Victor Ugochukwu · Dec 14, 2020 . 5min read
FIX Network aims to Fix Illegal SIM Swapping ID Thefts Using Blockchain
FIX Network aims to solve unauthorised SIM swapping and ID thefts. It enables mobile subscribers to secure private keys and transactions on SIM cards.
By Victor Ugochukwu · Aug 1, 2020 . 8min read
Tech Company, FIX Network launches an ambitious initiative to fix illegal SIM swapping and ID thefts using blockchain technology.
In a recent blog post, Singapore-based NEM, a blockchain firm announces this solution as FIX is one of its client employing its tools and expertise to roll out its product.
FIX Network aims to solve unauthorized SIM swapping and ID thefts. It enables mobile subscribers to secure private keys and transactions on SIM cards. It will leverage existing cellular infrastructure by implementing a blockchain-based security protocol to support new privacy, security, management and safety solutions for mobile subscribers via SIM.
Working with mobile network operators, FIX Network allows them 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.
Maintaining Data Privacy through the use of DLT.
Security and integrity of subscribers data are paramount for telecom operators. Data must be stored on and secured by independent, distributed and decentralized blockchain infrastructure and away from operators. This is where NEM comes in.
Symbol is an enterprise-focused blockchain infrastructure. It helps to connect businesses, developers and individuals, enabling use cases for the NEM blockchain. Furthermore, Symbol reduces the costs and complexities in existing processes. Subsequently, it provides a platform for new business models and innovation. This, in turn, brings together developers, projects and enterprises to create mutual benefit and value together.
Edwin Terek, the co-founder at FIX Network, said
We have numerous and stringent expectations of the blockchain technology that we will employ together with our mobile operator partners in order to deliver the FIX Network solution globally. 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 fulfil our current and future requirements. We are proud of our technology partnership with NEM”.
SIM swap scams continue to target cryptocurrency communities
Even though crypto communities employ cryptography to shield against scams and phishing attempts, they are still not immune to these activities. Unfortunately, illegal SIM swapping otherwise called “sim jacking” continues to be a menace. Specifically, crypto holders and others face this risk. Even though phishing scams target A victim once posted of how he lost a fortune in cryptocurrencies due to sim swap.
Fix Network SIM swap solution benefits Mobile Operators as well as subscribers.
Even cybersecurity icon and crypto shill, John McAfee was also a victim of sim jacking in 2018. Perpetrators, after having control of McAfee’s sim used it to log into his Twitter account. Subsequently, they staged a coin pump on Binance exchange. Fix Network’s solution to unauthorized SIM swapping is a welcome development to mobile operators, some of which have been slammed with class-action lawsuits for failing to protect their users. Mobile subscribers, many of who operate crypto wallets can also rest assured.