Metamask introduces new security alerts for suspicious transactions

 https://i.imgur.com/b3DG1yv.jpeg

  You probably heard that MicroStrategy's X account [was hacked](https://cointelegraph.com/news/microstrategy-x-account-hacked-phishing-scam) over the weekend. Unsuspecting users clicked phishing links and got their assets stolen. With the increase of hacking, phishing and other asset-loss incidents in the crypto space, Metamask has stepped up its fight to ensure that users of the web3 wallet stay safe and protected when signing transactions.

With this new feature, Metamask users would get a notification if a transaction was flagged as suspicious. The notification will warn them that they are about to sign a suspicious transaction. Such timely warnings would serve to alert the user to the danger before it happens. This way, they could stop the transaction and not sign it to avoid falling victim to scam and other transactions that could lead to loss of asset.
 

More on this new security feature

This is not the first time Metamask is taking security of assets serious. The notification feature has been already launched in 2023 on a testing basis. It was implemented for the Ethereum network and has been confirmed to work well. Now they are extending the service to include other blockchains like Optimism, Arbitrum, Ethereum, Avalanche and many others.

This new feature has been launched for desktop users of the Metamask wallet. Simply put, the security alert feature is auto-enabled for new users that install the Metamask wallet extension. For mobile app users, the feature will soon be available to them.

The interesting thing about this service is that the partner is an industry-recognized web3 security company - blockaid. This company is well known in the space and provides security services for crypto giants like OpenSea, Zerion, and others. Because Metamask and Blockaid are pushing the core principle of deccentralization, the security alerts are fully protected and never shared with any third parties. In this way, metamask transactions are completed in a secure fashion with the user fully the owner of all assets.
 

More attacks in the defi space

The defi space is increasingly under attack for some years now. It is not surprising to see as the growth of defi projects continue to happen. According to a report by chainanalysis, popular defi attacks include stealing or compromising of private keys and some other hacks related to smart contracts. These and other popular defi attacks happened a lot in 2023. The report estimated that more than $1B worth of crypto was stolen alone by North Korean hackers in 2023.

The above are not just figures that were made up, but real events that happened. With 2024 still in its early days, there have been hacks that happened even relating to big names in the industry. For example before the announcement of the approval of Bitcoin Spot ETFs, the SEC X acccount was hacked and misleading Tweets sent out. This is related to the Bitcoin spot ETF. The same type of hack happened to Microstrategy last weekend as mentioned above.

We will expect more hacks and attacks. This is why the new feature by Metamask to alert users of potentially harmful transactions would come handy to help protect user assets from being stolen.

Taking security into your own hands

There is probably no end in sight to phishing and other attempts to steal digital assets. Web3 is full of opportunities. Nevertheless, it is ripe with threats to funds. At the end, everyone should be responsible for their own safety and that of their assets. Some of the general suggestions are not new, including the following three:

• Web3 wallets such as Metamask wont send you a DM: So do not interact with anyone presenting themselves as a customer representative from Metamask, trust wallet or any other web3 wallets.

• Do not click on links from Strangers: Especially is this very important in this period of airdrop frenzy. Phishing links that promise free money in form of airdrops are all over the place. They want you to link your wallet in other to receive an airdrop. Only click links from official channels of projects. Clicking links from unknown sources could be the first step to disaster as many have unfortunately found out.

• Never send your keys or recovery phrases: Perhaps the easiest of it all is when someone asks you to send your keys or recovery phrase to assist you with an issue of install a new feature. DO NOT SEND your keys to anyone. Scammers will quickly access your funds and drain them before you realize it.
   

Finally

A great move with this new feature by Metamask. Its another step forward in making sure that users stay out of trouble in the web3 space. You dont want to be a victim of statistic before you start taking steps to protect your digital assets. Do your best to stay safe and always play smart ahead of the scammer.

Note: thumbnail is mine
 
Posted Using InLeo Alpha