Security Risks Related To Using MetaMask

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Today at least 5 in 10 crypto investors are MetaMask users and with a 7.8 rating by BitDegree MetaMask is one of the leading crypto wallet out there. It is important that users understand that these wallets do not store cryptocurrencies but information about cryptocurrencies. Cryptocurrencies exist on a huge ledger i.e Blockchain and are moved on the blockchain but not removed. The blockchain records all crypto transactions made among users while using public keys. MetaMask is a wallet that can be used even with a browser as an extension like Chrome, Brave and Fireworks. A factor that makes it unpopular with many crypto investors is the fact that it only stores Ethereum and Eth related tokens and with the rising rate of Eth transactions one can understand the unpopularity it suffers especially among crypto newbies. As a browser extension it acts as a bridge between normal browsers and the Ethereum blockchain.

Other than the fact that it can only be used to store Ethereum crypto tokens, MetaMask has lots of interesting features and benefits like it's local key storage, customer support and open source i.e you can inspect the code behind the software anytime you wish. But just like every other wallet, MetaMask also has certain security risks related to using it even as a browser extension like hacks, phisphings and theft.

As an online wallet it's main disadvantage is security because any info stored online is at risk of hackers than info stored offline. For example an hacker could create a fake MetaMask notification claiming that your most recent outgoing transaction failed and require you to revalidate. This fake notification would include all real details of the last transactions including the value but the only difference would be the receiving address which you might not notice. Differentiating a fake notification from a real one is not that easy as there is currently no standard to how browser extensions are presented. A user can therefore unknowingly validate a fake transaction while mistaking it for the previous one. Sometimes it could be a cloned CSS which would be as identical and interactive as MetaMask's version. Another important security risk to take note of is the browsers access to all your information.

This might not be your private key but other info like wallet address, balance, assets , transaction history , when and how you use the app. If you are a user with multiple accounts switching between these accounts might give each tab access to info about the accounts. Infact a site owner can use EtherScan to view your most recent transactions especially with an unlocked MetaMask wallet. A good example is Phishing that happens especially with locked wallets . These attackers create a fake pop out requesting you to enter login details like passwords, seed phrases while pretending to be the real login site. Once the user enters all the information needed the account will be immediately taken over by them.

There are many sites like EthWalletSecurity which can help you put up additional protection for your wallet while giving you tips on how to stay weary of hackers.