Don't Fall for MetaMask 2FA Scams: Email Warning Signs

The rise in popularity of various cryptocurrencies has led to a corresponding increase in digital scams. Phishing scams now target users of crypto apps and digital wallets like MetaMask.

MetaMask is what’s known as a decentralized digital wallet, used specifically for sending, receiving, and storing cryptocurrencies like BNB and Ethereum. Some users have been receiving emails that look genuine, asking for additional security details. These MetaMask 2FA scams prompt users to verify their accounts, but the data they enter goes into the hands of scammers.

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Let’s take a look at the impact of MetaMask 2FA scams and how to spot the signs of unscrupulous phishing emails.

How MetaMask 2FA Scams Work

The scam takes the form of an email that wants the recipient to verify or confirm their MetaMask account. The email may ask the user to complete Know Your Customer (KYC) verification, or enter their security details to set up two-factor authentication (2FA).

These emails normally have a few things in common:

They’ll look quite genuine, with the MetaMask logo included to add legitimacy.
There’s a sense of urgency, such as prompting users to “Act now!” to avoid having their account disconnected.
There may even be threats of legal action.
There will be a link to click to go to an online portal to complete the verification.

Scammers are hoping users who are alarmed by the email will click the link. When they arrive at the site, which is fake, they’ll enter their credentials, which are then stored by the scammers.

From here, the cybercriminals can leverage those credentials to access and drain the accounts of users who have fallen for this scam.

Potential Impact of MetaMask 2FA Scams

If you have saved large amounts of cryptocurrency in your MetaMask wallet, this scam could be devastating. You may also struggle to prove the funds were stolen because any access gained by the malicious actors looks legitimate, as they’re using your genuine credentials.

Scammers will often disable notifications and use sweeper bots to drain the account. This means it can take a while for victims to even notice that there’s been a crime. These cybercriminals are very good at covering their tracks, making it virtually impossible to recover the funds.

Avoiding MetaMask 2FA Scams

MetaMask will rarely send emails asking for this type of verification. If you receive an email like this, do not, under any circumstances, click the link. Instead, assume the wallet is “dead,” immediately create a new wallet (with a completely new verification phrase), and transfer any remaining funds there immediately. Then contact MetaMask via the app you usually use. Ask them if they need additional verification, and if you can do that via your app.

In cases where you already gave your details via a phishing email or site, you can mitigate your losses. Open MetaMask, head to settings, and abandon the wallet you gave your credentials for. If you have other wallets that are linked to this one, immediately transfer the funds in these to a new wallet. Reach out to the MetaMask support team for assistance as soon as you realize there’s a problem.

Stay Up-to-Date With Cyber Scams

Cryptocurrency is just one aspect of the digital world that’s open to abuse by bad actors. Thankfully, there are plenty of resources you can dip into to keep yourself informed. Sign up for Scam Detector’s Scam Alerts to get regular updates on similar scams, signs to look out for, and how to keep your digital assets safe.

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