To include a new function that alerts users about potentially harmful dApps.
According to the firm, the additional layer of security would help protect customers from the growing attacks and fraud in the Web3 ecosystem.
Web3 Hacks and Fraud are Prevented by Coinbase Wallet
On September 2, Coinbase Wallet tweeted about the introduction of a new security feature to shield its users' assets from harmful dApps. When users access a malicious website or dApp, a warning will appear.
Users that attempt to access a dApp will have it checked against a sizable database of dangerous dApps by Coinbase Wallet. The dApp will display a warning if it is labelled as harmful. The database keeps track of dangerous dApps or websites by combining open-source information, security researcher analysis, and user feedback. Anyone can contribute to the database by alerting security@coinbase.com to questionable dApps.
In the first half of 2022 alone, breaches and fraud cost Web3 consumers over $2 billion. To steal money from users' wallets, hackers target websites, Discord servers, and Twitter accounts. According to Coinbase Wallet, the additional layer of security will stop users from accessing harmful dApps.
According to Coinbase Wallet, user protection from Web3 frauds is their top goal, and the company wants to introduce more capabilities to that end. Users are advised by the company not to click any links coming from unreliable sources.
Future of Web3 Will Come After Complete Security
The next-generation internet, known as Web3, aims to provide its users with greater security, scalability, openness, and privacy. However, concerns about Web3's security have been raised in light of recent attacks.
The biggest Web3 hack was on Axie Infinity's Ronin Bridge, when hackers stole $630 million from consumers. The attack came after criticism from the Web3 community and Axie Infinity.
