Today Telefónica announced an alliance with Chainlink Labs to enable smart contracts to access data from a SIM swap API. Fraudsters often use SIM swapping to get hold of one time passwords to hack accounts. The SEC notoriously lost control over its X account through a SIM Swap and the hackers posted the Bitcoin ETF approval news a day early.
The telecoms association GSMA has developed several GSMA Open Gateway APIs, including one for SIM swaps. Accessing this API could enable smart contracts to avoid potential financial fraud by checking if the SIM was recently swapped. Vivo (Telefónica Brazil) is the first carrier in the group to use the integration, enabling smart contracts on the Polygon blockchain to access the SIM SWAP API via the Chainlink oracle network.
“Bringing Telefónica’s OpenGateway APIs onchain with Chainlink Functions unlocks novel use cases and greater security for our industry that ultimately better protect users and their assets,” said Johann Eid, Chief Business Officer, Chainlink Labs.
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