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June 14, 2022

OpenSea Increases Security to Prevent NFT Fraud and Scams

New features have been added to OpenSea to combat the increasing amount of NFT scams, fraud, and hacks on OpenSea, according to the biggest NFT marketplace OpenSea. With this new functionality, OpenSea’s fundamental trust and safety problems will be addressed.

Increased trust and security are top priorities for OpenSea. Trust and safety expenditures will be made in a few important areas by the NFT marketplace in 2022, including theft and fraud prevention, IP infringement throughout the Internet, scaling review and moderation, and lowering essential reaction times in high-touch areas.

There is now a new function that hides questionable NFT transactions from display on the marketplace, according to OpenSea’s website. As a result, Ethereum’s open and flexible blockchain ecosystem leads to unexpected NFT transactions from strangers. To trick people into visiting a harmful website, scammers utilize NFT transfers to attract them to read an NFT listing.

OpenSea CEO Devin Finzer remarked in a tweet on June 14 that getting NFT transfers from individuals you don’t know is similar to receiving an unwelcome email. To lure consumers to click on dangerous third-party links, fraudsters have recently been using these transfers. This new fraud can be prevented thanks to their newest Trust & Safety release.

NFT transfers that seem to be suspicious will be automatically moved to a hidden folder, users will get frequent notifications of suspicious transfers, and new filter options “Hidden by you” and “Auto-hidden” will be added to the functionality.

Over the coming several weeks and months, OpenSea will begin distributing the new capability to its users. After the upgrade, the business has requested users to report any unusual behavior. Customers may contact the company’s support staff if they have questions.

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The amount of NFT trading on OpenSea has decreased owing to a rise in scams, fraud, and hacking. The proprietors of the BAYC NFT have sued OpenSea for stealing their NFTs. OpenSea’s former boss Nathaniel Chastain was arrested last week on wire fraud and money laundering charges, which exacerbated the company’s woes. As a result, the business has set out to improve consumer confidence and safety in the marketplace.