MetaMask and Blockaid Introduce Innovative Security Alerts for User Protection

MetaMask, a prominent self-custody web3 platform, has collaborated with Blockaid, a cybersecurity firm, to launch a new feature to heighten user security while navigating the web3 ecosystem. This proactive measure aims to counter phishing attempts, scams, and hacking events. 

This joint effort introduces an alert system that protects users by proactively identifying and preventing malicious transactions, all while ensuring the privacy of user data.

“For the ecosystem to be ready for billions of users, it needs to be safer. We’re excited to be working with MetaMask on leading the charge in defining how a wallet should defend its users. Together we are setting the standard for web3 security across users and builders in the space.”

said Ido Ben-Natan, Co-founder and CEO of Blockaid.

The latest integration allows MetaMask desktop users to opt-in to the enhanced security feature by enabling the MetaMask experimental setting and installing the Privacy Preserving Offline Module (PPOM). Developed by MetaMask, PPOM acts as an offline security engine, simulating and validating transactions and signatures before their execution. This process eliminates sharing transaction and signature requests with external servers, thereby maintaining user privacy.

Bárbara Schorchit, senior product owner at MetaMask, emphasized the significance of Blockaid’s dApp scanning solution in the new feature. The system can simulate and validate user interactions within decentralized applications (dApps), swiftly identifying malicious activity. 

“In our commitment to prepare for the broader adoption of web3 by the next billion users, we acknowledge the importance of developing features that prioritize ease of use and accessibility while staying aligned with the core values of web3. This is the driving force behind our focus on creating a privacy-preserving version of security alerts, one that eliminates the need to share each transaction and signature request data with third parties. Blockaid’s dapp transaction validation solution protects users from malicious transactions without compromising their privacy”,

said Barbara.

The initial stage of this integration will alert users if transactions appear suspicious, with the feature set to be accessible on the MetaMask mobile app by November.

Phishing Threats in the Crypto Space

The prevalence of phishing attacks and scams in the crypto realm is a major concern. According to Blockaid’s estimate, roughly 10% of existing dApps harbor malicious intent. 

A recent survey by Consensys indicated that 47% of global respondents consider “too many scams” as a significant deterrent to engaging with the crypto ecosystem.

In the third quarter of 2023, reports from blockchain security platforms like Immunefi highlighted a substantial increase in hacks and exploits within the crypto space. Around 76 hacking incidents targeting crypto and Web3 projects resulted in losses of approximately $332 million. 

Among the leading causes of asset loss, the download of fake wallet applications from search engines featured prominently, leading to the irreversible loss of user tokens.

With MetaMask’s new alert system designed in collaboration with Blockaid, users can now be alerted to potential malicious transactions, strengthening security in the evolving landscape of web3. The staggered rollout strategy is designed to prevent false positives, ensuring genuine operations aren’t misidentified as malicious.

While the initiative focuses on enhancing user safety, the fundamental principle of the integration remains centered on safeguarding user privacy. The new module conducts validation processes within the user’s device, minimizing communication with the blockchain through the user-selected node provider.

This innovative integration aims to prevent the loss of billions of dollars worth of assets and demonstrates a shared commitment to fortifying security and privacy while embracing the principles of web3.