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Prevent DApp Over-Authorization Risks and Scams

2022-03-17
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  • Bitget Wallet (Previously Bitget Wallet (Previously BitKeep)) prioritizes security and empowers users to recognize and prevent scams for a safe crypto experience.
  • Guidelines to prevent scams: Avoid trusting promises of profit returns, be cautious of over-authorization risks, and avoid scanning unknown QR codes.
  • DApp Over-Authorization Risks: Users need to be vigilant about DApp authorizations to prevent potential losses and beware of profit return authorization scams.

At Bitget Wallet (Previously Bitget Wallet (Previously BitKeep)), security is our utmost priority. As a wallet, safeguarding users' assets is at the core of our mission. To achieve this, we believe in empowering users with the knowledge to recognize and prevent scams, ensuring a safe crypto experience.

To help users protect themselves, we provide comprehensive information on various fraudulent methods through different channels. Familiarizing yourself with common scams empowers you to be proactive in avoiding potential risks while navigating the crypto industry.

Here's a concise summary of our prevention guidelines:

  1. Don't trust promises of profit returns; be cautious of over-authorization risks.
  2. Avoid scanning unknown QR codes from strangers to safeguard your assets.
  3. Pay close attention to security alerts, and when in doubt, verify with our customer service.

Now, let's delve into a common area where people fall victim to scams: DApp authorization.

DApp Over-Authorization Risks

When interacting with a DApp for the first time, users may be prompted to click the "Approve" button for authorization. However, this seemingly innocent action can be risky. Some DApp developers set the maximum authorization quantity of tokens to the smart contract by default, which can expose users to vulnerabilities. If the smart contract has flaws or malicious administrators, users' tokens may be at risk of loss due to "DApp Over-Authorization."

Bitget Wallet (Previously Bitget Wallet (Previously BitKeep))'s advice is simple: avoid over-authorizing during on-chain interactions. Regularly revoke authorizations for unused DApps and remain vigilant against "bait-and-switch" scams to protect your assets. It's essential to periodically clean up permissions for infrequently used DApps or set limits on token transfers.

Profit Return Authorization Scams

An emerging trend is profit return authorization scams, where scammers impersonate Bitget Wallet (Previously Bitget Wallet (Previously BitKeep))'s wallet address QR codes to deceive users. They lure victims into a fake website that promises a 3% daily return on a small transfer, typically around 0.01 USDT, to verify their address.

In reality, this transfer unknowingly authorizes the scammer to access your funds, allowing them to steal your entire balance. To avoid asset losses from such scams, exercise caution and verify the authenticity of websites and QR codes before any transactions.

Bitget Wallet (Previously Bitget Wallet (Previously BitKeep))'s Approach to Preventing Authorization Risks
DApp Risk Alerts

Bitget Wallet (Previously Bitget Wallet (Previously BitKeep)) places a strong emphasis on security by collaborating with third-party security agencies. To bolster our defense against phishing websites, we integrate GitHub open-source libraries and the Go+ interface.

When users venture into a DApp and come across unfamiliar links, we conduct thorough checks. If the website domain is flagged in our blacklist domain library as a phishing or risky site, Bitget Wallet (Previously Bitget Wallet (Previously BitKeep)) promptly triggers a security warning. This proactive approach empowers users to stay informed and protected, thwarting potential scams and ensuring a safer crypto experience.

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Support for Querying and Revoking Authorizations

Explore the power of Bitget Wallet (Previously Bitget Wallet (Previously BitKeep))'s "Authorization Checker" tool to effortlessly monitor and manage your DApp authorizations, mitigating potential risks and safeguarding your assets.

Simply navigate to the "Tool" section and select "Approval Checker." From there, choose the desired public chain to review the authorization history. For DApps with risk warnings or those that have remained unused for an extended period, a prudent step to protect your assets is to click "Cancel" and revoke the authorizations. Take charge of your crypto security with ease and confidence using Bitget Wallet (Previously Bitget Wallet (Previously BitKeep))'s intuitive tools.

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The Bitget Wallet (Previously Bitget Wallet (Previously BitKeep)) team emphasizes the importance of remaining vigilant in all crypto activities, including on-chain authorizations, signing, and transferring.

Always verify the source of information and keep your security awareness sharp as your primary line of defense. If you encounter any tokens, contracts, or DApps that raise suspicion, please promptly report them to us. Together, we can foster a safer crypto environment for all users.

Follow Bitget Wallet (Previously Bitget Wallet (Previously BitKeep)) to stay up-to-date with all of our latest events, findings, and promotions, and let Bitget Wallet (Previously Bitget Wallet (Previously BitKeep)) be your premier gateway into the Web3 space.

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