What are the main challenges that await us in this uncharted territory? Below are some cybersecurity predictions related to the metaverse.
Every significant digital advancement attracts the attention of bad actors looking to profit from it, so consumers and businesses need to switch to flexible digital fraud prevention. Aite Group estimates that identity theft costs will rise to $721.3 billion in 2021.
As quickly as the metaverse is being created, attackers will test unique ways to take advantage of any open doors or vulnerabilities in its structure. Online attacks will range from standard account takeovers and phishing to more sophisticated attacks such as hosting fake services and digital data capture, which is already happening in the non-fungible token (NFT) market.
Since digital identities are much easier to create cameroon mobile database physical ones, security teams will need to consider using digital footprints to accurately detect fraud in real time. At the same time, consumers must pay attention to protecting their personal information and digital identities, a trend that is still gaining momentum.
The price we may have to pay
It is only logical that in the digital world, digital currency is used. But with a payment system such as cryptocurrencies, there are significant risks of fraud. When making payments, users may face problems such as authority to operate (ATO), fraud with multiple accounts or partners, chargebacks, and many others.
Between 2020 and 2021, cryptocurrency thefts increased by 516% to $3.2 billion. Goldman Sachs predicted that blockchain will be crucial for the development of the metaverse. Unfortunately, even blockchain does not guarantee against hacked wallets, money laundering, and a huge number of scammers, which makes experts and analysts wary of this digital world.