Cloaked Wireless, a mobile virtual network operator, is implementing robust measures to counter unauthorized SIM swaps and port-out attacks, common methods used in SIM swap fraud. Additionally, it sets itself apart by embracing Bitcoin as a payment option, indicating its adoption of cryptocurrency in the American telecommunications sector. The threat of SIM swap fraud is particularly concerning in the cryptocurrency ecosystem due to its potential risks to personal and financial security.

CEO Jeremy Hill is dedicated to safeguarding user data by utilizing advanced authentication technologies and minimizing data collection, aiming to enhance mobile security and reduce the risk of data breaches. The company provides both eSIM and traditional SIM card options with strict controls to prevent unauthorized alterations to accounts.

Cloaked Wireless's approach to thwart SIM swap attacks benefits from collaboration with security and privacy experts, as well as involvement from the cryptocurrency community. Notably, the company has extended complimentary lifetime service to significant Bitcoin core developers, though its track record in preventing SIM swap incidents is still evolving.

Collaborations, such as the recent partnership between global telecommunications giant Telefónica and Chainlink Labs, demonstrate the industry's concerted effort to combat SIM swap fraud using blockchain technology. These initiatives have become increasingly important following cybersecurity breaches like the one affecting the US Securities and Exchange Commission's account and the significant financial loss suffered by the FTX crypto exchange due to SIM swap attacks. Such incidents underscore the vulnerabilities of traditional mobile networks and underscore the necessity of implementing enhanced security measures.