Setting security as a top priority is the most crucial decision you can make in the world of Web 3, crypto, and NFTs. Every day that people use their phones and computers, they put themselves at risk from a ton of malware.
Take the required steps to safeguard your gadgets and wallet since losing one of them will cost you everything.
What Are Common Wallet Scams, and How Can You Avoid Them?
Phishing is a fraudulent activity in which online criminals impersonate trustworthy organizations or businesses, typically by email.
These emails frequently contain links to hazardous websites and viruses, and they frequently ask you for private information that may be exploited to access your personal accounts.
Regardless matter how “professional” an email looks to be, always verify the sender’s email address is coming from a confirmed domain. When in doubt, get the company’s phone number from a different source and call them to confirm the communication’s veracity.
2. Bad Links.
Bad links frequently direct you to a harmful website or ask you to download a file that is infected with malware or a virus. You can find bad links in emails, webpages, advertising, Twitter, and Discord, among other places.
The best method to safeguard oneself is to presume that any links that strangers share are malicious. Instead, ask for a snapshot of the data you require.
Only click on links posted by individuals you trust or from official NFT project Twitter accounts.
One must also often use the “Official Links” channel on the Discord servers for the different NFT initiatives.
3. Fake Accounts
On Twitter, a verified checkmark has no significance. Scammers can buy such accounts on the dark market.
On Twitter and Instagram, fake profiles will appear quite real. Their usernames, banners, tweets, and account names frequently appear to be the same.
Only communicate with accounts you have already followed and trusted. You can also cross-reference the accounts with the social media buttons found on the official websites and Discord servers.
In order to avoid the trading cost on centralized NFT exchanges, people frequently trade NFTs on other websites and platforms.
The greater possibility of being defrauded is a drawback of this strategy. The most typical case includes someone disseminating a link to a phony trading website that closely resembles the real one.
An individual victim’s wallet is then completely emptied of all of their cryptocurrencies and NFTs after engaging with the malicious webpage or accepting a transaction.
Know these third-party trading platforms inside and out, and only use reliable links and bookmarks to access them.
5. Scams on Discord
Discord scams frequently appear once a member of the NFT project team has had their login information stolen.
The fraudster will next attempt to assume the identity of a team member, such as a moderator, and distribute damaging links or issue fraudulent “Announcements” that direct users to dangerous destinations.
Sometimes, a con artist may just enter the Discord “General” conversation and offer incorrect links or make an attempt to arrange a phony transaction.
A “surprise mint” or statement that is utterly unexpected is never to be trusted. Before acting, consider any odd conduct from Moderators or Team members and get confirmation from other members of your community.
6. A weakened seed phrase
In conclusion, never divulge your seed phrase to anyone. Giving someone complete access to your bank account for all time would be comparable. Therefore, never divulge your seed phrase to anybody unless it’s a close friend or relative who you trust to have unrestricted access to your digital assets.