Together, MetaMask and Blockaid Release a Phishing Attack Alert Function for Better User Security.

Together, MetaMask and Blockaid Release a Phishing Attack Alert Function for Better User Security.

To improve user security, MetaMask and security company Blockaid have partnered to launch a new feature.

With the addition of the Privacy Preserving Offline Module (PPOM) and activation of the MetaMask experimental setting, MetaMask desktop users will now have the choice to opt-in to the upgraded security feature.

PPOM, created by MetaMask, is an offline security engine that verifies and simulates signatures and transactions prior to signing them.

In order to accomplish this, no sensitive data is transmitted to outside servers by using node RPC communication requests to a configured node provider.

Blockaid and MetaMask have teamed to introduce an alert feature that guards against phishing scams for users. Any dApp can be fully simulated by Blockaid's dApp scanning solution, which can then determine whether or not those interactions are malicious. On October 31, 2023, by Wu Blockchain (@WuBlockchain).

Blockaid's dApp scanning solution is essential to the new feature, according to Bárbara Schorchit, senior product owner at MetaMask.

It has the ability to mimic user interactions in any decentralized application (dApp) and determine whether or not they are malicious.

The system can assess if a dApp is dangerous for users by looking at its behavior as a whole.

If a transaction looks suspicious during the first phase of integration, opt-in users will receive an alert.

In November, MetaMask intends to release the feature on its mobile app as well.

In order to make the new feature available to all MetaMask users, MetaMask plans to seamlessly integrate it and enable it by default by the first quarter of 2024.

In order to avoid false positives and make sure that legitimate operations are not tagged as malicious, the rollout will be phased.

In response to queries about privacy, Schorchit stressed that the new module does away with the requirement to disclose each transaction and signature request to outside parties.

The user's device performs the simulation and validation procedures, and communication is restricted to the blockchain via the user-selected node provider.

Scams and Phishing Attacks Abound in the Crypto Industry.

Scams and phishing attempts have become ongoing problems in the cryptocurrency space.

10% of dApps currently in use, according to Blockaid, are malicious. A recent Consensys survey found that 47% of global respondents view "too many scams" as a major deterrent to entering the cryptocurrency ecosystem.

In Q3 2023, there were 76 hacks on crypto and Web3 projects and firms, according to a report by blockchain security platform Immunefi. This is a significant increase over the 30 hacks reported during the same period in 2022.

September was a record-breaking month for cryptocurrency exploits, with an estimated $332 million lost to hacks, scams, and other exploits.

The download of phony wallet applications from search engines is one of the main reasons for the loss of cryptocurrency assets, according to Bitrace.

In terms of appearance and user experience, these phony apps are very similar to real ones, which makes it simple for gullible users to become victims.

Tokens are permanently lost once the user synchronizes their mnemonic phrase or deposits funds into the fictitious wallet.

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