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.

Background

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.

Challenge

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.

1NCE Solution

ShieldFi partnered with 1NCE to bring their fraud prevention platform to life. Leveraging 1NCE’s IoT Lifetime Flat subscription and global coverage, ShieldFi deployed its solution across more than 177 countries in a matter of weeks. By integrating eSIM and physical SIM technology through 1NCE, ShieldFi delivers real-time fraud protection without requiring additional apps or complex setups. This plug-and-play approach enabled ShieldFi to deploy its technology cost-efficiently, empowering users with an invisible yet robust layer of fraud protection wherever they roam. The company quickly moved from prototype to deployment: within the first week, ShieldFi technology was successfully integrated, and by the third week, ShieldFi had received its first batch of SIMs. This allowed the company to launch a crypto debit card featuring ShieldFi’s fraud prevention mechanism.