The Metaverse: Threats and the challenges ahead!
There is a burgeoning virtual environment known as the metaverse that incorporates augmented and virtual reality (AR/VR), blockchain, social media, and many other technologies. Customers’ account security should be a top priority for enterprises investing in the metaverse in 2022. Companies should strengthen their defenses at the login/registration/in-platform level in order to safeguard customers.
The year 2021 witnessed the rise of the metaverse, with top businesses working to create a virtual future that included augmented reality and virtual reality. Next-generation platforms in the virtual domain include everything from education to business to entertainment to socializing and everything in between. In the future, all of these activities will be taken to the next level with increased customer interaction and economic possibilities via these next-generation virtual platforms. Metaverses might be valued $800 billion by 2024, according to Bloomberg Intelligence.
In 2022, Master Fraudsters will target Metaverse Companies as a prime opportunity.
The exponential expansion of metaverse and virtual worlds will further increase consumer contact points and widen the attack vectors, giving bad actors a vast horizon from which to launch attacks.
Since Guerrilla Insights has collaborated with metaverse professionals, we have been able to obtain early knowledge about the sorts of attacks that target virtual worlds. Metaverse dangers include fraud, misuse of micropayments and social engineering attacks.
Metaverse investors, in particular, should be on high alert because of the increased danger they face from so-called “master fraudsters.” These are the most tenacious criminals who are capable of going to tremendous lengths to carry out an assault. In order to circumvent a single procedure, they can mobilize resources, script together several technologies, employ human click farms, and spend more funds.
Preservation Of Data
This metaverse will continue to see an increase in data generation and leakage as more people participate in its many activities. If we include data from Internet of Things (IoT) smart gadgets, self-driving cars, mobile phones that are never out of reach, and virtual reality devices, we’re talking zettabytes of data!
As a result of this data, businesses are able to better target their marketing efforts while also delivering customers more tailored products and services, all while thwarting fraud. However, with a larger attack surface than ever before, attackers will be able to take advantage of a wider range of vulnerabilities. An assault using the same data may be disastrous, and firms should brace themselves for increasingly sophisticated and frequent attacks.
Increase Security Platform-wide is a Must!
Bot-driven and human-driven attacks increased by 80 percent, respectively, in the year of 2021 for metaverse firms. Master fraudsters will increasingly target metaverse enterprises and virtual surroundings in 2022, raising the stakes. The Guerrilla Insights team advises enterprises contemplating metaverse investment to beef up security, particularly at login, registration, and in-platforms, in order to safeguard users’ digital identities and their accounts in a potentially unpredictable virtual environment.
It is the virtual world’s mainstays, digital accounts and digital identities, that have become an extension of customers’ physical lives online. For businesses, account takeover assaults and new account fraud may generate both financial and reputational damages from account takeover attacks. Fake accounts will make up one out of every four new accounts in 2021, and 80 percent of all logins will be credential stuffing assaults.
In order to operate at high speeds, size, and profit, attackers rely on automation. Automated assaults will account for 86% of all attacks in 2021. Increasingly sophisticated bots are gaining human-like characteristics, allowing them to not only mimic human behavior but also to evade defenses with greater accuracy. Bot identification will become more difficult in 2022 as a result of this.
Fighting Fraud in The Metaverse
Detecting fraud in 2022 will require a new technique. During the year 2022, as the virtual world continues to advance, organizations and digital platforms will need to stay up with new fraud and security defensive measures. In this new digital world, what worked in the past may not be sufficient. Identity proofing and the protection of various touchpoints must be implemented fast in order to keep up with the constantly changing attack techniques.
Written By: Brian Coulanges
CEO of Guerrilla Insights LLC
Cyber Security & Analytics Firm