From the introduction of computers to smartphones, each new development pushes us further into a digital age that promises more convenience and faster communication. The latest prominent trend in this space is Web3, a digital devolution shifting how we interrelate with digital data and applications by offering entirely new control over our online experiences. With its decentralized architecture, Web3 promises a more secure connection for users, eliminating any points of failure or security lapse.
Understanding Web3 and What It Means for Users
Web3 is a term that covers emerging technologies designed to enable more interactive interactions between users and decentralized networks on the internet. It combines blockchain-based distributed ledgers like IPFS and Ethereum, secure messaging protocols like Whisper and Orbit, peer-to-peer transmission protocols like BitTorrent, and decentralized storage systems. Artificial Intelligence (AI) and machine learning are also part of the architecture to provide a more secure, efficient, and transparent way of interacting with data. These technologies combine to create a new web type that does not rely on centralized servers or databases. Below are some of the advanced elements of Web3 compared to traditional web applications and services.
Decentralized Finance
Web3 offers new financial opportunities for users as it enables them to access decentralized finance (DeFi) applications. These apps allow users to unlock their assets' value without relying on third-party intermediaries. DeFi applications will also give users access to various financial services such as loans, savings, and investments. This aspect could alter how individuals manage their finances and make money from home or abroad.
Enhanced Security
Web3 provides an enhanced security level as it does not rely on a single central authority. Instead, it depends on distributed ledgers and networks secured by cryptography. It doesn't store user information in a single place, which can be vulnerable to external threats or cyber-attacks. By using Web3, users can feel secure knowing their data won't fall into the wrong hands as it will remain distributed across multiple nodes on the network.
Predictive Intelligence
Web3 protocols are seeing the integration of AI and machine learning to allow for more accurate predictions of user behavior. The applications will be able to anticipate users' needs to provide them with a more tailored experience. For example, AI can analyze historical statistics from similar purchasers to make personalized recommendations or propose items they may like based on their earlier purchases.
Improved Transparency
With Semantic Web, operators will have superior control over their information to be able to track it instantly. It will enable them to quickly look up transactions, view account balances or check the status of a specific process. Moreover, users can also access audit trails written into the blockchain ledger for extra transparency and security measures.
Smart Contracts
Smart contracts are automated contracts written into the blockchain that can operate on their own without human intervention. This implementation means that users will no longer rely on third-party intermediaries such as lawyers or brokers when making financial transactions. Smart contracts also ensure parties involved in a transaction abide by the terms in them, thus eliminating any potential disputes.
Personalization and Customization
Web3 protocols allow developers to create more personalized experiences for users by accessing data from various sources on the network. You can also customize the user interface of applications according to the user's preferences. For instance, if operators like to look at the news in the morning and switch to music streaming apps during their commute, they can customize their home screen accordingly.
Accessibility for Diverse Devices and Platforms
Web3's design has cross-platform compatibility in mind, meaning users can access data from multiple devices and platforms. Users with an Android device can easily access the same data from their iOS devices. People can also access their data from any part of the world without worrying about compatibility issues.
Improved Efficiency in Financial Transactions
Web3 protocols have drastically improved the speed and efficiency of processing financial transactions. Users no longer have to wait days or weeks for a transaction; Web3 applications allow them to complete it in minutes. Moreover, due to the decentralized nature of Web3 protocols, users can access large amounts of data simultaneously without worrying about latency issues.
Low-Cost Data Storage
Web3 offers an affordable way for users to store their data, eliminating the need for expensive cloud storage solutions. While cloud storage can be costly, Web3 users can store their data on a shared distributed storage network without worrying about costs.
Autonomous Decision Making
The pre-programmed rules written into Web3 protocols enable automated decision-making, which can help execute specific tasks. For example, a user can set up rules that will automatically transfer money from their account if they reach a certain threshold or send an alert when the market rate of Bitcoin changes. This automation makes it more manageable for users to make decisions without continually monitoring the markets.
Conclusion
The promising enhancements of Web3 make it a supreme option for users seeking to take advantage of the newest digital revolution. With the cumulative usage of decentralized networks and distributed ledgers, individuals expect to see more platforms established to make online interactions efficient and safer. Tech-savvy individuals should take advantage of the openings offered by Web3 to get ahead in the online world.
Online Threat Alerts Security Tips
Pay the safest way
Credit cards are the safest way to pay for online purchases because you can dispute the charges if you never get the goods or services or if the offer was misrepresented. Federal law limits your liability to $50 if someone makes unauthorized charges to your account, and most credit card issuers will remove them completely if you report the problem promptly.
Guard your personal information
In any transaction you conduct, make sure to check with your state or local consumer protection agency and the Better Business Bureau (BBB) to see if the seller, charity, company, or organization is credible. Be especially wary if the entity is unfamiliar to you. Always call the number found on a website’s contact information to make sure the number legitimately belongs to the entity you are dealing with.
Be careful of the information you share
Never give out your codes, passwords or personal information, unless you are sure of who you're dealing with
Know who you’re dealing with
Crooks pretending to be from companies you do business with may call or send an email, claiming they need to verify your personal information. Don’t provide your credit card or bank account number unless you are actually paying for something and know who you are sending payment to. Your social security number should not be necessary unless you are applying for credit. Be especially suspicious if someone claiming to be from a company with whom you have an account asks for information that the business already has.
Check your accounts
Regularly check your account transactions and report any suspicious or unauthorised transactions.
Don’t believe promises of easy money
If someone claims that you can earn money with little or no work, get a loan or credit card even if you have bad credit, or make money on an investment with little or no risk, it’s probably a scam. Oftentimes, offers that seem too good to be true, actually are too good to be true.
Do not open email from people you don’t know
If you are unsure whether an email you received is legitimate, try contacting the sender directly via other means. Do not click on any links in an email unless you are sure it is safe.
Think before you click
If an email or text message looks suspicious, don’t open any attachments or click on the links.
Verify urgent requests or unsolicited emails, messages or phone calls before you respond
If you receive a message or a phone call asking for immediate action and don't know the sender, it could be a phishing message.
Be careful with links and new website addresses
Malicious website addresses may appear almost identical to legitimate sites. Scammers often use a slight variation in spelling or logo to lure you. Malicious links can also come from friends whose email has unknowingly been compromised, so be careful.
Secure your personal information
Before providing any personal information, such as your date of birth, Social Security number, account numbers, and passwords, be sure the website is secure.
Stay informed on the latest cyber threats
Keep yourself up to date on current scams by visiting this website daily.
Use Strong Passwords
Strong passwords are critical to online security.
Keep your software up to date and maintain preventative software programs
Keep all of your software applications up to date on your computers and mobile devices. Install software that provides antivirus, firewall, and email filter services.
Update the operating systems on your electronic devices
Make sure your operating systems (OSs) and applications are up to date on all of your electronic devices. Older and unpatched versions of OSs and software are the target of many hacks. Read the CISA security tip on Understanding Patches and Software Updates for more information.
What if You Got Scammed?
Stop Contact With The Scammer
Hang up the phone. Do not reply to emails, messages, or letters that the scammer sends. Do not make any more payments to the scammer. Beware of additional scammers who may contact you claiming they can help you get your lost money back.
Secure Your Finances
- Report potentially compromised bank account, credit or debit card information to your financial institution(s) immediately. They may be able to cancel or reverse fraudulent transactions.
- Notify the three major credit bureaus. They can add a fraud alert to warn potential credit grantors that you may be a victim of identity theft. You may also want to consider placing a free security freeze on your credit report. Doing so prevents lenders and others from accessing your credit report entirely, which will prevent them from extending credit:
- Equifax
- Experian
- TransUnion
Check Your Computer
If your computer was accessed or otherwise affected by a scam, check to make sure that your anti-virus is up-to-date and running and that your system is free of malware and keylogging software. You may also need to seek the help of a computer repair company. Consider utilizing the Better Business Bureau’s website to find a reputable company.
Change Your Account Passwords
Update your bank, credit card, social media, and email account passwords to try to limit further unauthorized access. Make sure to choose strong passwords when changing account passwords.
Report The Scam
Reporting helps protect others. While agencies can’t always track down perpetrators of crimes against scammers, they can utilize the information gathered to record patterns of abuse which may lead to action being taken against a company or industry.
Report your issue to the following agencies based on the nature of the scam:
- Local Law Enforcement: Consumers are encouraged to report scams to their local police department or sheriff’s office, especially if you lost money or property or had your identity compromised.
- Federal Trade Commission: Contact the Federal Trade Commission (FTC) at 1-877-FTC-HELP (1-877-382-4357) or use the Online Complaint Assistant to report various types of fraud, including counterfeit checks, lottery or sweepstakes scams, and more.
- Identitytheft.gov: If someone is using your personal information, like your Social Security, credit card, or bank account number, to open new accounts, make purchases, or get a tax refund, report it at www.identitytheft.gov. This federal government site will also help you create your Identity Theft Report and a personal recovery plan based on your situation. Questions can be directed to 877-ID THEFT.
How To Recognize a Phishing Scam
Scammers use email or text messages to try to steal your passwords, account numbers, or Social Security numbers. If they get that information, they could get access to your email, bank, or other accounts. Or they could sell your information to other scammers. Scammers launch thousands of phishing attacks like these every day — and they’re often successful.
Scammers often update their tactics to keep up with the latest news or trends, but here are some common tactics used in phishing emails or text messages:
Phishing emails and text messages often tell a story to trick you into clicking on a link or opening an attachment. You might get an unexpected email or text message that looks like it’s from a company you know or trust, like a bank or a credit card or utility company. Or maybe it’s from an online payment website or app. The message could be from a scammer, who might
- say they’ve noticed some suspicious activity or log-in attempts — they haven’t
- claim there’s a problem with your account or your payment information — there isn’t
- say you need to confirm some personal or financial information — you don’t
- include an invoice you don’t recognize — it’s fake
- want you to click on a link to make a payment — but the link has malware
- say you’re eligible to register for a government refund — it’s a scam
- offer a coupon for free stuff — it’s not real
About Online Threat Alerts (OTA)
Online Threat Alerts or OTA is an anti-cybercrime community that started in 2012. OTA alerts the public to cyber crimes and other web threats.
By alerting the public, we have prevented a lot of online users from getting scammed or becoming victims of cybercrimes.
With the ever-increasing number of people going online, it important to have a community like OTA that continuously alerts or protects those same people from cyber-criminals, scammers and hackers, who are every day finding new ways of carrying out their malicious activities.
Online users can help by reporting suspicious or malicious messages or websites to OTA. And, if they want to determine if a message or website is a threat or scam, they can use OTA's search engine to search for the website or parts of the message for information.
Help maintain Online Threat Alerts (OTA).