Tech
Tech giants team up against online dating scams
Major tech companies including Coinbase, Match Group, Meta and others have created a coalition called “Tech Against Scams,” an initiative that targets the growing threat of romance scams and cryptocurrency investment fraud.
The prevalence of such scams has increased in recent years, with scammers often creating fake identities to strike up relationships with unsuspecting victims via text messages, social media or dating apps, a deceptive practice known as “catfishing.”
Once trust is established, they convince victims to make cryptocurrency investments and divert funds to their accounts.
“Tech Against Scams” plans to share threat information, best practices and consumer education to prevent scam tactics.
This collaborative effort extends across various technology sectors, indicating the pervasive nature of scams across all digital platforms.
Cryptocurrency companies Ripple and Gemini are also members of the new group.
The Department of Justice has recently uncovered a romance scam involving the laundering of at least $73 million, which included converting the stolen funds into USDT and transferring more than $341 million into virtual assets.