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OpenSea Upgrades Auto-Hide Function to Combat Fraudulent Activities

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SNEAK PEEK

  • Suspicious NFT transfers sent to a user on the platform may now automatically be hidden.
  • OpenSea will use critical auto-detection technologies for copyright breaches and other frauds.
  • OpenSea has suffered a series of phishing attacks, resulting in users losing their priced assets.

Safeguarding its users from blockchain criminals, OpenSea has launched a collection of updates. To do so, the trading platform has trained its algorithm to detect suspicious NFT transfers prior to consigning them to the hidden folder. 

Rise in the popularity of Non-Fungible Tokens has caused a significant rise in the number of evil minds who misuse tech for their own benefit. By embedding phishing bait within an NFT, they redirect the user to a third party site via an embedded link to hijack their assets.  

VP of Special Projects at OpenSea, Anne Fauvre-Willis, said that blockchains such as ethereum are open and flexible systems with apps, products and features adored by everyone. Unfortunately, illegal activities are also possible owing to this openness. One of the major issues that happens is unexpected NFT transfers from a stranger. 

To put an end to this harmful act, OpenSea is optimizing its security protocols. Its recent update features a built-in feature to identify unsolicited material before it is sent to the hidden folder. Users are notified through an in-app banner when this happens. Moreover, there’s an additional filter to allow users to sort between items in case they have hidden themselves and those deemed as errant transfers.

OpenSea aims to reduce critical response times in high-touch settings, as shared by the project’s Co-founder and CEO, Devin Finzer:

According to Finzer, by removing such elements from the platform, overall performance of OpenSea will improve and unsolicited advertisements and potential frauds on open blockchains being seen on OpenSea will be kept at bay.

OpenSea will fine tune its algorithm to curb the legitimate transfers picked up via the function. Hence, it is recommended to check for the hidden folder first if any NFTs seem a trap.

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  • Source: https://www.todaynftnews.com/opensea-upgrades-auto-hide-function-to-combat-fraudulent-activities/

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