NFT security issues


By FintechNews staff

The NFT sector has recorded notable growth over the past year despite the recession across the broader cryptocurrency market. Notable brands such as Visa, the New York Stock Exchange, Coca-Cola, Adidas, etc., have all ventured into non-fungible tokens. NFT sales reached $17.6bn last year, an increase of 21,000% over 2020. In addition, the number of people buying digital collectibles rose to 2.3m from 75,000 in one year.
Amid this growth, there have been concerns over the security of NFTs.

According to a survey by digital security company Privacy HQ, nine out of 10 respondents said they had experienced some form of scam, half had lost access to their NFTs at some point, and two-thirds had panic-sold in the past.

The majority of respondents gravitated toward desktop computers as banking on mobile devices tends to be less secure, because devices travel, are easy to lose, and are more often connected to public Wi-Fi.

Only 10% of the NFT owners polled have so far avoided a scam.

Here are the most common NFT scams:

1-Fake NFT Trading Websites

For investing in NFTs, first of all, you should find out WHERE you can buy and sell NFTs. There are many fake NFT trading websites when searching online. These scam websites often look extremely like the genuine ones and it becomes hard to tell.

2-Fake Technical Support

Fake customer service/technical support is one of the most common scam tactics.

3-Fake NFT Projects

Romance scammers may try to lure you into investing in some NFT projects. They might send you links to fake NFT websites. Be careful!

4- Guessing passwords

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