Probably dumb question: How is a multiplayer game that trusts clients secure?

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I'm coming back to my first multiplayer game development after 7 years, so pardon the history here, but I coming back to the world of multiplayer I'm lost and feel like I'm missing something.

The last multiplayer games I did were a Flash frontend with Smart Fox Server. Smart Fox was an authoritative server, I coded the game code in Java on the server side, and the clients were trusted only to send input and update displays. 7 years ago, if you released a multiplayer flash game without an authoritative server, one that trusted it's clients, the very second you became popular the cheatengine guys would have you game hacked and you're game was shot.

Now I'm making a Unity multiplayer game and all of the primary recommendations (UNET, or Photon PUN here, others) are based on trusted/master clients. I must be missing something, how does this ever work? Do hackers not care anymore, or is there some security layer I'm not understanding?

My inclination is to go right to Photon Server, since it's the authoritative server model I'm familiar with, but I also feel like I'm missing information since so many people are using client based solutions.

Thanks for any help!

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