UD Uncovers risks and scams in NFT Frenzy in HKIRC webinar

With new NFT business and investment sector emerged, NFT scams and frauds are on the rise. Many NFT owners and investors have suffered from financial losses and personal information breaches due to cyber-attack.

HKIRC has invited Chris Chan, UD's Head of Cybersecurity Research, to uncover various cyber-attack methods behind the NFT boom and how to avoid financial losses and personal information breaches.

Watch highlight now:

In the giveaway Q&A of the seminar, Chris has raised two common questions to test whether you can distinguish NFT fraud.
1. Is it a phishing SMS?

Answer: Yes
Explanation: Mobile number is not required to apply for cryptocurrency wallet or account, so users will not receive SMS notification from the platform.

2. Do platform need your recovery phrase for verification?
Answer: No
Explanation: In case of forgetting the login password of the cryptocurrency wallet, user can use the recovery phrase to recover the account, that’s why it can also be regarded as the user's "backup password". Once the hacker obtains your "backup password", he will be able to transfer your virtual assets. Therefore, do not disclose your recovery phrase to anyone, and the platform will not ask users to provide their recovery phrase.