New ‘Tech Against Scams’ initiative fights online fraud

Estimations show that online scams cost consumers $1.4tr each year

Some of the leading tech companies and cryptocurrency exchanges have joined forces to create a shared initiative they have called Tech Against Scams to fight the growing number of online fraud and financial scams. This was announced on May 21 by Coinbase and also includes Match Group, Meta, Kraken, Ripple, Gemini as well as the Global Anti-Scam Organization (GASO).

The main aim of this coalition is to stop consumer-targeted financial frauds taking place on different platforms like social media sites, dating apps, financial service providers, or even crypto exchange services. The companies involved want to do this by sharing information about threats they face, what works best when fighting against these scams and educating people more so that they can be safer.

The companies are coming together now because scammers have become more sophisticated in their methods. For example, there is one known as pig butchering where criminals would gain the trust of someone over a long period before robbing them of everything they own. With such tactics being used the coalition seeks to enhance communication within industries while at the same time working closely together presenting a united front against all forms of internet scams.

Guy Rosen, chief information security officer at Meta, said:

“We hope that this coalition will serve as a force multiplier for security teams at tech companies to share threat insights and trends to enable more impactful disruptions of scam networks around the world.”

According to Yoel Roth, Match Group’s vice president of trust & safety, this partnership is crucial for detecting new financial offenses and creating workable remedies.

Coinbase’s chief security officer, Philip Martin, also commented:

“Fraud schemes are becoming increasingly sophisticated, underscoring a greater emphasis on the importance of industry leaders coming together to tackle fraud and secure a safer digital environment for users. We are dedicated to disrupting emerging online scams through collaboration, information sharing, and enhanced consumer education.”

The chief of operations at GASO, Brian Bruce, expressed the need for a global response to financial fraud after pointing out that it is stealing about $1.4tr each year from consumers worldwide. He said that all sectors should come together both in technology and finance.

The coalition Tech Against Scams is going to concentrate its efforts in several main directions such as sharing information about threats among themselves; elaborating on changing best practices – as well as carrying out large-scale informational campaigns targeted at consumers.

It also intends to collaborate closely with worldwide law enforcement authorities to facilitate investigations and help in the fight against online fraud.

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Written by Silvia Pavlof

Silvia has explored various forms of writing, ranging from content creation for social media to crafting movie scripts. Drawing on her experience as a journalist specializing in the gambling sector, she is currently investigating the impact of cryptocurrencies and blockchain on traditional gambling and iGaming.

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