One thing about the internet revolution is that security has remained a primary concern, and not even Web3 is spared. If anything, cyber threats keep advancing with every technology stride. Web3 is here with its sophistication, but not even terminologies like NFTs, DAOs, and DeFis can intimidate cyber criminals.
Web3 may be allowing users to own data, but as long as you don’t own the private key to your wallet, lurking online hackers will keep trying to seize your accounts. However, not all is lost because there are several measures you can take as a Web3 user to reduce potential attacks from succeeding. What kind of cyber threats have made their way to Web3?
Common Web3 Security Threats And How To Counter Them
Being informed on what to expect in Web3 security will help you stay alert and lower the chances of being an online fraud victim. Needless to say, you can always consult with experts dealing with Web3 solutions, such as those in a metaverse development company. Below is a list of the most prevalent security concerns in the Web3 jurisdiction:
Phishing made a name for itself in web2 and made its presence felt in Web3. Scammers use this strategy to pose as reliable service providers in different Web3 applications, mostly crypto, to dupe you into clicking on a malicious email, social media, or web link. They use malicious links to steal account information, including your locally stored private key.
Others will lure you with goodies like risk-free investments, and the moment you surrender your credentials, it will be the last time to hear from them. Avoid clicking links with tempting offers or sharing your Web3 credentials with fraudsters posing as legit service providers.
Cryptojacking is an advanced method of mining unsuspecting crypto holders’ assets. Crypto miners access users’ devices through malicious downloads and software. Without the device owners suspecting anything, the miners use the devices to transfer the owner’s assets into their accounts. Most cryptojacking victims realize something is amiss when their accounts have almost been swept off or completely drained.
There are tell-tale signs that crypto holders can watch out for that can help them suspect a cryptojacking activity, such as an escalation in monthly electricity charges and slow device performance. You can avoid being a cryptojacking statistic by installing antivirus software that warns you about malicious links or suspicious activities in your crypto accounts.
Cross-Chain Bridge Attacks
When crypto owners cannot transfer digital assets from one blockchain network to another, they rely on cross-chain bridges. The bridges act as intermediaries, making them a target for cybercriminals. In one way or another, cyber attackers can bypass the verification procedure and steal massive amounts of money. Some of the headlining cross-chain bridge attacks that took place in recent months include Ronin Bridge, Wormhole Bridge, Nomad Bridge, and Qubit. It is challenging to reverse stolen assets because crypto transactions are irreversible. Assets are lost for good, and users must start from zero again unless they have investments in other platforms. But having reliable Web3 security tools can help keep these concern to rest
Smart Contract Attacks
Nothing is spared in decentralized networks, and that includes smart contracts. Smart contracts are programs used to self-execute contracts between buyers and sellers. No middlemen are involved in these contracts, but poor coding can render the network vulnerable to bugs and intruders. Ethereum has been spotlighted for exposing several smart contracts to potential attacks.
Poorly coded smart contract algorithms have caused loss of funds in different scenarios, amounting to billions of funds lost. Most blockchain platforms use artificial intelligence, like machine learning to detect abnormal activities in the system and get detailed reports of potential threats.
How To Stay Safe In Web3 Amid Security Concerns
Amidst the security atrocities aimed at Web3, you have a role in safeguarding your online activities. The following safety measures will help you mitigate potential threats:
- Invest in proper security tools and browser extensions that protect your browsing experience. Tools like Trustcheck, Pocket Universe, and Web3 Antivirus are great options. They notify users of potential phishing, malicious links, etc.
- Avoid using blockchain networks with questionable security protocols. Not all individuals who are in the decentralized business have the best interests of users. Some are scammers disguised as legit service providers ready to steal your accumulated assets and blame it on imaginable hackers. They work like pyramid schemes to collapse the system once they are assured of a windfall.
- Keep off from clicking on links and banners whose sources you cannot substantiate to be legitimate, including not scanning suspicious QR codes. Cybercriminals understand that individuals are desperate to make quick money in ventures like cryptocurrency and use the opportunity to craft enticing offers.
- They also pay for the advertisement slots on Google and other search engines to make them look authentic to unsuspecting to-be victims. That’s how they will take off with your credentials and assets leaving you with an empty digital nest.
- Only use one password in all your decentralized network accounts. Use different passwords for gaming, crypto, NFTs, and metaverse accounts. Some users opt to use a single password in all their accounts to avoid forgetting, but it comes at a risk. Hackers can use the password to sweep off all your digital investments if they can access it.
- Activate Two-Factor Authentication in your accounts. The secondary security layer provides additional security because the verification process involves a registered device like a phone number or email.
- Avoid leaving your DM on Discord open. Decentralized gaming is also prone to security issues, and one way hackers can get to you is through bot accounts. For that reason, keep your Discord DM closed to avoid receiving malicious messages that can give criminals access to your account.
Web3 may be in its baby stages but has proved to be the future of the internet, even with the glaring security concerns. If you have a business or investments to protect in Web3, you need to learn about the extensive cybersecurity topic so that you can take necessary precautions. Use resources like next-generation antivirus, Al and machine learning to detect fraud. You can find reputable Web3 security experts to advise you on the best security models for your business to avoid losing your fortune to cybercriminals.