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Decentralized applications can solve SIM swap attacks

July 31, 2020

In the U.S. alone, more than $ 55 million has been stolen from SIM swap attacks since 2018. NEM, a blockchain-based ecosystem, believes that distributed applications (DApps) could be a significant solution to this problem.

According to the NEM, they are working with a solution called FIX Network, which was set up to make it easier for mobile subscribers to secure their private keys and SIM card transactions.

The network uses a blockchain-based protocol to support the security and data protection of mobile subscribers, NEM explained:

“This unique architecture enables mobile operators to offer services such as digital identity management, cryptocurrency wallets and firewalls for personal data, all made possible by keeping private keys on subscribers’ SIM cards.”

The goal is mass adoption

Decentralized applications can solve SIM swap attacksDecentralized applications can solve SIM swap attacks

One of its characteristics FIX ID aims to prevent fraudulent activity by identifying subscribers using global phone numbers owned by the subscriber.

NEM hopes that mobile operators can use the FIX network to provide OTT services such as cryptocurrency wallets, mobile banking and identity management. However, you have made this clear The FIX ID function is not based on blockchain. Instead, will be based on decentralized functions this follows the philosophy of the FIX network.

Edwin Terek, Co-founder of FIX Network, He provided some details for the purpose of the solution:

“Our extensive search for a suitable platform has prompted us to move closer to the NEM symbol blockchain as we are confident that this technology will include the functionality, security, reliability and interoperability between private and public blockchain networks to match our current ones Requirements to meet futures. We are proud of our technology partnership with NEM. “

Latest SIM exchange cases

Recently, Reggie Middleton, CEO of the crypto company, Veritaseum, sued the telecommunications provider, T-Mobile for allegedly stealing $ 8.7 million in cryptocurrencies in a series of SIM swap attacks.

The Californian, Richard Yuan Li, 20 years old, He was charged with conspiracy on June 11 to commit cable fraud for his role in the SIM exchange attacks. These attacks were targeted at least 20 people. He has also been charged with attempted extortion from a New Orleans doctor and is also a cryptocurrency investor known only as “Investor A”.

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