In the united states alone, over $55m was discharged through SIM swapping attacks because 2018. NEM, a blockchain-based ecosystem, considers that decentralized programs could offer a meaningful remedy for this issue.
Based on NEM, they’re working with an alternative called “FIX Network”, that has been established to aid cellular subscribers protected private keys and trades on SIM cards.
The system leverages a blockchain-based protocol to confirm both the safety and privacy of cellular readers, NEM clarifies:
“This unique architecture will allow mobile operators to deliver services such as digital identity management, cryptocurrency wallets, and personal data firewalls, all enabled by the safekeeping of private keys on the subscribers’ SIM cards.”
Aiming for mass adoption
Among those attributes, FIX ID, intends to stop fraudulent actions by identifying participants throughout subscriber-owned worldwide telephone numbers.
NEM anticipates that cellular carriers can utilize FIX Network to supply OTT solutions like crypto pockets, mobile banking, and ID management. But, they explained the FIX ID feature won’t be blockchain-based. It is going to rather rely on decentralized characteristics that follow the doctrine of the FIX system option.
Edwin Terek, co-founder in FIX Network, shed some light concerning the intention behind the solution:
“Our exhaustive search for an appropriate platform led us to converge on NEM’s Symbol, as we are confident as this technology includes the features, security, reliability and interoperability between private and public blockchain networks to fulfill our current and future requirements. We are proud of our technology partnership with NEM.”
Newest SIM swapping cases
Lately, Reggie Middleton, the chief executive of crypto firm Veritaseum, resisted telecommunications supplier T-Mobile for supposedly empowering the theft of all $8.7 million worth of crypto at a run of SIM-swapping strikes.
Californian Richard Yuan Li, 20, was billed on June 11 with conspiracy to commit wire fraud for his part in SIM-swapping strikes. These strikes targeted at least 20 people. He was likewise charged for the attempted extortion of a New Orleans-based physician and a cryptocurrency investor understood just as “Investor A.”