In the realm of NFTs, phishing attacks are typically attempts at social engineering where the attackers trick individuals into handing over sensitive information or access to their digital assets by masquerading as a trustworthy entity. These attacks commonly occur via email, social media, or messaging apps, often involving the use of counterfeit websites or links that seem legitimate.
While it is impossible to eliminate the threat of phishing attacks, NFT Protect has implemented a feature to mitigate their impact. If an attacker gains access to your pNFTs via phishing, you can initiate the burning of those pNFTs in the attacker's wallet and restore the original NFTs to your wallet. This feature ensures you retain control of your assets and can recover them even if a security breach occurs.
Protocol breaches due to vulnerabilities in the smart contract code, misconfigured servers, or malicious actors exploiting system weaknesses can severely impact user funds and digital assets.
In case your assets are used in a third-party protocol supported by NFT Protect that gets compromised, you can initiate the burning of pNFTs at the address of the compromised protocol and restore the original NFTs to your wallet.
While an accidental transfer to an incorrect address is not a malicious attack, it can lead to an irreversible loss of digital assets. NFT Protect offers a feature that allows users to 'undo' such transfers, provided they present evidence confirming the fact of incorrect sending or proof that the address is unusable.
Private keys are crucial for accessing digital wallets, and their loss can result in not just asset loss but also loss of access to the wallet. NFT Protect offers a feature to adjust the ownership of a digital asset to a designated successor in the event of private key loss or other incapacitations. This feature ensures that users' digital assets will not be permanently lost in case of an unfortunate event.
For more information on how we prevent friendly fraud, please refer to our FAQ section.