• Monday, April 15, 2024
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MetaMask boosts security with auto alerts to prevent theft

Ido Ben-Natan

MetaMask, developed by ConsenSys, has announced the integration of its security check feature that alerts mobile app users on fraudulent transactions, in collaboration with Blockaid, a web3 security provider.

The feature, known as privacy-preserving security alerts, will ensure that 100 percent of MetaMask‘s global users, including Nigerians, will automatically receive alerts about potentially malicious transactions, according to a statement on Tuesday.

The crypto company said that with the integration of these alerts, the wallet’s overall security has been greatly enhanced, providing an additional layer of protection for users navigating the crypto terrain.

“Initially integrated on the Ethereum Mainnet via an extension on January 29, 2024, these security alerts are now available for mobile and extension on networks like Linea, BNB Chain, Polygon, Arbitrum, Optimism, and Avalanche,” it said.

Ido Ben-Natan, co-founder and CEO of Blockaid, said malicious activity has been a real problem for the web3 ecosystem and has threatened to stifle the opportunity of wider mass adoption.

“Having worked closely with MetaMask for the launch of the default security alerts, we are encouraged by the early results and see this as a trailblazing effort to make web3 more secure than ever. We continue on our mission to make web3 accessible and safe for all,” he said.

The statement highlighted a surge in MetaMask’s monthly active users (MAUs) by 55 percent from 19 million in September 2023 to over 30 million in January 2024, with Nigeria ranking as the top country globally for MAUs, based on data from the mobile client over the past 6 months.

“The collaboration with major traditional finance players like Robinhood marks a pivotal moment for web3, signaling a shift towards broader mainstream adoption,” it added.

According to the statement, despite the positive signals, the crypto industry faces security challenges, with $1.7 billion stolen, hacked, or phished in 2023. It said the integration of default security alerts by MetaMask represents “a crucial step in safeguarding users against scams, phishing, and hacks, ushering in a new era of enhanced security and confidence in the web3 space”.

“MetaMask estimates that the privacy-preserving security alerts will prevent the theft of hundreds of millions of dollars in assets,” Barbara Schorchit, senior product manager at MetaMask, said.

“This projection not only safeguards MetaMask users but also underscores the profound impact these security measures are expected to have on the crypto landscape. The heightened security positions MetaMask for broader adoption while upholding core web3 values of privacy and security,” Schorchit added.