Coinspeaker
Telefónica Partners Chainlink to Improve Web3 Security and Prevent SIM Swap Attacks
Telefónica, a global telecom giant based in Spain, has secured a strategic partnership with Chainlink, a decentralized oracle network, to enhance security and functionality in the Web3 ecosystem.
According to an official announcement on Thursday, the collaboration seeks to integrate real-world telecommunications capabilities into blockchain networks, ensuring heightened security for smart contracts and Web3 applications.
Combating SIM Swap Attacks
One of the key objectives of the partnership is to combat fraudulent activities, particularly SIM SWAP attacks. These attacks involve cybercriminals deceiving a cellular service provider into transferring a victim’s service to a SIM card under their control, effectively hijacking the victim’s phone number.
SIM swap attacks have been used by cybercriminals to siphon millions of dollars from the crypto industry, with the US Federal Bureau of In
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