The metaverse is rapidly evolving into a platform that is attracting a growing number of users. Recent surveys indicate that numerous companies and brands are venturing into the digital reality industry. Additionally, there has been a notable surge in consumer interest in the metaverse.
However, as the fascination with the metaverse escalates, so does the potential for risks. A report from cybersecurity firm Kaspersky has warned that cyberattacks and scams in the metaverse are likely to see a significant increase in the coming year.
The range of risks and threats to the metaverse extends from various scams to identity theft, highlighting the need for enhanced security measures in this emerging digital space.
To gain insight into the dangers and risks associated with entering digital reality, Cointelegraph consulted Andrew Newman, Chief Technology Officer and Co-Founder of cybersecurity firm ReasonLabs, and former architect of Microsoft’s Windows Defender anti-malware software.
Newman emphasized that a key concept for users to grasp is that their metaverse identity will likely become an integral part of their digital identity. He stated, “As our real-life experiences increasingly blend with our digital identities, the incidence of identity theft in the metaverse is expected to rise.”
Moreover, Newman highlighted that avatar scams are already prevalent on platforms like Roblox. He explained a typical scenario where a hacker might persuade a user to grant access to their avatar for various reasons, with the actual intent being to steal their digital identity.
As the connection between digital identities and metaverse avatars, along with monetary or digital assets, becomes more prevalent, the threats of identity theft are expected to increase. Newman issued a warning to users who are increasingly investing in avatars:
“We must ensure that we safeguard our identity and digital assets in the metaverse as rigorously as we do our physical assets.”
The scope of real value and the variety of digital assets that users can hold are expanding vastly. This expansion is a significant factor in driving the growth of digital reality, and it means that cyberattacks and theft are likely to become more sophisticated. Despite the promise of transparency and security in blockchain and emerging technologies, Newman emphasized the need for users to remain vigilant.
“We cannot take for granted that our funds are safe from theft simply because they are in the metaverse, as opposed to traditional banking networks.”
Additionally, the metaverse is designed to attract a wide audience, including many young children and teenagers, and offers numerous opportunities across various business sectors. However, this also means that it becomes easier to defraud or exploit younger users who spend time in the metaverse.
Metaverse platforms like Minecraft, Fortnite, and Roblox typically attract younger audiences. Frequently, minors may not fully understand the significance of cybersecurity or the implications of their digital footprints. Newman noted that young users have often been targets of cyber attacks.
At present, numerous prominent Web3 developers, including Chainlink, are diligently working on new security protocols to protect users in digital reality.
Meanwhile, developers both within and outside the industry are aiming to establish a global metaverse policy. This initiative is in response to a growing list of concerns and is intended to safeguard users across these digital platforms.
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