Most Common Web 3.0 Scams that You Should Know About?
As the blockchain and crypto markets increase in valuation, your holding will also increase in value. As a result, thousands of new users are entering the market daily, and as the number of agents in an economy increases, so do the scammers.
The evolving and pragmatic blockchain world fixes its own problems. As a new technology, there is always more room for improvement and growth. DApps are decentralized applications built on top of blockchain with the help of smart contracts. Thus DApps, while one of the most attractive blockchain applications are still vulnerable to hackers.
Here are some of the most common scams related to Web 3.0 and DApps that you should know about.
Fake DApps
As mentioned above, hackers can replicate fake apps to fool users. This is quite a common practice, and we can clearly see this happening with just a simple google search. Sometimes, even the ads you see on google are fake DApps impersonating the real ones. So never connect your wallet or even open such links even out of curiosity.
Clipboard hijacking
Opening and doing transactions into fraudulent DApps, the ones that are mentioned above, can open multiple possibilities for scams. And one such scam is clipboard hijacking. Here, when the user copies and pastes the wallet address of the receiver during transactions, the address is taken as input by the DApp is the fraudster's address.
Essentially, you are sending your crypto to them, no matter what address you put. As a practice of further improvisation, scammers can also make this DApp as exchanges, and users will do transactions in exchange for either fake or no cryptocurrencies.
Phishing Emails and messages
This one is one of the most common tricks in a hacker's playbook; most of us have got these emails. Phishing Emails are fraudulent links disguised as the real ones trying to take on crucial user information from users when users click on the link and behave as they do while browsing through a regular website.
In crypto phishing, all hackers need to do is make user connect their wallets through those DApp links. Hackers usually use fake good news like you won a lottery or lucky draw to instinctively make users connect their wallets without giving it much thought.
How to keep your funds Safe?
Apart from the points mentioned above, there are a few things that can be done to make sure you don't fall for such scams.
Prefer a hardware wallet
Using hardware wallets to interact with DApp is highly recommended since they are not connected to the internet when you are not using them. Most of the security issues are resolved on their own.
Create an offline backup
Most of our wallet codes are lengthy (12-24 words) and can't be remembered. We usually store our keys in a digital diary or in our google cloud. Avoid this at any cost since no matter how secure the blockchain infrastructure becomes, a single breach in the account you stored your keys in, your funds are as good as gone.
If it's too good to be true, it's false
Phishing and other shady links always work when users are not paying enough attention to detail. One of the most effective ways of doing this is by creating message traps that are either very exciting or fear-inducing.
Apart from all the measures mentioned above, always make sure to trust your gut before taking any crucial decision. Even if a project ticks all the green marks and you still feel insecure before making your move, its always better not to and hold back.