Combating SIM Swap Attacks

Attack Mechanism:

• SIM swap attacks involve malicious actors deceiving mobile carriers into porting a victim's phone number to a new SIM card controlled by the attacker, bypassing SMS-based authentication and gaining access to sensitive accounts.

SIM3 Solution:

• Incorporates blockchain-based detection mechanisms that instantly identify unauthorized SIM swaps, and also if a SIM loses connection to the network for prolonged periods of time, the system will send offline push alerts to users and dApps to take immediate action.

How It Works:

• Blockchain Authentication: During boot sequences, each SIM card conducts a verification process against blockchain data stored within its Secure Element. Should any discrepancies arise, the SIM card is designed to alert the network, ensuring this critical security feature remains operational even in the absence of a mobile data connection.

• User and dApp Notification: Automated notifications are sent directly to the user's device and associated dApps, enabling quick response measures such as account freezes or enhanced verification processes.