Coinbase, Meta, Ripple and others form ‘coalition’ to fight tech fraud.
Coinbase joins other cryptocurrency and technology companies, including social media giant Meta, blockchain payments company Ripple, cryptocurrency exchanges Kraken and Gemini, the Global Anti-Scam Organization (GASO), and Match Group, in the Tech Against Scams coalition. ) has started. Parent company of Tinder and Hinge.
The group aims to combat online fraud and financial fraud by sharing knowledge across a variety of industries.
The initiative covers a range of technology sectors, including but not limited to social media, cryptocurrency, finance and dating apps, highlighting the widespread problem of fraud across all technology platforms.
“We are proud to announce the Tech Against Scams Coalition. Fraud is a technology-wide problem and requires an industry-wide response. Together with industry leaders, we are committed to protecting and educating our users,” Coinbase told X.
The main focus of the Tech Against Scams coalition is educating users about scam tactics and prevention strategies. The group also plans to share best practices and threat intelligence to strengthen consumer protection and disrupt the activities of online fraudsters.
According to the FBI’s 2023 Annual Internet Crime Report, the American public reported losing over $12.5 billion to online fraud during the year. Of those losses, $3.94 billion were related to cryptocurrency investment fraud.
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