This innovative step enables smart contracts to detect unauthorized SIM changes. Advancing the battle against mobile fraud and enhancing global user security.
Integrating Chainlink Functions, Telefónica bridges real-world data with blockchain smart contracts via a decentralized oracle network.
Telefónica Leverages Chainlink for Enhanced SIM Security
Chainlink Functions allow smart contracts to execute based on inputs from external data sources. In this case, Telefónica’s vast network data, including SIM card status information. Deploying on Polygon, Telefónica taps into its scalability, speed, and low costs.
Multinational telco @Telefonica has integrated #Chainlink Functions on @0xPolygon mainnet to help smart contracts detect unauthorized SIM card changes.
Understand how Functions can provide an additional layer of security to blockchain transactions ⬇️https://t.co/jIpKbrOZff pic.twitter.com/Dsbv8JflNs
— Chainlink (@chainlink) February 15, 2024
The primary aim of this integration is to safeguard mobile users from the increasingly common threat of SIM swap fraud. This type of fraud involves attackers unlawfully transferring a victim’s phone number to a SIM card in their possession. This enables them to bypass security measures like two-factor authentication (2FA) and gain unauthorized access to sensitive personal and financial information.
By utilizing Chainlink Functions, Telefónica’s smart contracts can now automatically verify any changes made to a user’s SIM card information. Flagging unauthorized swaps and potentially preventing fraudulent activities.
More About Chainlink
Onthis has recently unveiled Shortcuts, a groundbreaking feature designed to significantly enhance the user experience in the blockchain space. Shortcuts, fueled by Chainlink CCIP and Automation, simplify sending tokens across blockchains with easy-to-use addresses.
.@onthisxyz has released Shortcuts—a user-friendly feature powered by the industry-standard #Chainlink CCIP and Automation.
See how Shortcuts enable users to send tokens cross-chain using human-readable addresses👇 https://t.co/Xnng6TUT4a
— Chainlink (@chainlink) February 13, 2024
This innovation addresses one of the major complexities in the cryptocurrency world: the cumbersome process of cross-chain transactions. Shortcuts streamline asset management across blockchains, broadening access to DeFi and blockchain apps for more users.
This approach, using Chainlink’s infrastructure, significantly advances blockchain’s usability and accessibility for daily use.
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