Fighting Cybercrime in Metaverse
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The metaverse promises to be a digitally revolutionized world unlike anything we’ve ever seen before. Because of the expansion of gadgets and infrastructure that will follow it, the cybersecurity challenges will almost certainly be unlike anything we’ve seen before. The rapid and massive rise in apps and data will significantly enhance the attack surface for bad actors.
More hackers will try to take advantage of average crypto users as more money enters the metaverse. If metaverse platforms fall short on security and privacy before they take off, the technology will struggle to gain traction. This article foresees some of the most serious security issues that the metaverse and web3 will face.
The metaverse platform Roblox scored 8th as the most imitated brand for phishing assaults throughout the quarter, according to last year’s Q4 2021 brand phishing report. This was the first time a metaverse platform cracked the top ten. This is particularly troubling given that half of Roblox’s user population is under the age of 13.
Brand phishing is when criminals pose as partners or representatives of a company and send meticulously constructed spoof emails. The goal is to persuade victims that the email is genuine so that they will click on harmful links or attachments within it. This gives hackers access to their accounts and systems, allowing them to steal personal information and financial passwords.
As the metaverse’s popularity grows, it’s safe to expect that brand fishing attacks will become more common.
Scams involving NFTs
NFTs are essential to the metaverse economy’s operation, and NFT frauds have been rampant since the start of the year (when global NFT sales surpassed $4 billion).
Discord hacks are one of the most popular NFT scams, in which fake minting links are provided on a Discord server’s announcements channel (which is a decentralized, online network of chat room servers). The message will offer an unbelievable deal, such as suggesting that a previously sold-out collection is releasing extra NFTs as a surprise.
A bogus Discord link may also ask for a victim’s seed phrase, which is a series of private words used to access a cryptocurrency wallet.
Smart contracts that are malicious
Smart contracts, as well as deliberate omissions, underhanded activities, and a lack of clarity from users, will be the most likely source of crypto-related fraud, according to billionaire entrepreneur and crypto proponent Mark Cuban.
Because anyone with the necessary skills may develop a blockchain, there is a risk that bad actors will create smart contracts that are purposely weak. The goal would be to get victims to enter into easily exploitable smart contracts. The blockchain inventors would take advantage of the market by controlling a substantial portion of the coin supply, artificially boosting the token’s value as the amount available to other investors decreases. They would then sell their stocks before the market could react.
Biometric data (such as retina scans), fingerprint data, facial mappings, and voiceprints are all collected by virtual reality headsets. Because each movements are absolutely unique, neither VR nor AR tracking data can be made anonymous. If VR devices are hacked, this poses a severe risk. Hackers can implant features into VR platforms that fool users into giving out important information, similar to how they can with AR gadgets, opening the door for ransomware assaults.