By 2026, it is predicted that 25 per cent of people will spend at least one hour a day in the metaverse, a virtual online world that almost anyone can access through digital, virtual and augmented reality.

Because the metaverse is still in its early stages, it comes with a number of risks related to fraud, privacy, ethics and security. In order for businesses and consumers to take advantage of the wide spectrum of new opportunities the metaverse offers, it’s important that potential threats and dangers be considered and addressed.

Today in The Conversation Canada, Nadia Smaili and Audrey de Rancourt-Raymond from Université du Québec à Montréal explain exactly how these metaverse risks can be mitigated.

They outline two ways to deal with fraud in the metaverse: macro actions that take place at the government level, and micro actions that are undertaken by businesses. In order to address metaverse fraud risks most effectively, Smaili and de Rancourt-Raymond recommend that both governments and businesses work together.

They conclude: “Boards of directors, governance bodies and management should be trained and able to co-ordinate efforts to combat the emergence and the expansion of crime in the metaverse.”

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