To strengthen security in Web3 environments, Telefonica, one of the biggest telecom corporations in the world, has teamed up with Chainlink, a decentralized oracle provider. With the use of Telefonica’s SIM Swap API implementation and Chainlink features, Polygon apps would be able to determine whether a phone’s SIM has changed within a specific time frame.
Telefonica Utilizes Chainlink To Enhance Web3 SIM Swap Detection
To improve security in Web3 environments, Telefonica, one of the major European telecom carriers, has teamed up with Chainlink, a decentralized oracle supplier. As part of the agreement, information from a carrier’s SIM card will be accessible to smart contracts running on the Polygon network, enabling them to better handle potential SIM switch events that are frequently linked to hacking attempts.
The alliance aims to enable the integration of carrier functions and Web3 applications by introducing a new feature called Chainlink Functions. This will allow Telefonica to implement the standardized GSM Association (GSMA) Open Gateway SIM Swap API, which verifies if the SIM card linked to a mobile number has changed recently.
By implementing security policies based on the application, this might potentially help avoid fraud in multiple cases while maintaining user experience. Among the use cases pushed for this API include enhancing 2FA procedures, guarding against identity theft, and helping financial institutions automate transactions.
Vivo, the leading carrier in Brazil and a Telefonica affiliate there, will be implementing the service. The blockchain implementation of Telefonica’s API features, according to Chainlink Labs CBO Johann Eid, “opens up new use cases and greater security for our industry that ultimately better protects users and their assets.”
Telefonica’s Chief Metaverse Officer, Yaiza Rubio, stated that the firm was now positioned as “enablers of Web3,” enabling them to “accompany developers towards the web of the future” with the launch of their blockchain version of their APIs.
What are your thoughts on Telefonica and Chainlink’s collaboration to enhance Web3 security and identify and manage SIM swapping incidents? Tell us in this section of the comments below.