Within the US alone, over $55m has been stolen by means of SIM swapping assaults since 2018. NEM, a blockchain-based ecosystem, believes that decen
Within the US alone, over $55m has been stolen by means of SIM swapping assaults since 2018. NEM, a blockchain-based ecosystem, believes that decentralized apps may present a significant answer to this drawback.
In accordance with NEM, they’re working with an answer known as “FIX Community”, which was established to assist cell subscribers safe personal keys and transactions on SIM playing cards.
The community leverages a blockchain-based protocol to assist the safety and privateness of cell subscribers, NEM explains:
“This distinctive structure will permit cell operators to ship providers resembling digital id administration, cryptocurrency wallets, and private knowledge firewalls, all enabled by the safekeeping of personal keys on the subscribers’ SIM playing cards.”
Aiming for mass adoption
One of many options, FIX ID, goals to forestall fraudulent actions by figuring out individuals by means of subscriber-owned world cellphone numbers.
NEM expects that cell carriers are in a position to make use of FIX Community to supply OTT providers resembling crypto wallets, cell banking, and ID administration. Nonetheless, they clarified that the FIX ID function gained’t be blockchain-based. It would as an alternative depend on decentralized traits that observe the philosophy of the FIX community answer.
Edwin Terek, co-founder at FIX Community, shed some mild in regards to the objective of the answer:
“Our exhaustive seek for an acceptable platform led us to converge on NEM’s Image, as we’re assured as this know-how consists of the options, safety, reliability and interoperability between personal and public blockchain networks to satisfy our present and future necessities. We’re happy with our know-how partnership with NEM.”
Newest SIM swapping circumstances
Lately, Reggie Middleton, the chief govt of crypto firm Veritaseum, sued telecommunications supplier T-Cell for allegedly enabling the theft of $8.7 million price of crypto in a collection of SIM-swapping assaults.
Californian Richard Yuan Li, 20, was charged on June 11 with conspiracy to commit wire fraud for his position in SIM-swapping assaults. These assaults focused no less than 20 people. He was additionally charged for the tried extortion of a New Orleans-based physician and a cryptocurrency investor recognized solely as “Investor A.”