How Blockchain Security is Still Hindered by Web 2.0 Scam Tactics

How Blockchain Security is Still Hindered by Web 2.0 Scam Tactics

Blockchain
May 18, 2022 by Editor's Desk
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Cybercriminals are still using “primitive” Web 2.0 hacking and scam tactics to attack blockchains and crypto wallets. However, there are still ways to protect yourself against these tactics. With the right approach to security, you can quickly identify hacks and scams. Plus, you can establish safeguards that allow you to manage your blockchains and crypto
Important Check Points Before Buying Cryptocurrency

Cybercriminals are still using “primitive” Web 2.0 hacking and scam tactics to attack blockchains and crypto wallets. However, there are still ways to protect yourself against these tactics. With the right approach to security, you can quickly identify hacks and scams. Plus, you can establish safeguards that allow you to manage your blockchains and crypto wallets without putting your assets in danger.

What Can We Learn from the Bored Ape Yacht Club NFT Hack?

The Bored Ape Yacht Club (BAYC) NFT hack highlights the impact of primitive hacking and scam attacks on blockchains and crypto-wallets.

This hack involved a phishing link on BAYC’s Instagram page. By clicking on the link, users could sign up for a free token giveaway. But to do so, they also had to link their crypto wallet to their BAYC account.

Some users believed they could participate in the giveaway and shared their crypto wallet information. At this point, they opened the door for hackers to steal their BAYC tokens. And hackers did just that, stealing over $1 million in users’ tokens.

It’s easy to question why users were so willing to share details about their crypto wallets. However, it’s important to note that two-factor authentication (2FA) was in place. Also, BAYC followed Instagram’s best practices for managing the security of its account. This indicates additional security measures may be required to ensure similar hacks don’t happen in the future.

Don’t Expect Cybercriminals to Stop Targeting Blockchains and Crypto Wallets Any Time Soon

Blockchains and crypto wallets often appear unhackable. Regardless, cybercriminals search far and wide for ways to infiltrate them.

For example, cybercriminals have mimicked delivery services to gain access to accounts that hold blockchain assets. They have increasingly used fake delivery notifications to get people to click on phishing links and share their personal information. In addition, they’ve been promoting sweepstakes and rewards during these attacks.

Along with mimicking delivery services, hackers are always on the lookout for new opportunities to attack. They understand the potential impact of their hacks. As such, they are willing to dedicate significant time, energy, and resources to fine-tune their hacks and make sure they’re successful.

You cannot stop cybercriminals from trying to access your blockchains and crypto wallets. However, you can learn the ins and outs of blockchain security and how to protect your crypto wallets. From here, you’ll understand why hackers want to launch attacks and can plan accordingly.

What You Need to Do to Secure Your Blockchains and Crypto Wallets

If you plan to buy Bitcoin or any other crypto, learn about the security measures behind it. Research is key — if you don’t know how to protect your blockchains and crypto wallets properly, you risk exposing them to cybercriminals.

2FA is a top option for cyber protection since it requires a user to provide multiple pieces of information to confirm their identity. To date, 2FA has been effective in stopping many cyberattacks. Yet as the BAYC hack showed, 2FA is far from perfect. At this point, improvements are necessary to ensure 2FA can be used to fully secure blockchains and crypto wallets.

Triple-entry blockchains may soon represent one of the biggest evolutions in multi-factor authentication. They involve a “triple-entry system” for all transactions. In this system, transactions are recorded between both parties involved and an independent party. Meanwhile, after a transaction gets recorded in a blockchain, it cannot be altered. This provides added security for crypto exchanges and other transactions.

The future of triple-entry blockchains looks bright, but they are in development. Yet you should keep a close eye on triple-entry and similar systems. It also pays to consider the metaverse and security issues associated with it.

Ultimately, the metaverse can serve as a central access point for apps, services, and other assets. Cybercriminals can launch ransomware, social engineering, and other attack methods against metaverse users.

As the metaverse grows, security must evolve with it. Users can search for advanced tools and technologies to secure all of their assets in the metaverse. They must be diligent and consider all of the options at their disposal.

There is no one-size-fits-all option for metaverse security. Conversely, you need to evaluate multiple security tools and technologies to keep your assets safe against cybercriminals. You should learn as much as you can about these options and weigh their respective pros and cons.

A common-sense approach can make a world of difference in the metaverse, too. If something seems too good to be true, it likely is. Therefore, if a metaverse user or link that asks you to share sensitive information appears suspicious, you should move on from it.

Make Cybersecurity a Top Priority

Cybercriminals are doing everything in their power to attack you. They want your personal information and assets and will stop at nothing to get them. To keep your blockchains and crypto wallets safe, you need to prioritize cyber protection. If you’re persistent, you can instantly identify a cyber threat. And when you do, you’ll be able to stop an attack before it compromises your blockchains and crypto wallets.