The metaverse is a virtual online world that people can access in a variety of ways, including through virtual and augmented reality. It offers people an interactive social experience where users are represented by avatars. Users can teleport through different virtual social worlds, participate in events and make transactions using cryptocurrencies.
By 2026, it is predicted that 25 per cent of people will spend at least one hour a day in the metaverse. There, they’ll be able to participate in activities such as working and shopping, and 30 per cent of firms will have their products and services ready for the metaverse.
The metaverse — which includes blockchains and cryptocurrencies — is still in its early stages. As its possibilities expand, it’s important to consider the potential threats and dangers as the metaverse introduces risks related to legislation, property, control, fraud, privacy threats, ethics and security.
As researchers interested in forensic accounting and digital fraud, we have attempted to identify the risks that are unique to the metaverse.