NFT: Investors have security fears

Over the past year, the non-fungible token (NFT) industry has democratized significantly and become accessible to many people. As proof, buyers have injected billions of dollars into the market. However, this situation, which is a priori positive, has a slightly less pleasant aspect: the increase in the number of frauds.

The fear of being robbed

According to a survey by digital security firm Privacy HQ, 9 out of 10 respondents said they had been victims of a form of fraud. Half of them lost access to their account to transact with non-fungible tokens (NFTs). In addition, two-thirds of respondents revealed that, fearing being robbed, they had to put their stock up for sale.

The survey also revealed that the majority of NFT holders use the MetaMask wallet which seems more secure and more efficient than others. However, Coinbase’s wallet is number one in terms of total investment, with an average of $675 held in a wallet.

Recall that Privacy HQ recently clarified that Coinbase (the parent company of Coinbase Wallet) has over 73 million userscompared to 21 million for MetaMask.

The technique of the crooks is revealed

Although MetaMask gives users a greater sense of security than any other wallet, only 63.8% of respondents believe their investments are safe there.

Speaking of security, how do NFT users feel about the level of privacy they get? The question was posed to people who took part in the survey conducted by Privacy HQ. Of the 1,008 respondents, 47.8% believe that their NFTs are “very secure” thanks to different security measures such as two-step authentication, backup, VPN, etc.

However, people with bad intentions manage to hack NFT user data and steal their money. How do they get there? Although they use a variety of techniques, one of the most common is guessing the user’s password.

“Most often people tried complex passwords and passphrases – a great first step. One of the most common methods hackers use to break into online accounts is to guess passwords, so it’s vital that this digital key is as strong as possible,” indicates the report.

NFTs have seen their popularity grow considerably in recent years, but it has served as a base for scammers and people with bad intentions. They took the opportunity to implement bad strategies to swindle money from people who invest in NFTs.

Source: Be[in]Crypto

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NFT: Investors have security fears


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