The metaverse has become a hot topic of conversation over the past few years, with users excited about the new features and opportunities it may bring. But, as is the case with most technologies, cybercriminals have already found ways to exploit victims within the metaverse. So, what kinds of metaverse crimes and scams should you be aware of?
1. Abuse and Harassment
The internet is no stranger to inappropriate behavior, be it bullying, harassment, or threats. But the metaverse has taken the extent of online personal attacks to a whole new level. Because the metaverse uses virtual reality avatars for interaction, a malicious user may try to physically assault a victim’s avatar within the virtual world.
Numerous users have already come forward with their assault experiences within the metaverse, with some even stating that the attacker took screenshots or selfies of the incident as it took place. Of course, this kind of online assault can be incredibly distressing, and many platforms are now looking to crack down on such behavior.
Verbal abuse is also a huge concern in the metaverse, as well as ongoing harassment. This is already the case on typical social media platforms, like Twitter and Facebook, but things can become even more extreme in a virtual reality setting. Many larger platforms have already established a set of rules surrounding inappropriate conduct within the metaverse. Take Decentraland, for example. This company has released a code of ethics that all users must follow when playing the game.
2. Phishing
Phishing is a popular form of cybercrime across the web and is now being used in the metaverse space. In a typical phishing scam, a malicious actor will impersonate a trusted entity, such as a legitimate company, to con victims out of data or money. The attack will often involve some kind of link, provided by the malicious actor, which the victim will click on thinking it is entirely harmless. In reality, this link leads to a site designed to steal all inputted data.
In the metaverse, attackers will often impersonate well-known brands, such as Decentraland or Roblox, to earn a target’s trust and create a fake air of legitimacy. For example, an attacker may pose as a user looking to sell virtual land, luring in potential victims and swindling them out of crucially important data, such as wallet private keys.
Cybercriminals can also develop fake metaverse apps, designed specifically for data theft via phishing. It’s important to vet any metaverse app or platform you want to interact with before going ahead with the download. Running any provided links through a website that checks if links are safe may also help you to determine whether you are interacting with a malicious platform.
3. Money Laundering
The online money laundering industry is worryingly large, especially on illicit dark web marketplaces. Cryptocurrency, a key component within the metaverse, is a very popular kind of asset used in money laundering, particularly because crypto is harder to track and de-anonymize than traditional money. Using the metaverse as a vector, a cybercriminal could successfully launder huge amounts of cryptocurrency while evading detection. Even NFTs could be used to launder money within the metaverse.
While cryptocurrency transactions are often recorded on a public blockchain, which displays the wallet address of the sender and receiver, certain coins keep all transactions entirely anonymous, such as Monero and ZCash. Such cryptos, known as privacy coins, are perfect for malicious actors who want to launder money and stay under the radar of law enforcement.
4. Identity Theft
Thousands of people fall victim to identity theft and fraud every month, with attackers making huge profits from this style of crime. Within the metaverse, you have your own digital identity via your avatar. With this avatar, you can make connections, buy land, and create your own virtual world. Some metaverse users already harbor valuable digital assets, such as NFTs or cryptocurrency, which cybercriminals have their eyes on.
By stealing someone’s metaverse identity, a malicious actor stands the chance of getting their hands on valuable digital assets and items, which can result in huge financial losses for the victim. This can be done worryingly easily, especially if the attacker does a good job of gaining the victim’s trust in order to access the data required for identity theft.
5. Malware Infection
Malware is one of the most popular scam and crime methods used by cybercriminals. These malicious programs have the ability to modify, delete, and steal data, as well as control systems remotely to carry out harmful actions. Thousands of online platforms have already been used by cybercriminals to spread malware, and the metaverse is no exception here.
Metaverse users and platforms have already fallen victim to malware-based attacks, with some posing major risks. For example, an attacker could use ransomware to encrypt a victim’s account or assets, making them virtually inaccessible. Additionally, an attacker could use phishing to spread malware to unsuspecting victims within the metaverse.
6. Social Engineering
Social engineering has long since been a favorite scam tactic for cybercriminals and is now a huge concern within the metaverse. Phishing comes under the scope of social engineering, but there are numerous other such tactics a criminal can use to con victims. For example, an attacker within the metaverse may develop a relationship with a victim in order to manipulate them into a scam. Alternatively, a user may perform a baiting attack to lure a victim into divulging sensitive data.
Given that the metaverse consists largely of social interaction, it’s worrying to think what cybercriminals could manage to achieve via social engineering scams.
7. Influencer Fraud
Influencers now have a prevalence in the online space, be they actors, singers, models, or similar. Because these individuals hold such power on social platforms, they are often impersonated to con fans and supporters out of data or money. Within the metaverse, this kind of scam poses a risk to all users.
When an attacker impersonates an influencer, there are many crimes and scams that they can potentially carry out. For example, an attacker may message a user claiming to be an influencer. They could then send a phishing link to a fake giveaway, ask the victim to sign up for some kind of scheme, or even request assets from them. If the attacker does a good enough job of impersonating the influencer, and the victim isn’t well-versed in the dangers of scams, there’s a good chance that the swindle could be successfully pulled off.
An attacker impersonating an influencer could also cast a wider net by publishing posts relating to their scams, allowing them to reach even more potential victims.
Though the metaverse is relatively new, especially in mainstream circles, it has already caught the attention of malicious actors looking to exploit unknowing users. This is why it’s crucial to be aware of the various kinds of metaverse crime out there today so that you can better protect yourself from these dangerous individuals.
