Our mobile phone numbers are increasingly becoming a unique method of personal identification and more and more companies and services are relying on smart devices as a means of authentication, such as 2-step verification.
It is estimated that over $50mn was stolen from crypto wallets in the US in 2018/2019 using SIM swapping.
Scammers who take control of the number can easily complete verification checks that protect our most sensitive information. The most common method of phone scamming is via SIM swapping. This is when a scammer convinces an operators to swap over a subscribers’ number to a new SIM, resulting in the genuine customer being disconnected and all data being sent to the new, ‘fake’ SIM.
A solution to prevent SIM swapping
FIX Network was established to provide a solution that allows mobile subscribers to secure private keys and transactions on SIM cards. FIX leverages existing cellular infrastructure by implementing a blockchain-based security protocol to support new privacy, security, management and safety solutions for mobile subscribers via SIM.
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
“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.”
Edwin Terek
Co-Founder, FIX Network
