Brands like Google, Apple, and Samsung are working hard to create a digital future that includes virtual reality, augmented reality, and everything in between in the year 2021. “Next-generation virtual platforms” refers to a wide range of platforms in the virtual world that encompass our daily lives and go beyond eCommerce. Consumers will be more engaged, and businesses will be able to make more money, thanks to these next-generation virtual platforms. Metaverses could be worth $800 billion by 2024, according to Bloomberg Intelligence.
Double-edged Sword: Data
More data will be created and leaked as more and more consumers participate in activities in this metaverse. We’re already dealing with zettabytes of data when you factor in data from Internet of Things (IoT) devices, self-driving cars, mobile phones that are always on, and virtual reality devices.
Businesses can use this data to improve their go-to-market strategies, personalise their offerings to customers, strengthen customer relationships, and combat fraud. However, with a larger attack surface than ever before, attackers will be able to take advantage of a wider range of vulnerabilities. Businesses can expect more frequent and more complex attacks if attackers gain access to this data.
The Metaverse Industry in 2022: A Target for the World’s Most Skilful Swindlers
There will be a wide range of attack vectors available to bad actors as the metaverse and virtual worlds continue to rise in popularity.
By working with metaverse pioneers, Arkose Labs is able to gain early insights into the types of cyberattacks that are most likely to affect virtual worlds. Scams, microtransaction abuse, and unfair play are among the most serious dangers in the metaverse.
Metaverse investors, in particular, should be on high alert because of the increased risk they face from so-called “master fraudsters.” This group consists of the most tenacious assailants, capable of going to any lengths to carry out an attack. In order to circumvent a single workflow, they can mobilise resources, script together multiple tools, use human click farms, and invest additional capital.
Logins, New Registrations, and in-platform defences should be strengthened
There was an 80 percent increase in bot-driven attacks and a 40 percent increase in human-driven attacks in 2021. Master fraudsters will increasingly target metaverse companies and virtual environments in 2022, raising the stakes. In a highly volatile virtual world, Arkose Labs recommends fortifying defences, especially at the point of login, registration, or in-platforms, to protect digital identities and ensure consumers’ account security.
The virtual world’s mainstays are digital accounts and identities, which have evolved into digital extensions of people’s physical selves. A company’s financial well-being and its brand’s reputation can be jeopardised as a result of both new account fraud and account takeover attacks. One in four new accounts will be fake in 2021, and 80 percent of all logins will be credential stuffing attacks..
Automated systems are used by attackers for speed, scale, and profit. In the year 2021, 86% of all attacks will be carried out automatically. There has been a dramatic increase in the sophistication and scale of these attacks in recent years, thanks to the development of bots with increasingly human-like capabilities. As a result, bot detection will be more difficult in 2022.
In the Increasing Metaverse, Fraud Prevention
In 2022, fraud prevention will necessitate a new strategy. Businesses and digital platforms will need to keep up with the rapid advancements in the virtual world in 2022, when attack techniques become more strategic and targeted. In this new digital world, what worked in the past may no longer be sufficient. To keep up with ever-changing attack methods, businesses must quickly adapt to the ever-evolving attack tactics.