Network APIs protect digital identities and wallets!

Last Updated: 7. März 2024By

For owners of digital assets such as Bitcoin or Ethereum, security must be top priority. Here are some interesting developments happening in Germany. Deutsche Telekom is launching a new API (Application Programming Interface) on the market. This API helps protect customers‘ digital identities and prevent online fraud. The newly introduced API Number Verify allows an app to verify a user’s mobile number in the background, eliminating the need for two-factor authentication via SMS. This improves the user experience and prevents potential problems, such as when users do not receive SMS messages or are unfamiliar with the technology.

The new network API will be introduced in Germany in collaboration with Vodafone and O2 Telefónica under the GSMA Open Gateway Initiative. The three operators are working with Vonage, among others. The Vonage platform provides the standardized network interface for business customers and handles routing to the respective network operator. This allows business customers to develop more secure apps and services and reach all mobile customers in Germany.

Next API: „SIM Swap“ Additionally, the operators are already working on the next API, „SIM Swap“. With this network API, it can be checked whether a particular phone number has recently changed its SIM card. This helps prevent attacks on account takeovers, where fraudsters use social engineering techniques and stolen personal data to take control of the account holder’s SIM card.

For example, a financial institution can check if the relationship between the phone number and the customer’s SIM card has recently changed when processing a financial transaction. This helps them decide whether to approve the transaction or not.

Simplified access to Web3 wallets, supported by Fireblocks Deutsche Telekom is already testing various network APIs with multiple partners. They are leading the way in simplifying access to Web3 wallets through a network API. Web3 is a decentralized concept for applications that is managed through the blockchain. The service from Deutsche Telekom simplifies the complex verification process for Web3 apps from 50 clicks to an automated, secure process through the Number Verify API. The solution utilizes the reliable security and scalability of partner Fireblocks‘ wallet infrastructure.

In their collaboration, the two companies use Fireblocks‘ cutting-edge technology to seamlessly integrate users‘ digital identities with their mobile phone numbers. Fireblocks is an enterprise platform for managing digital assets and building innovative businesses on the blockchain. The solution is made possible through direct communication with Deutsche Telekom’s network via the API.

This integration not only simplifies the user experience but also increases protection against fraud by directly linking the Web3 wallet address with the user’s phone number. This makes transferring digital assets such as Bitcoin, Ethereum, and others as easy and secure as sending an SMS.

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