Payments in the metaverse : The risks With preferred methods of payment in the metaverse unclear , there is arguably a greater unknown – the future risks associated with completing metaverse transactions , and the security of digital accounts in the space .
For Yilmaz , the risks extend to all of “ security vulnerabilities , the lack of regulation , scalability challenges , privacy concerns , fraud and scams , cross-platform interoperability , cryptocurrency volatility , accessibility and inclusivity , the absence of centralised authority , and the need for user education .”
An extensive list with an extensive amount of issues to resolve , DXC Technology ’ s SVP of Security , Mark Hughes , adds to them . For him , payment security in the metaverse is a question of veracity , “ especially in open metaverse environments where it can be challenging to verify the identity of the people you interact with .”
He adds : “ How do you know that the person you think you are talking to in the metaverse is who they say they are when their “ identity ” is that of a digital avatar that may or may not resemble their physical being ? Such verification is crucial when it comes to exchanging confidential information or making payments .”
With regulations and identity processes yet to be fleshed out , Michaelson feels the prospect of a metaverse will be just as thrilling for cyber criminals as it will for users . “ Scams and theft are real concerns , especially given the current state of security practices , which are yet to mature ,” Michaelson explains .
“ Balancing innovation while ensuring security will be an ongoing juggling act . Add to this the serious matter of data privacy . With the metaverse churning out vast
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