Thursday, February 29, 2024

Crypto scammers and the need for tools to prevent theft: World Token Summit

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Digital fraud is a big downside in social media. Every day, scammers create new accounts mimicking fashionable content material creators, and try to get followers and different unsuspecting victims to ship them cash. To unravel the issue, some turned to the blockchain to attempt to create and implement a decentralized social id verification system. 

On the latest World Token Summit 2023, Cointelegraph spoke to Matthias Mende, the co-founder of the Dubai Blockchain Middle and a speaker on the occasion. Throughout his speech, Mende talked about one of many middle’s tasks implementing blockchain expertise to create a decentralized social id for its customers.

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Cointelegraph reporter Ezra Reguerra with Matthias Mende (proper) on the World Token Summit occasion in Dubai. Supply: Cointelegraph 

Chatting with Cointelegraph, Mende shared that id fraud has been a continuing downside inside the house. In response to the chief, he’s personally skilled many scammers taking content material he posted on social media and creating fraudulent accounts impersonating him. He defined: 

“I’ve like 200,000 followers on Instagram, and actually, like each different day, there’s a brand new pretend profile popping out. I at all times discover messages from folks asking, ‘Hey, Mende, is that this you?’ They usually’re even sending movies as a result of they screen-record them from the IG [Instagram] story. Like, scammers go to the following stage.”

The chief stated that whereas it’s unlucky, the truth is that there are lots of people who wish to hurt others. “We’d like instruments to forestall that,” he stated. Due to these points, Mende began a undertaking that can use blockchain to confirm the legitimacy of social media accounts.

Within the United Arab Emirates (UAE), the federal government has applied an utility referred to as the “UAE Move,” which is linked to folks’s nationwide identification card referred to as the Emirates ID. This permits folks to make use of their smartphones to confirm their id to service suppliers via smartphone-based authentication.

Taking inspiration from this idea, Mende shared that the middle created a undertaking referred to as Bonuz that can perform equally. Utilizing the blockchain, it’s engaged on a platform that can present blockchain-based authentication to folks’s social media networks.

Associated: Forensic analysis can benefit from tokenization: World Token Summit panel

In response to Mende, he believes that blockchain has the flexibility to resolve the issue of digital id fraud:

“I imagine it will likely be solved so much. Why? As a result of the person now doesn’t simply hyperlink his Instagram or his most important like his account on Web2 now. He hyperlinks truly an id the place all his true socials are linked.”

The chief additionally shared that when there’s a decentralized social id, there may be proof of id within the blockchain, and other people may be 100% certain that the accounts they’re interacting with are certainly the individual they declare to be and never a fraud.

Journal: Decentralized social media: The next big thing in crypto?