Tech
Coinbase, Ripple, Meta, Kraken and others form the Tech Against Scams coalition
Cryptocurrency exchange Coinbase said on Tuesday it has joined forces with industry leaders such as Match Group, Meta, Kraken, RippleGemini and GASO to form the Technology against scams coalition. The team will fight online fraud and financial schemes to protect consumers and thwart scammers targeting technology companies across social media, dating apps, financial institutions and cryptocurrencies.
Coinbase, Ripple and tech giants launch anti-scam coalition
Coinbase in a May 21 blog announced a groundbreaking development to combat scams in the tech industry overall. As, CoinBase collaborated with Group of matches (parent company of Tinder and Hinge), furthermore, Kraken, Ripple, Twinsand the Global Anti-Scam Organization (GASO) to launch the Tech Against Scams coalition.
The Tech Against Scams coalition will work to prevent online fraud and financial schemes that target consumers in the broader tech sector. The group will provide resources to educate and protect consumers, creating a safer digital environment.
Devraj VaradhanEVP of Engineering at Ripple said:
“As scams continue to become more convincing and complex, bad actors are taking advantage of every opportunity to target and defraud innocent victims. We need to fight back and educate people on how to protect themselves from these predators. There is no place for scammers and we must unite all sectors to tackle this urgent problem.”
Best practices for protection include: avoiding third-party apps, being prudent with resources, discussing with trusted people, using trusted platforms, and staying informed.
“Together, through education and collaboration, we can protect our community and deliver on the promise of a safe and equitable financial future. Stay vigilant, stay informed, and stay safe,” Coinbase said.
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Anti-Scam Technology Coalition to Improve Best Practices
The Tech Against Scams Coalition will take action against tools used by scammers to target customers. It will also educate, protect consumers and disrupt rapidly evolving financial scams.
Although only 0.34% of blockchain transactions are used for illicit activity, according to data from Chainalysis, cryptographic security remains a key concern for the cryptocurrency industry. Coinbase said it has a robust compliance program, including KYC checks, sanctions screening, suspicious activity reporting, and strong partnerships with law enforcement to prevent and detect illicit activity on our platform.
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