Decentralized Apps May Solve SIM Swapping Woes

Published at: July 31, 2020

In the US alone, over $55m has been stolen through SIM swapping attacks since 2018. NEM, a blockchain-based ecosystem, believes that decentralized apps could provide a meaningful solution to this problem.

According to NEM, they’re working with a solution called “FIX Network”, which was established to help mobile subscribers secure private keys and transactions on SIM cards.

The network leverages a blockchain-based protocol to support the security and privacy of mobile subscribers, NEM explains:

“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

One of the features, FIX ID, aims to prevent fraudulent activities by identifying participants through subscriber-owned global phone numbers.

NEM expects that mobile carriers are able to use FIX Network to provide OTT services such as crypto wallets, mobile banking, and ID management. However, they clarified that the FIX ID feature won’t be blockchain-based. It will instead rely on decentralized characteristics that follow the philosophy of the FIX network solution.

Edwin Terek, co-founder at FIX Network, shed some light about the purpose of 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.”

Latest SIM swapping cases

Recently, Reggie Middleton, the chief executive of crypto company Veritaseum, sued telecommunications provider T-Mobile for allegedly enabling the theft of $8.7 million worth of crypto in a series of SIM-swapping attacks.

Californian Richard Yuan Li, 20, was charged on June 11 with conspiracy to commit wire fraud for his role in SIM-swapping attacks. These attacks targeted at least 20 individuals. He was also charged for the attempted extortion of a New Orleans-based doctor and a cryptocurrency investor known only as “Investor A.”

Tags
Technology
United States
Cryptocurrencies
Hackers
Wallet
Cybersecurity
Scams
Sim Card
Related Posts
Researchers Say Ransomware Attacks on the Rise as More People Work From Home
A study published by cybersecurity firm, Proofpoint, shows an increase in email-based phishing attacks used to deliver ransomware over the last few months. According to the report, first-stage deployments of ransomware are reportedly on the rise and have mostly been targeting the United States, France, Germany, Greece, and Italy. The attacks appear to be capitalizing on the influx of people now working from home amid the COVID-19 pandemic. Research additionally indicates that the ransom demands are very low compared to the amounts usually seen in these attacks. Lower than average ransoms A ransomware application called “Mr. Robot” has mostly targeted …
Technology / June 29, 2020
Ransomware Gang Failed to Deploy an Attack Against 30 US Firms
Cybersecurity firm Symantec blocked a ransomware attack by a group known for demanding payment in Bitcoin (BTC) directed at 30 U.S.-based firms and Fortune 500 companies. The announcement published by the cybersecurity firm claims that the Evil Group, the malware gang behind the attacks, targeted the IT infrastructures of the firms. Still, the companies were alerted in time to prevent deployment of the ransomware. The group used the ransomware WastedLocker and managed to breach the security of the victims' networks and unsuccessfully attempted to laying the ground for staging the attacks. Gang asks for million-dollar payments Cointelegraph reported recently a …
Technology / June 28, 2020
Californian Charged Over Crypto Extortion and 28 SIM-Swap Attacks
Californian Richard Yuan Li, 20, has been charged with conspiracy to commit wire fraud for his role in SIM-swap attacks targeting at least 20 individuals, as well as the attempted extortion of a New Orleans-based doctor and cryptocurrency investor known only as ‘Investor A.’ Li is believed to have collaborated with others from January 2018 until February 2019 to defraud numerous victims through SIM-swapping attacks, with some of the co-conspirators remaining unknown to the United States Attorney’s Office. SIM-swaps involve rerouting a victim’s SIM to a phone in possession of the attackers, allowing them to gain access to personal information …
Bitcoin / June 11, 2020
Google Removes 49 Phishing Extensions That Steal Cryptocurrency Data
Google recently removed 49 phishing Google Chrome web browser extensions after receiving reports about their activity. Harry Denley, director of security at cryptocurrency wallet startup MyCrypto, explained in an April 14 Medium post how he got the extensions removed from Chrome’s store within 24 hours with the help of phishing-specialized cybersecurity firm PhishFort. The removed extensions include ones that targeted the owners of hardware wallets produced by Ledger, Trezor and KeepKey, and users of software wallets Jaxx, MyEtherWallet, Metamask, Exodus and Electrum. The extensions triggered the users to enter the credentials needed to access the wallet — such as mnemonic …
Technology / April 15, 2020
Don’t blame crypto for ransomware
Recently, gas has been a hot topic in the news. In the crypto media, it’s been about Ethereum miner’s fees. In the mainstream media, it’s been about good old-fashioned gasoline, including a short-term lack thereof along the East Coast, thanks to an alleged DarkSide ransomware attack on the Colonial Pipeline system, which provides 45% of the East Coast’s supply of diesel, gasoline and jet fuel. In cases of ransomware, we generally see a typical cycle repeat: Initially, the focus is on the attack, the root cause, the fallout and steps organizations can take to avoid attacks in the future. Then, …
Technology / May 30, 2021