We recently had the privilege of participating in a lively panel discussion hosted by SheFi, where we geeked out over the latest ecosystem attacks, web3 security, common mistakes beginners make, fraud prevention, and ways to be more secure with your crypto. Thank you to Maggie Love for inviting Webacy, Britt from Harpie and Karina from Quantstamp to discuss the importance of user protections and share more about how Webacy can help you do web3 safely.
Real Talk about Security Risks: What are some of the most common security risks faced by users?
- Getting Tricked or Catfished: this could take many forms, such as mistakenly providing sensitive information to someone impersonating a trustable figure.
- Honest Mistakes: such as accidentally sending your assets to the wrong person by entering the wrong recipient wallet address.
- Not knowing what to do: many users find themselves haphazardly bridging across chains, or incorrectly sending assets without knowing what they are doing. We build for what we want to do, rather than for the incidentals of what might occur as a result.
- Man in the middle (MiM) attack: happens when someone intercepts you and your server (or application) either by manually or digitally inserting a device or application between the two. Once established in the middle, the attacker impersonates both the user to the server, and the server to the user, to make undetectable, malicious actions. Examples include email hijacking, wifi eavesdropping, and session hijacking.
- Phishing: happens when you click on a link, message, download or pop-out from a source purporting to be reputable, usually via email. Phishers are known to incite urgency, panic and FOMO (feeling of missing out on an opportunity) for victims, leading them to act quickly and reveal sensitive information. Go slow and move intentionally to avoid clicking on something nefarious!
“We build for the outcome that we want, not for the unhappy path” - Maggie Love
^well said Maggie – every project needs to build for all potential paths their users may find themselves on.
Elevating Your Crypto Defense Game
Maintaining basic wallet hygiene? It sounds like a chore, but trust me, it's crucial. Our candid chat covered tips that hit home, like setting up multiple wallets for different use cases (at least 2, one hot wallet and one cold), and embracing the power of code-two-factor authentication (2FA).
Lessons from Fellow Crypto Mavens
The real gems came from our "Top Security Tips" round. Here's the scoop:
- Code 2FA is Your BFF: If you're not using it, start now. It's like locking the front door to your assets.
- Good Wallet Hygiene FTW: Just like washing your hands, maintaining your wallet regularly keeps the bugs at bay.
- Webacy: Your Crypto Sidekick: Monitor assets, assess risk, and spring into action if things go haywire.
Web3 Security: Our Evergreen Quest
As we wrapped up, I couldn't help but think about how this journey never stops. Being cautious, staying informed about new attack vectors, and evolving our security measures can feel overwhelming. But don't worry, Webacy has your back.
Let’s be safer together.
CEO of Webacy