealed a collaboration with Chainlink, a Web3 oracle provider, to strengthen protections against SIM swap attacks. These attacks are a method used by hackers to gain unauthorized access to their victims’ mobile phone numbers and, subsequently, personal information such as crypto accounts and bank details. Through a strategic alliance, Telefónica and Chainlink aim to establish a secure connection between smart contracts and GSMA Open Gateway APIs, enabling data verification from various sources using Chainlink technology. This integration includes a collection of common network APIs designed to grant access to operator networks.
By implementing this collaboration, Telefónica intends to enhance transaction security and add an extra layer of protection to blockchain transactions. Smart contracts will be equipped with the capability to make information requests to the API, ensuring that a device’s SIM card has not undergone any unauthorized changes. The chief metaverse officer of Telefónica, Yaiza Rubio Viñuela, emphasizes that this integration marks the “first use case” of the GSMA Open Gateway SIM Swap API, positioning the company as a facilitator of Web3 technology. Telefónica aims to support developers as the industry progresses into the “web of the future.”
Telefónica has previously ventured into the Web3 space, making notable strides in 2022. The Madrid-based company enabled cryptocurrency payments, including Bitcoin and Ether, on its online marketplace, allowing customers to utilize their crypto assets when purchasing technology products. Another Web3 partnership was formed with Nova Labs, the company behind the Helium Network. The collaboration aimed to leverage blockchain technology to reduce infrastructure costs and expand coverage in Mexico. In this initiative, Telefónica utilized Helium’s mobile hotspots to extend its network coverage in Mexico City and Oaxaca.
These recent collaborations and integrations showcase Telefónica’s commitment to innovative technologies and its proactive approach to securing its customers’ data. By joining forces with Chainlink and embracing Web3 solutions, Telefónica is reinforcing its position in the industry and paving the way for a future where security and convenience are paramount.
It’s about time Telefnica stepped up their game. SIM swap attacks have been happening for years, and they’re just now doing something about it? Ridiculous!