The Metaverse, a virtual meeting place to hold meetings, for example, is taking more and more shape. However, experts at cybersecurity company Trend Micro concerns that everything we already experience in the online world we know will now be transferred to the metaverse. We're talking about blackmail, data and identity theft.
“From the cybercriminals’ perspective, this is a profitable business model.
Udo Schneider, security expert at Trend Micro
There will also be money to be made from crime there.”
“Wherever there is money, there is crime.”
In the Metaverse it will be possible to spend real money on virtual goods such as pictures, real estate or accessories. In order to be able to prove ownership in the metaverse, NFTs ( Non Fungible Tokens ) are used. This of course attracts the attention of cybercriminals who are hoping for a big coup here.
Bored Ape Yacht Club NFTs worth 200 Ethereum (equivalent to about $375,000) have already been stolen during a cyberattack. In the hope of receiving an “exclusive gift,” users were tricked into clicking on a link, which ultimately served as consent to a blank transfer with which those affected transferred their NFTs without their knowledge.
“We have also seen some ransomware groups specifically targeting Ethereum and Bitcoin wallets. In such cases, certain file types are deliberately addressed in the encryption code.”
Udo Schneider, security expert at Trend Micro
This means that access to the crypto wallets and therefore to your own assets is no longer possible because the data has been encrypted.
No police in the Metaverse
“It is a huge problem that there is no property value in the digital sector that can be retrieved by the police.
Otmar Lendl, Internet Fire Department CERT.at
Returning stolen goods becomes really difficult in the Metaverse.
NFTs like Bitcoin are tied to wallets. If the wallet is gone, or I lose the key or it’s stolen, it’s completely gone.”
Another serious problem in the Metaverse, according to security experts, is the fact that the police have no access to chat rooms and nothing takes place in public.
“Access links can only be used once. This makes virtual rooms easier to control.”
Udo Schneider, security expert at Trend Micro
Money laundering made easy
Another risk is the ease with which cybercriminals can launder money in the Metaverse. In this way, overpriced virtual properties could be bought and then sold again.
If you don't make any mistakes as a wallet owner, you'll most likely go unnoticed. In addition, the concept of “ money mules ” is increasingly being used.
“These are private individuals who make their wallets available for transactions and who are then allowed to keep a portion of the sum that passes through their wallet.”
Udo Schneider, security expert at Trend Micro
It is therefore hardly possible to assign the transactions made and to be able to prove where they came from or where they went.
The expert is certain that the IT security industry needs immediate intervention to prevent “a new Wild West from developing on our digital doorstep.”
You might also be interested in: “ Metaverse is a mystery to many “
Source : Futurezone
Notes:
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