Web3: How to avoid scams and stay safe on the Decentralized Web?
Since Web3 involves assets stored on digital wallets, it becomes a priority to protect your digital wallet. Following the tips that we mention below will make sure that your digital wallet remains safe and secure from frauds and cons poking around the decentralized web.
Tip #1 Make Sure you download the official app/Web extension
While downloading any web3 application or extension, you have to make sure that the file is from the official website. The majority of scammers clone dummy apps to lay the trap. To verify the authenticity of the application, you can check the reviews, the number of downloads, and developers’ information. This will help you avoid downloading a non-trusting app by revealing potential dangers if the app is fake.
Tip #2 Avoid Sharing of Seed Phrase
It is noticed in many decentralized scams, that the fraudsters get hold of the seed phrase. This helps them access your digital wallets with it using another gadget, change your wallet’s password, and make your digital asset disappear. Hence, it is important for an individual to ensure that their seed phrase is never publicized or disclosed to unauthorized personnel because it comes in handy while recovering or importing the old wallet.
Tip #3 Use a Strong and unique password to secure wallets and apps
Passwords are your gateway to your wallets. Yes, it is quite burdensome to memorize a series of random passwords, so instead of making them simple for remembering and risk getting attacked by hackers or scammers, use a password manager. A password manager will help you store your passwords for each app, web page, wallet, and other necessary portals that demand a password.
Using the same password for different platforms or wallets is risky. If anyone has the password to one of the wallets or login, they might be able to access your wallet or different login by trying out different passwords (brute force attack).
Tip #4 Use Two-Factor Authentication
Nowadays, it’s recommended to use two-factor authentication for better security. This security model guarantees your account’s safety on platforms that utilize this authentication method. The two-factor authentication method uses modes or layers of confirming who is attempting to access and enter your account.
When you log in to your account after entering your password, you will receive a login code/link or OTP to verify the login and ensure that your account is not compromised. The OTP will either be sent to your email inbox or on the registered mobile number.
Tip #5 Avoid using Web links or hyperlinks from cold or spam emails
Cold or Spam emails are usually random emails that you get in the inbox. Fraudsters can use such emails to target your account using web links that are inside those emails. Those links usually are fake and malicious and will definitely be a threat to your account because they have underlying harmful code. The best action for such emails is to delete them without evening opening or reading them.
Tip #6 Do not download unwanted files
Often scammers request you to download files on your computer or device. This may be of any format from jpeg to pdf. They address those files claiming that it’s yours but generally they are nothing but fake files filled with malicious codes that could infect the device or at times wipe out files present on the system.
Tip #7 Use Hard Wallet for storing assets
In general, a hard or cold wallet is in connection to the internet. Since the internet is inclined to hacking, having a hard wallet will prevent hackers from obtaining access to the hard wallet except if they already have it in their possession.
Tip #8 Conduct thorough research before investing in Web 3
If you go into Web3 blinded and invest your money in NFTs, cryptos, Metaverse, etc, you will likely lose your money, especially to fake NFT mints, crypto scams, and many other fake schemes. So, it is important that you conduct proper research before investing in the Web3 domain.
Also Read, BAYC Discord Server hacked
Tip #9 Avoid lucrative giveaways or high-return schemes
Every individual likes giveaways or high-return lucrative schemes. This is one of the most exploited methods used by digital scammers. They lure people based on unbelievable schemes and assure high returns on investment. This is the most common trap in which many newbies get trapped and are victimized. People lose millions of worth of assets, acquisitions, and money while signing up for such schemes.
Tip #10 Seek help or support from official websites or channels
While navigating through a decentralized Web or for that matter anywhere online, seek help or support from the official website itself. This will reduce the chances of getting scammed. Contact websites support their discord channel or any relevant channel for getting your issues resolved.
We hope that these tips will help you stay vigilant on the Web3 domain. You can also refer to the following article for staying alert while dealing with NFTs: How to avoid being a victim of NFT Fraud?
Source: NFTHI
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