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April 23, 2024

The Hidden Dangers of Social Media and How They Can Be Solved with Privacy Settings, Password Managers, and 2FA

In Brief

Web3’s rapid growth necessitates a deeper discussion on privacy, highlighting various data protection techniques like VPNs, two-factor authentication, alternative platforms, privacy settings, and end-to-end encryption.

Given the abundance of reports of data breaches and unauthorised data collecting, we ought to discuss privacy more and learn about the many tools and tactics that are out there, particularly in light of Web3’s quick growth. We will talk about several data protection techniques there, including VPNs, two-factor authentication, alternative platforms, privacy settings, and end-to-end encryption.

Social Media Users Are the Target of Crypto Hackers

According to SC Media UK, 1,517 fraudulent accounts that advertised crypto frauds were found in the first quarter of 2024; the firms faking zkSync, Inscribe, and Optimism were among them. Major social media profiles belonging to Mandiant and SEC were also taken over in order to advertise fraudulent digital currency deals.

An account mimicking and typosquatting the well-known cryptocurrency dealer “Ansem” was found by crypto researcher “ZachXBT” in mid-March. The account was responding to tweets from the official Ansem account, which had posted about a presale of a token named $BULL. The link led to a wallet drainer that stole user cash, resulting in the theft of over $2.6 million, with one user losing $1.2 million in total.

Since drainer software only requires the victim to link the wallet to the malicious code, it eliminates the need for the attacker to persuade the victim to transmit money, making it a popular tool among crypto phishing threat actors. A victim of one hack lost 111.6 million ALI tokens in total, or almost $4.3 million.

End-to-End Encryption as a Solution

A key component of secure communication is end-to-end encryption (E2EE), which makes sure that the message is only decryptable by the person sending it and its recipient. In contrast to conventional encryption techniques that may give platform admins entry to data, E2EE guarantees that not even the service provider can decrypt its contents. Asymmetric cryptographic keys are used to accomplish this degree of security; the data is protected using the public key and it requires the recipient’s private key to decipher.

E2EE is widely used on platforms like Wickr, Telegram, and Signal. These platforms give users who value confidentiality in their communications a better level of privacy by making sure that calls, documents, and conversations are safe from unauthorised access.

Is Telegram a Safe Option?

End-to-end encryption is used by Telegram. However, it’s not the default setting. Telegram employs its own encryption technique known as MTProto, which it developed for internal use alone. The protocol was developed expressly to handle encrypted messages on various device kinds and to satisfy the demands of mobile texting. 

However, Telegram has come under fire from security researchers for employing a relatively new protocol that hasn’t undergone as many thorough security reviews as the more established, industry-accepted encryption technologies. Since MTProto is not an open-source protocol, it is not possible for independent security professionals to regularly audit its security. This thus reduces the scope of search and detection for security vulnerabilities.

Privacy Settings

Individuals own authority over their personal data, and several well-known social media platforms offer privacy choices. By altering these options, users may limit who can see their activities, posts, and profile information.

Popular social media websites like Instagram, Twitter, and Facebook provide a variety of privacy settings. Users have the option to limit face recognition features, disable targeted adverts, and disguise their location. Since privacy rules and default settings might change over time, it is imperative that you regularly examine and update your options.

For users seeking a more privacy-focused social media experience, alternative platforms offer a compelling option. These platforms are designed with user privacy in mind, often featuring decentralised architecture and limited data collection. Mastodon, Diaspora, and MeWe are notable examples of platforms that emphasise user control and resist centralised data collection.

These alternative platforms generally do not track user behaviour, sell personal data, or censor content based on corporate interests. These platforms aim to give users greater authority over their information and online persona.

Password Managers and Two-Factor Authentication

Protecting accounts requires multi-factor authentication along with secure passwords. By generating and storing complicated passwords, it is possible to lower the possibility of account breaches brought on by reusing or weak passwords. We then may manage several accounts with these instruments and avoid having to worry about forgetting their passwords.

Two-factor authentication (2FA) requires a second verification stage and a password, adding an extra degree of protection. This might be a code texted to a smartphone or a fingerprint scan used for biometric authentication. The security of personal information is considerably increased when 2FA is enabled on networking profiles.

Although there are security dangers on every social media network, users may take preventative measures to improve their privacy and security. VPNs, password managers, setting up privacy on other platforms, end-to-end encryption, and two-factor authentication can reduce the risk of potential threats.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Viktoriia is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.

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Viktoriia Palchik
Viktoriia Palchik

Viktoriia is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.

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