Tech
Coinbase partners with Meta, Ripple and others to fight online fraud
Popular US cryptocurrency exchange Coinbase has announced the launch of a new initiative called “Tech Against Scams” together with industry leaders Meta, Ripple, Gemini, Kraken, Match Group and GASO.
This coalition aims to address online fraud and financial schemes while protecting and educating users, emphasizing that scams are a technology-wide problem, not limited to social media, cryptocurrencies or finance.
In an official blog post, Coinbase said the Tech Against Scams coalition serves as the primary convening body where participating tech companies will collaborate on how to take action against tools used by scammers, educate and protect consumers, and disrupt rapidly evolving financial scams.
This work will involve sharing best practices, threat intelligence, and other tips and information to help keep users safe and secure before they become victims of an online fraud scheme.
“By sharing insights and knowledge about the lifecycle of scams, we aim to provide resources to educate and protect consumers. Our collaboration across industries will improve visibility and help us develop evolving best practices to combat rapidly evolving scams, such as “pig slaughter.”
Meanwhile, Coinbase also estimated that consumers around the world lose $1.4 trillion to financial scams every year.
In 2023, cases reported by the American public resulted in losses of more than $12.5 billion due to online fraud, marking a 22% increase from the previous year. revealed from the FBI’s annual Internet Crime Report.
Among digital crimes, the largest losses were caused by investment fraud, reaching $4.57 billion, an increase of 38% from the previous year. The FBI also reported that approximately $4 billion of these losses were linked to cryptocurrency investment fraud.