Coinbase and Ripple, along with other prominent companies in the industry, have formed the Tech Against Scams coalition to combat the growing threat of online fraud. This collaborative effort aims to unite technology firms in sharing best practices and intelligence to protect consumers from evolving scams.
In an effort to tackle online fraud and illicit financial schemes, Ripple has joined forces with Coinbase, Meta, Gemini, and Kraken, among other industry leaders. Coinbase took the lead in establishing the Tech Against Scams coalition, bringing together various crypto and technology firms, including the Match Group, the parent company of dating apps Tinder and Hinge.
The main objective of Tech Against Scams is to serve as a central hub for participating technology companies to join forces and combat the tools used by scammers. This initiative will also educate and safeguard consumers from emerging financial scams.
The coalition will facilitate the sharing of best practices, threat intelligence, and other valuable insights to proactively protect users from falling victim to various online fraud schemes, including romance scams and crypto-related fraud such as ‘pig butchering’.
Since last summer, Match Group, Coinbase, and Meta have been working together in an unprecedented partnership to tackle cross-platform threats like ‘pig butchering’. Recognizing the potential to enhance their efforts, they have expanded their collaboration to include more companies.
This cross-industry alliance now includes online, social media, and cryptocurrency firms, leveraging their individual strengths to identify emerging adversarial trends, exchange best practices, combat global scams, and collectively safeguard users.
The rising threat of online scams is evident in the FBI’s Internet crime report for 2023, which revealed that the American public suffered losses exceeding $12.5 billion due to online fraud incidents. Approximately $3.94 billion of these losses were attributed to cryptocurrency investment fraud.
The coalition formed by Ripple and other industry players will act as a force multiplier for security teams within tech companies, facilitating the exchange of threat insights and trends. The aim of this collaboration is to enhance the effectiveness of disrupting scam networks on a global scale.
Devraj Varadhan, EVP of Engineering at Ripple, emphasized the need to fight back against scams and educate individuals on how to protect themselves from predators. He stressed the importance of industry collaboration in addressing this pressing issue.
Tech companies across the board agree that it’s high time to dismantle scammers once and for all. Ripple CEO Brad Garlinghouse expressed his pride in Ripple joining the coalition, along with other industry heavyweights, in tackling this crucial issue.
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