Major Cryptocurrency Exchanges Launch “Tech Against Scams” ​​Coalition.

Last Updated: May 23, 2024 3:42am EDT | 1 minute read

Some of the largest tech companies and cryptocurrency exchanges have teamed up to launch a “Tech Against Scams” ​​alliance, aiming to combat growing online fraud and financial schemes.

Half, CoinbaseRipple, Kraken, TwinsMatch Group and the Global Anti-Scam Organization (GASO) are among the members of the alliance.

The cross-sector coalition would pool knowledge and experiences from various sectors. The alliance aims to “protect and educate users, emphasizing that scams are a problem across technology, not limited to social media, cryptocurrencies or finance,” Coinbase noted in a official release.

Second Global financial fraud assessment According to the International Criminal Police Organization (INTERPOL), published in April, the global adoption of new technologies “is enabling organized criminal groups to better target victims around the world.”

Offenders are increasingly using deception strategies such as pig slaughter, which involve scammers gaining the trust of victims before robbing them, he added.

The use of artificial intelligence, large language models and cryptocurrencies has led to more sophisticated fraud with minimal costs, INTERPOL highlighted.

As a result, the Tech Against Scams initiative creates a safer digital environment and prevents scammers from exploiting users.

“Our collaboration across industries will improve visibility and help us develop evolving best practices to combat rapidly evolving scams, such as pig slaughter,” Coinbase noted.

Fighting scams through education

Estimates suggest that consumers around the world lose $1.4 trillion to financial scams every year. The coalition’s main goal is to help users recognize the early signs that they are in contact with a scammer

The alliance focuses on educating users about scam strategies and tactics and how to prevent them.

“Together with industry leaders, we are committed to protecting and educating users,” Coinbase said on X.

“Collaboration between technology companies across industries is essential to prevent criminal activity and ultimately helps online platforms stay ahead of and develop effective solutions for various types of financial crimes,” said Yoel Roth, VP, Trust & Safety at Match Group. .

Roth also noted that the collaboration will invest in new technologies to help combat fraud and scams more quickly.

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