The ‘digital Against Scams’ partnership, formed by some of the largest digital companies and cryptocurrency exchanges, is an effort to combat the increasing prevalence of online fraud and financial scams.
Alliance members include Meta, Coinbase, Ripple, Kraken, Gemini, Match Group, and GASO. The coalition’s members would come from different fields, but they would combine their knowledge and experience. According to Coinbase’s press announcement, the alliance’s goal is “to safeguard and educate consumers, highlighting that scams are a tech-wide problem, not restricted to social media, crypto, or financial.”
The use of new technology on a worldwide scale is “allowing organized criminal organizations to better target victims throughout the globe,” according to an April INTERPOL study on global financial fraud.
It went on to say that scammers are becoming craftier and craftier with deceitful tactics like pig-butchering, where they trick their victims into giving them money by making them believe something is wrong with them.
The use of artificial intelligence, big language models, and cryptocurrency has led to increasingly complex scams that are inexpensive to pull out, according to INTERPOL.
Consequently, the goal of the Tech Against Scams effort is to make the internet a safer place by rejecting con artists.
Coinbase made a note of the fact that “our cooperation across industries will raise visibility and enable us build developing best practices to prevent fast growing frauds, such as pig slaughtering,” and that this teamwork would increase transparency.
Consumers throughout the globe lose an estimated $1.4 trillion annually to frauds involving their money. The primary goal of the alliance is to educate people on how to spot a fraudster when they meet.
One of the main goals of the alliance is to teach people to recognize and avoid scams. As stated on X, Coinbase is “dedicated to safeguarding and educating users” in conjunction with other industry leaders.
The Tech Against Scams collaboration is something we are pleased to announce. Scams affect the whole IT sector and need a coordinated response. In order to safeguard users and educate them, we have joined forces with other prominent figures in the business.
The VP of trust and safety at Match Group, Yoel Roth, said that “tech businesses across sectors engaging with each other is crucial for avoiding criminal behavior.” Roth went on to say that this collaboration enables internet platforms stay ahead of financial crimes and create effective solutions for them. Roth said that the partnership will fund innovative tools to combat scams and fraud more quickly.
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