Coinbase, Meta, Ripple and others form ‘coalition’ to combat tech scams

Quick Take

Coinbase has launched the ‘Tech Against Scams’ coalition with partners including Meta, Kraken, Ripple, Gemini, the Global Anti-Scam Organization, and Match Group.
The coalition’s aim is to tackle online fraud and financial schemes by pooling insights and expertise from various industries to protect users.
The initiative is not confined to any single technology sector but spans across social media, cryptocurrency, finance, and dating apps, addressing the broad issue of scams throughout all technology platforms.

Coinbase has launched what’s known as the Tech Against Scams coalition alongside other crypto and tech firms, including social media giant Meta, blockchain payments firm Ripple, crypto exchanges Kraken and Gemini, the Global Anti-Scam Organization (GASO), and Match Group — the parent company of Tinder and Hinge.

The group aims to combat online fraud and financial schemes by sharing knowledge across various industries.

The initiative involves multiple tech sectors — not limited to social media, cryptocurrency, finance, or dating apps — highlighting the widespread issue of scams across all technology platforms.

“We’re proud to announce the Tech Against Scams coalition. Scams are a tech-wide issue and require an industry-wide response. Together with industry leaders, we’re committed to protecting and educating users,” Coinbase stated on X.

A major focus of the Tech Against Scams coalition will be educating users about scam tactics and prevention strategies. Furthermore, the group plans to share best practices and threat intelligence to enhance consumer protection and disrupt the activities of online scammers.

According to the FBI’s annual internet crime report for 2023, the American public reported losses exceeding $12.5 billion due to online fraud during the year. Out of those losses, $3.94 billion were connected to cryptocurrency investment fraud.

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