Leading technology and cryptocurrency companies have announced the formation of the Tech Against Scams coalition. The group, spearheaded by cryptocurrency exchange Coinbase, includes social media giant Meta (formerly Facebook), blockchain payments firm Ripple, cryptocurrency exchanges Kraken and Gemini, the Global Anti-Scam Organization (GASO), and Match Group, the parent company of dating apps Tinder and Hinge.
The coalition aims to tackle online fraud and financial scams by combining expertise and resources across various industries. This collaborative approach recognizes that scams plague a wide range of tech platforms, from social media and dating apps to financial institutions and the cryptocurrency space.
“Scams are a widespread problem affecting the entire tech sector, and it requires a united response from industry leaders,” said Coinbase in a statement. “Through the Tech Against Scams coalition, we are committed to protecting and educating users.”
A key focus of the coalition will be educating consumers about how to identify and avoid scams. The group also plans to share best practices and intelligence on emerging threats to enhance consumer protection and disrupt the activities of online scammers.
The announcement comes amid a growing concern over online fraud. According to the FBI’s 2023 Internet Crime Report, the American public reported losses exceeding $12.5 billion due to online fraud in 2023, with cryptocurrency investment scams accounting for nearly $4 billion of that total.
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