Metaverse Exploitation Feared To Rise In 2023

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The Metaverse is currently all the rage. However, various security vulnerabilities have recently been posed to this virtual world. According to a report by Kaspersky, a cybersecurity firm, cybercriminals will target the Metaverse in 2023 to prey on naïve users. Let’s look at more details in this article.

An image of a woman wearing VR headset

The Exploitation of the Metaverse

In the upcoming year, the Metaverse may become a significant target, extending the list of threats to the cryptocurrency business, which already includes viruses, cybercrime, and fraud.

The cyber security firm Kaspersky issued a warning that there would be more Metaverse exploitation as a result of the poor data protection and regulation rules. This was revealed in its November 28 report, “Consumer Cyber threats: Predictions for 2023.”

Even though there aren’t many Metaverse platforms right now, Kaspersky predicted that this figure will increase over the coming years and suggested that the industry may expand to $50 billion by 2026. This development will draw fraudsters who want to prey on unwary users of digital environments.

Social media has already been plagued with security breaches, so it stands to reason that this tendency will also persist in the Metaverse. Over $1 billion in damages from cryptocurrency frauds were attributable to social media in 2021.

Kaspersky also predicted that sexual abuse and cyberbullying would dominate the Metaverse. “This terrifying tendency is going to accompany us until 2023,” the report said. Moreover, incidents of avatar exploitation and rape may also become common.

Meta, formerly called Facebook, has already encountered major criticism of its ambitions for the Metaverse because of the absence of user safety and privacy concerns on its platform.

The report claims that online fraudsters target player accounts to steal lucrative virtual assets or trick users into registering for dubious transactions to gain real money and significant in-game things. A phishing attack for malicious people will emerge due to the arrival of some form of commercialization or support for digital currency in most contemporary games.

As per the report, the major threats to AR-based social networking and virtual world platforms are account theft, fraud, and data theft.

Investments in the Metaverse

Big digital giants continue to support virtual initiatives despite the risks of their misuse still being real.

Amid enormous layoffs, Meta recently declared that it would shift its attention to advertising, AI, and the Metaverse. The past year has been difficult for the organization financially. “Things did not turn out the way I expected,” Mark Zuckerberg said.

Apple is employing personnel to advance its Metaverse project. According to recent job postings and applicable patent filings, Apple is creating a “3D mixed-reality world” with elements like the Metaverse.

Animoca Brands also disclosed its intentions to start a $2 billion fund for Metaverse companies. Within the first half of 2022, Animoca Brands acquired the most investments in the cryptocurrency sector—66 in total. Players can buy digital land plots in the popular Sandbox Metaverse game by Animoca and personalize them using NFTs.

Final Thoughts

Whatever the risks, one thing is sure: the world is accelerating its transition to digital technology. Proper behavior and norms must be upheld to explore the upcoming digital era. Security risks associated with Metaverse are important to address before the technology can become mainstream.