Trend Micro Warns Metaverse World of Cybercriminals

MetaversePlanet August 28, 2022

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Security firm Trend Micro’s researchers have recently raised concerns about the Metaverse. While acknowledging the vast potential of the Metaverse, they caution that it could be exploited by criminals for money laundering, user data theft, and launching cyberattacks. The company has released a report detailing these issues.

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Trend Micro Announces Metaverse Can Be Used For Cybercrime

Since the Metaverse’s emergence, various companies have identified it as a prime opportunity for business growth and revenue enhancement. However, alongside these legitimate interests, some malicious actors are exploring ways to exploit legal grey areas and engage in criminal activities within this digital domain.

Trend Micro, a prominent IT security firm, has warned that scammers could leverage the innovations of the Metaverse for malicious purposes. The firm pointed out that cybercriminals view the Metaverse as a fertile ground for more intense cyber attacks, money laundering, and spreading misinformation.

Security experts from Trend Micro foresee the potential development of a darknet-like network within the Metaverse. They further explained that cybercriminals might conduct their operations even in secure zones that require legitimate authentication, thereby eluding security forces. The researchers also expressed concerns about the time it might take for law enforcement to effectively operate in the Metaverse.

The research underscores worries that the Metaverse could become a hotbed for various cyber attacks. There is particular apprehension about targeting popular NFTs within the Metaverse. Additionally, the report warns of scammers engaging in fraudulent activities using cryptocurrencies, phishing, ransomware, and laundering stolen funds through the virtual world.

Given that user data will be stored online, privacy breaches are also a significant risk. The report further highlights the potential for criminals and government actors to create and disseminate misinformation, emphasizing that such forms of social engineering and false information could have serious implications in the virtual realm.

Safety Must Be First!

Udo Schneider, Trend Micro’s IoT security specialist for Europe, has emphasized that security should be a paramount concern in the development of the Metaverse.

While the exact impact and shape of the ‘Metaverse’ remain uncertain, Schneider points out that there are several potential issues that need attention. He advocates for exploring how key players might exploit the Metaverse and stresses the need for a robust security system to protect society.

Schneider also notes that initially, security forces might struggle with monitoring the Metaverse. This challenge stems from the lack of established laws and other legal complexities specific to this burgeoning industry.

As a result, he believes that the IT security industry should proactively engage in safeguarding the Metaverse. He warns that, for security developers, the Metaverse represents a new battleground against criminal activities.

Like all evolving technologies, the Metaverse world will continue to develop, and with technological advancements, the risk of security vulnerabilities increases. However, Schneider also acknowledges that dealing with such breaches and hacks will contribute to the overall growth and maturation of the industry.