Fraud prevention in the financial and telecom sectors is now a global priority as digital transactions continue to increase. The growing number of cyber and SIM-swap attacks has created an urgent need for innovative solutions that provide real-time protection. With IoT, companies now have an opportunity to prevent attacks and create a secure, worry-free financial environment.
ShieldFi emerged as a response to the need for enhanced fraud protection. The idea for the company came to life when one of its early investors lost access to his crypto portfolio due to a SIM-swap attack. This wake-up call motivated ShieldFi to address this pervasive security threat head-on. Initially, ShieldFi experimented with developing a custom SIM card to prevent fraud, but the solution proved to be expensive and lacked the global coverage required for a universal solution.
The major challenge was to develop a fraud prevention IoT solution that could protect users worldwide while remaining cost-efficient and easy to deploy. Early attempts with customized SIM technology revealed significant limitations: the solution was costly and lacked the international coverage needed to serve ShieldFi's global audience. The team required a flexible, reliable, and secure platform to protect transactions in more than 170 countries.
Visit the 1NCE Shop and start connecting your IoT devices easily. Simply order your SIM cards, choose the desired type of SIM card and fill out all required forms. After the payment has been approved you get your cards within two to three business days.
