Metamask scams

Metamask Scams: Protect your Crypto and Do Not Fall for the Trap

7 Mins Read

PUREVPNPrivacy & SecurityMetamask Scams: Protect your Crypto and Do Not Fall for the Trap

As cryptocurrencies become more popular, crypto enthusiasts are turning to digital wallets to manage their digital assets, and one such wallet is Metamask! But scammers and fraudsters are also on the rise, looking for any opportunity to scam innocent Metamask users.

Such Metamask scams can not only lead to the loss of your personal information but also your cryptocurrency! But don’t fret! This guide will educate you about common Metamask scams you need to protect your wallet from.

Read on to learn how you can outsmart these sneaky scammers and protect your Metamask wallet!

Metamask scams

What is Metamask?

Metamask is a popular software cryptocurrency wallet used by crypto enthusiasts to manage their digital assets like Ethereum directly using their web browser or even an app. It is an efficient browser extension that is user-friendly and integrates seamlessly with different decentralized apps (Dapps).

Metamask includes multiple features for user protection, like decentralized structures, encryption, password protection, backup seed phrases, multi-chain transactions, etc.

How MetaMask protects user privacy? 

Metamask takes user privacy seriously and has enforced multiple policies to protect digital assets from scammers. Here are some security features by Metamask that allow you to protect your cryptocurrency as well as your personal information from falling into the wrong hands:

  • Decentralization prevents any third party from interfering hence keeping user funds safe.
  • Encryption, seed phrases, and private keys improve security levels, making it harder for Metamask scammers to steal user data.
  • Multi-chain transactions are also an important feature that allows users to transfer assets securely.

How can Metamask scams affect you and your digital wallet?

Metamask scams can compromise your digital wallet as the scammer will have access to your private keys and also your funds. If your personal information and digital wallet are compromised, it could lead to data breaches on other accounts!

And not only this! Scammers can also manipulate you into downloading malware on your system leading to the potential loss of all your data. 

  • Funds/ cryptocurrency loss
  • Loss of personal information
  • Malware infections leading to loss of system data

Hence it is crucial to understand the most common kinds of Metamask scams and how to protect your digital wallet from getting compromised. 

Common Metamask scams: How are scammers manipulating crypto enthusiasts 

Verification email scam: Threatening to block your Metamask account

If you receive an email from Metamask asking you to verify or update your account, prove your identity (KYC), or click a button or link, it is most likely a scam.

source – mail guard

Source– bleeping computer

The thing is that Metamask only has access to your email or other personal information if you have contacted their technical support or signed up for a mailing list. So Metamask can not contact you in such a way as it is a self-custodial wallet.

How to detect this email scam? 

As you can see in the image below, Metamask is part of the scammer’s URL, but so is cprapid.com. This indicates that the website is not authentic but is only a replica that traps people into giving away their sensitive information.

source – mail guard

How to deal with an email scam?

Avoiding any suspicious link or verification button in such an email is best. Or you can also contact a Metamask official to be sure. 

But If you click on the link, it will likely take you to a website resembling the Metamask site, which will prompt you to enter your recovery phrase word. And that is when the scammer will have full access to your Metamask wallet and transfer every bit of your cryptocurrency out of your wallet and into your own!

Address poisoning scam: New wave of Metamask scams

This new kind of Metamask scam targets user transaction addresses. Simply put, whenever you send or receive crypto, the transaction will appear in your list, and you can see the shortened form of the third-party address.

Source Metamask support

A scammer creates an address that is similar to the address of your recent transactions using vanity address generators and uses it to send you a small amount. It helps them appear in your transaction list, and since the address is shortened and is similar to their previous transitions, a user never questions it.

Source Metamask support

The victim might select that address, thinking it is legitimate, and willingly transfer their precious cryptocurrency to the scammer’s wallet. 

Source: bleeping computer 

How to detect this address poisoning scam? 

There is no natural way to detect this scam, as you can not prevent scammers from sending you an amount. But you can always double-check the complete address and be on your guard if you see continuous suspicious entries in your translation list.

How to deal with address poisoning scams?

To protect your digital assets against address poisoning scams, make sure that you always copy the correct address whenever you make any transaction.

Hardware wallets or the Metamask address books can also help prevent this scam. You can find the Address book feature in Settings > Contacts. Address books allow you to save known and legitimate addresses, so ensure that you always copy the address from these books.

You can also get a legitimate full address from a blockchain explorer like EtherScan. 

How to protect your digital wallet from these Metamask scams?

Here are some foolproof ways you can ensure that your digital assets and personal information is safe and protected against these common Metamask scams: 

  • You must never click on any links or buttons in emails asking you to verify/update your Metamask account or prove your identity in any fashion.
  • Do not download any recommended software, as it would most likely be infected and lead to loss of personal information.
  • Double-check the URL whenever you are about to enter any personal information on the Metamask website.
  • Under any circumstance, should you share your private key, recovery key phrase, or seed phrase or enter it anywhere after verifying the source first? 
  • Ensure that the transaction details, including the address, amount, gas fee, etc., are all legitimate.
  • You can also use 2FA (two-factor authentication) or MFA (multi-factor authentication) to protect your digital assets further.
  • Make sure to update Metamask to get the latest security features regularly.
  • Use the address book feature by Metamask to ensure that your transaction sources are legitimate.
  • And lastly, use a reliable VPN service, such as PureVPN, to protect your entire network from any interception, breach, or data theft. 

I have been scammed on Metamask: What do I do now?

As Metamask is a self-custodial wallet, they can not control access to any user account nor recover any funds for you. This means your digital wallet is most likely compromised!

However, there is still a way you can save your remaining funds! To do that:

  1. Create a new Metamask wallet.
  2. Save its recovery keyphrase.
  3. Go to your compromised wallet.
  4. Transfer all your remaining funds to the new digital wallet.
  5. The old wallet should now be discarded and no longer be used.

You should now report the scam to the Metamask authorities and scan your computer to ensure no malware could potentially lead to any data breach. 

How can PureVPN help you avoid Metamask scams?

With a reliable VPN like PureVPN, you can add an extra layer of protection to prevent scammers from gaining access to your digital assets and wallet. 

PureVPN effectively encrypts all your network traffic so that a scammer cannot monitor any activity and hence fail to target your wallet or scam you as your IP address or internet identity is hidden.

Hence investing in an effective VPN like PureVPN is a crucial precaution to prevent Metamask scammers from washing away your precious crypto!

Conclusion: Stay vigilant against Metamask scams

So these were some common Metamask scams you see pop up often. Still, with necessary precautions, safety measures, and constant vigilance, you can prevent Metamask scammers from whisking away your digital assets.

It is always a better option to get a reliable VPN service such as PureVPN to encrypt your network traffic and hide your online identity from these Metamask scammers!

Frequently Asked Questions

What is Metamask?

Metamask is a software wallet that manages digital assets like Ethereum through a web browser or app. It’s a user-friendly browser extension that works well with various decentralized apps.

How to make an account on Metamask?

You must first install the Metamask extension (available for Chrome, Firefox, and Opera). Now, you can import an existing wallet or create a new one. 

Click on Get Started, set a strong password, and then click on Create to create a new Metamask wallet. You will be given a seed phrase, so copy that in a safe file.

Can I recover my lost cryptocurrency?

It might be possible for you to return your cryptocurrency if your digital wallet is hacked or you have a failed transaction. But if you have fallen prey to some kind of scam or fraud, it would be difficult to retrieve your cryptocurrency. Make sure to report the fraud and ask the support team if there is any possible way you could recover your lost assets or information.

How to connect Metamask to a decentralized application (DApp)?

To connect Metamask to a decentralized application (DApp), you must install Metamask, create an account, and transfer some funds to it. You can then go to a DApp and click Connect. After you grant all necessary permissions, you will be good to go.

Is Metamask safe?

Metamask utilizes industry-standard security protocols to protect its users from scammers. The platform uses decentralization, encryption, address books, and multi-chain transactions to protect your cryptocurrency and personal information from falling into the wrong hands.

author

Marrium Akhtar

date

September 19, 2023

time

9 months ago

Marrium is a dedicated digital Marketer and an SEO enthusiast who is skilled in cracking SEO codes. Other than work, she loves to stream, eat, and repeat.

Have Your Say!!

Join 3 million+ users to embrace internet freedom

Signup for PureVPN to get complete online security and privacy with a hidden IP address and encrypted internet traffic.