Tech
Ripple joins Tech Against Scam coalition to dismantle scammers
Cybercrimes have become an eyesore, especially in the cryptocurrency industry, often causing users and businesses to lose millions of dollars. In a notable development, Ripple CEO Brad Garlinghouse has announced that Ripple intends to join the Tech Against Scams coalition in the fight against cybercrime.
Through this move, Ripple recognizes the need for tech giants to work together to protect consumers from scammer networks operating online.
Ripple joins the move against scams
The Tech Against Scams coalition is not just any association. It includes industry heavyweights such as Meta, Coinbase, Match Group, Kraken and Gemini.
These companies have come together with a unified mission to fight online fraud and financial scams that have become increasingly sophisticated and widespread.
By pooling resources and knowledge, they aim to tackle these scams comprehensively, from the initial stages right through to their execution. What sets the Tech Against Scam coalition apart is its broad reach.
It brings together different sectors such as social media, financial institutions, dating apps and crypto platforms, reflecting the multifaceted nature of modern scams.
This wide-ranging collaboration is essential because scammers often exploit multiple platforms at the same time. This makes it difficult for any single entity to effectively fight them.
One of the coalition’s primary goals is to facilitate the sharing of best practices, threat intelligence, and critical intelligence among its members.
This collaborative effort is designed to provide sound protection to users against various types of scams, including romance scams and digital currency schemes like pig slaughter.
Meanwhile, the coalition’s work began last summer with an initial partnership between Match Group, Coinbase and Meta to understand and mitigate cross-platform threats. Since then, it has expanded to include other companies, significantly improving its ability to fight fraud.
Support the Coalition’s initiative
Guy Rosen, Meta’s Chief Information Security Officer, highlighted the importance of this collective effort within the coalition Press release. He explained that scammers and organized criminal groups are adept at exploiting multiple Internet services.
According to Rosen, this expertise makes it difficult for any single company to fully understand and combat criminal activity. The coalition’s information and intelligence sharing approach enables more effective disruption of scam networks.
Yoel Roth, vice president of Trust & Safety at Match Group, echoed similar sentiments. Roth highlighted the critical need for cross-sector cooperation, saying that working together across sectors is vital to stay ahead of criminals.
He further explained that this collaborative approach allows online platforms to develop and implement functional solutions to combat a wide range of financial crimes.
This move draws attention to David Schwartz’s move warning in July 2023, highlighting growing scam attacks targeting the XRP community. After Ripple’s legal victory, interest in XRP increased, prompting malicious actors to create fraudulent websites to exploit the situation.
Schwartz’s warning showed the urgency of forming a coalition dedicated to protecting consumers and disrupting scam operations. He also demonstrated the immediate need for a collaborative effort to safeguard users from the growing threat of online scams. This year, the Tech Against Scams coalition is actively addressing these issues to create a safer digital environment for all users.
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