Because NFTs and cryptocurrency are both new and largely unregulated, you may encounter bad actors who use unscrupulous means to scam unsuspecting people. Even veterans of Web3 have fallen victim to scams, but don’t worry–there are always measures you can take to protect your NFTs and cryptocurrency.
"Welcome to My Wallet" by Craig Blackmore on SuperRare
When should you reveal personal information?
Prevalent scams often mimic email phishing scams or phone scams; the perpetrator of the scam tries to make someone reveal sensitive information like their wallet seed phrase or private key. Never reveal sensitive information like this to anyone, or you may put your assets at risk.
Should I open that attachment? Should I click that link?
"cult of privacy" by uczine on SuperRare
If you receive a strange email (especially with an emergency claim, like your account is going to be locked), never click the link. And be wary of promises of large gains or major investment opportunities — especially with NFTs. Avoid promises of free money, giveaways, or committing to contractual obligations. Twitter DMs are also common places for scammers to send fraudulent offers and links.
Sometimes, scammers may try to manipulate targets into opening innocuous–seeming files like PDFs attached to emails, which in turn may run malware when opened. Do not interact with any email attachments unless you can verify the source. If someone reaches out to you unsolicited, you may want to perform additional research to ensure they aren’t trying to scam you.
Are there tools that can protect my assets?
"FORTUNATE OBJECTS: LEDGER" by Gabriel Dean Roberts on SuperRare
Always use crypto wallets and NFT vendors you trust. If a tool or vendor is already trusted in the NFT community and has a long track record, it may be good to start there. For added security, you can use a free tool like e.Veritas to check links before visiting a new site.
Digital wallets like Metamask, that only exist as mobile applications and browser extensions, are called hot wallets, and while hot wallets are the most commonly used types of digital wallets, they are also the most susceptible to bad actors. Cold wallets are physical devices that can connect to the blockchain, but are ultimately offline. Also called hardware wallets, cold wallets include ones like those made by Ledger.