Seth Green intended to make Fred Simian, his Bored Ape NFT, the star of a new television program. Then, a hacker stole his NFT as part of a multimillion-dollar hoax, prompting him to cease production of the program and eventually pay a ransom to recover the stolen asset. By inadvertently linking his crypto wallet to a fraudulent website, Green fell victim to a phishing scheme, which enabled the hacker to steal four of his NFTs.

“The remoteness of the present scenario compels individuals to rely increasingly on websites, e-commerce, and the services with which they engage. Nick Donarski, founder and CTO of blockchain solutions provider Ore System, said via email that attackers are acutely aware of this fact. The NFT market’s trading volume topped $40 billion in 2021. Thus it’s certainly not surprising that fraudsters are creating NFT schemes. We have identified eight distinct kinds of NFT frauds and provided advice for avoiding them.

Methods to Avoid NFT Frauds

KEEP YOUR LOGINS PRIVATE

Never discuss the details of your cryptocurrency wallet with anybody. If a hacker discovers your seed phrase or private key, they may get access to your wallet and take NFTs or cryptocurrencies. Consider saving your credentials on a hard disk or another physical medium.

Also, read; Blockchain ID Solution Intends to Tackle Spike in Delivery Fraud

Utilize TWO-FACTOR AUTHENTICATION for your online accounts.

Two-factor authentication may alert you if an intruder attempts to access your accounts. Biometric authentication is a different kind of authentication.

CONSIDER USING A COLD STORAGE WALLET

Cold storage wallets are offline methods of bitcoin storage. The digital wallet is secure against internet hacking.

DON’T INTERACT WITH SUSPICIOUS MESSAGES

Avoid interaction with hackers by avoiding questionable communications, text messages, emails, and websites. These are probable phishing efforts designed to infect your device with malware or steal your passwords and sensitive data.

Utilize SECURITY TOOLS to safeguard your devices.

Anti-virus and anti-malware software can safeguard your devices if you click on a bad link or install harmful software. Consider using a virtual private network (VPN) for heightened encryption security.

I don’t know what will be the value of this NFT, but people are gonna remember it. 🤐

One of the biggest crypto frauds of all time by #FTX #FINDSAM.
©owner#FTXbankruptcy pic.twitter.com/mmGWffWMwQ

— favis.eth / shookt.eth / youvebeenrugged.eth (@shookt_eth) November 13, 2022

RESEARCH SELLERS AND WEBSITES BEFORE ENGAGING DYOR

Do your investigation. Look for the blue check mark next to the seller’s name, read online reviews, and examine the seller’s social media and listings. Pay close attention to the URLs, vendors, and apps of the websites you visit.

LOOK INTO AN NFT’S HISTORY, TOO

Examine the historical transaction timeline for an NFT. Examine pricing on other markets to see if they are similar.

USE REPUTABLE MARKETPLACES

A list of 20 reputable and well-known NFT markets has been created for consideration. Be cautious of emerging markets with inadequate security.