Tech
Meta partners with cryptocurrency companies to fight online scams
Meta, in collaboration with major cryptocurrency companies, announced a new online security initiative aimed at combating growing cases of online scams, including romance scams and financial fraud schemes known as pig slaughter. The coalition, called Tech Against Scams, has joined the ongoing battle against cybercriminals who exploit social media and dating platforms to deceive unsuspecting victims.
According to Meta, the growing use of social media, online dating platforms and cryptocurrencies is also creating a space where online predators can use sophisticated tools to plan scams on an unprecedented scale. They attempt to connect with innocent users online and defraud them by tricking them, exploiting their emotional and financial vulnerabilities. These cases of online scams have seen an increase especially in recent years across the world, especially the cases of romance scams and pig slaughter.
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What is romance scam
For those unaware of romance scams, scammers create fake identities on social media sites like Tinder or Hinge and establish intimate relationships with unsuspecting victims, typically through online dating platforms or social media. These scammers often use flattery, affectionate messages, and promises of love and companionship to gain the trust and affection of their targets. However, once they manage to create a bond with the victim, they manipulate them into providing money or valuable information under false pretenses, exploiting their emotions for financial gain.
What is the pig slaughter scam
On the other hand, in cases of the pig slaughter scam, scammers build victims’ trust over time before tricking them into investing money in fake or non-existent opportunities. Originating in China, the term “pig slaughter” refers to the gradual process of earning someone’s trust, similar to slowly cutting a pig. Scammers often use lucrative offers and false promises of high returns to lure victims into investing large sums of money. However, once the victim hands over their funds, the scammers disappear, leaving them with significant financial losses.
In particular, these scams are on the rise and are affecting thousands of people around the world. Recognizing the severity of the situation, Meta, the parent company of Facebook and WhatsApp, has partnered with cryptocurrency companies such as Coinbase, Kraken, Ripple and Gemini and with dating apps such as Match Group, the company behind popular dating apps such as Tinder. form a united front against fraudulent activities.
“We hope this coalition will serve as a force multiplier for security teams at technology companies to share threat intelligence and trends to enable more impactful disruptions of scam networks around the world,” said Guy Rosen, Chief Information Security Officer at Meta in a note.
How Tech Against Scams will work
Through Tech Against Scams, Meta and participating companies will work closely to identify and neutralize the tools and tactics used by scammers. This includes sharing valuable information, best practices and threat intelligence to stay ahead of evolving scam techniques. Additionally, they will educate users about the risks associated with online interactions and financial transactions. By raising awareness and providing proactive measures, the initiative aims to enable users to identify and avoid potential scams before they suffer harm.
Published by:
Divya Bhati
Published on:
May 22, 2024