Telefónica (TEF), a global leader in telecommunications, has joined forces with Chainlink (LINK), a decentralized oracle network, to bolster security measures against Web3-related cyber threats, including the notorious "SIM Swap" attacks. 

The collaboration aims to fortify smart contracts by linking them with various Application Programmable Interfaces (APIs) through the "GSMA Open Gateway." Initiated by GSMA, which encompasses over a thousand mobile operators and related companies, the GSMA Open Gateway initiative seeks to merge telecom innovations with the Web3 sphere.

The firms emphasized that this partnership signifies a crucial advancement in merging telecommunications functionalities with blockchain technology, highlighting the importance of secure oracle networks for relaying accurate real-world data to the blockchain. This synergy is expected to enhance the performance and safety of Web3 applications, fostering a more secure and trustworthy digital environment.

A primary focus of this initiative will be to safeguard against "SIM Swap" attacks, a cybercrime tactic involving identity theft to impersonate a financial account owner. Such attacks have gained traction within the Web3 domain, with notable instances including a $400 million theft from Sam Bankman-Fried's FTX during its collapse in 2022.

The inaugural GSMA Open Gateway API, aptly named SIM SWAP, is set to launch in Brazil through Telefónica. This feature aims to add an additional security layer to blockchain transactions by allowing smart contracts to verify if a device's SIM card has been tampered with or replaced without authorization, thereby enhancing the overall security of blockchain transactions.