Future

Swap

Chainlink

<ul> 
 <li>The connection allows smart contracts to request information from the API as per Telefónica.</li> 
 <li>Even major institutions like the U.S SEC have been hacked using this method.</li> 
</ul> 
The biggest Spanish telecom company, Telefónica, has joined up with Web3 oracle provider <a href="https://thenewscrypto.com/chainlink-link-price-prediction/" target="_blank" rel="noreferrer noopener">Chainlink</a> to strengthen defenses against SIM swaps, a common way hackers break into systems. 
Moreover, the two companies’ strategic partnership would “enable the secure connection” of smart contracts with other GSMA Open Gateway APIs, according to Telefónica’s announcement on February 15th. Also, Chainlink and a set of standard network APIs intended to provide access to operator networks are both used in the integration to verify data from various sources. 
As a kind of identity theft known as a <a href="https://www.kaspersky.com/resource-center/threats/sim-swapping" target="_blank" rel="noreferrer noopener nofollow">SIM swap attack</a>, cybercriminals get access to sensitive data such as cryptocurrency accounts, bank records, and credit card numbers by getting access over the victim’s mobile phone number. Even major institutions like the U.S <a href="https://thenewscrypto.com/u-s-sec-faces-backlash-as-debt-box-challenges-case-dismissal/" target="_blank" rel="noreferrer noopener">SEC</a> have been hacked using this method since it is so common and effective. 
<h3 class="wp-block-heading" id="h-web-of-the-future">Web of the Future</h3> 
According to Telefónica, the connection allows smart contracts to request information from the API, which increases transaction security and provides another layer of protection to blockchain transactions. Making sure the SIM card “has not undergone any unauthorized changes” is how this checks whether a device is legitimate. 
Furthermore, for Telefónica, this isn’t a first foray into Web3. The firm began accepting <a href="http://bitcoin.org" target="_blank" rel="noreferrer noopener nofollow">Bitcoin</a>, Ethereum, and other cryptocurrencies as payment in 2022 on its web store. According to Telefónica’s chief metaverse officer Yaiza Rubio Viñuela, this marks the “first use case” of the GSMA Open Gateway SIM Swap API, establishing the business as a “Web3 enabler.” She went on to say that this would put them in a position to work with developers as the sector enters the “web of the future.” 
Highlighted Crypto News Today: 
<a href="https://thenewscrypto.com/jpmorgan-upgrades-coinbase-rating-from-underweight-to-neutral/" target="_blank" rel="noreferrer noopener">JPMorgan Upgrades Coinbase Rating from Underweight to Neutral</a>

Telefónica and Chainlink Collaborate to Safeguard Against SIM Swap Attacks

Table of Contents

TheNewsCrypto

Other articles published on Feb 16, 2024

World Bank Labels XRP a Cross-Border Stablecoin: Ignites Ripple Community Debate on Future Moves

Ethereum Inches Closer To $3,000 – Will February Deliver A $4,000 Knockout?

Stablecoins could boost dollar as global reserve currency: Fed governor

Polygon’s MATIC Poised for Potential Breakout as It Hits Key Resistance Level

Backpack registers $300 million in trading volume in 24 hours

Best Crypto to Buy Now February 16 – Stacks, Polkadot, Pyth Network

Join our free newsletter for daily crypto updates!