Protect yourself from Web3 Hacks, Phishing & Scams
Web3 is a new space that is growing at a fast rate. The adoption of this new technology is on the rise and this article details information that will help protect your data. As an IT company we need our clients to understand what actions can put them at risk.
Web3 Hot Wallet Phishing
What is a web3 hot wallet?
A wallet is where you store your crypto and NFTs online. This wallet can be a browser extension you add to your web browser.
What is web3 wallet phishing?
Hackers can make fake websites that resemble other websites. Once you connect your wallet to this website it can initiate a smart contract that can drain your assets from the wallet. This is one of the most dangerous web3 hacks. When a wallet is compromised you must move all assets from that wallet into another as quickly as possible.
3 ways to protect against these types of hacks
Never click on a link from an unidentified source.
Always double-check the name of the website before you connect your wallet.
Have a secondary web3 wallet for websites you may not trust
Web3 Account Hacks
What is a web3 account hack?
Bored Ape Yacht Club (BAYC) NFT Holders were scammed through a discord and instagram attack like this. This is when a hacker takes control of a person’s account. Whether it be Instagram, discord, or Twitter; a hacker will impersonate the real person. This is hard to spot but any unusual behavior may be a warning sign.
What do these hackers do?
These hackers may ask you for your seed phrase. A seed phrase is the set of words that give you access to your wallet. They may also get you to send a valuable NFT to their wallet or others.
3 ways to protect against these types of hacks
Never send your seed phrase to anyone ever
Do not trust unusual messages from people you may know
Use a trusted escrow service before sending an NFT
Web3 email protection
What is a web3 email protection
Keeping a well protected email is very important in web3. There are new protocols such as Magic, which allows your email to access your wallet on certain websites.
3 ways to protect your email
Use 2-FA on your email
Use a password managers program
The True Cost of Web3 Hacks
Data protection is one of the most important parts of a business. Team CSC has strategies to help reduce the threat vectors and increase your security posture from the following:
