Key Takeaways:
- Major crypto exchanges and companies, including Coinbase, Kraken, Ripple, and Meta, have formed a coalition called “Tech Against Scams.”
- The coalition aims to combat online fraud, particularly the “pig butchering” scam involving fake cryptocurrency investment schemes.
- In 2023, crypto investment scams resulted in $3.94 billion in losses in the U.S., up from $2.57 billion in 2022, according to the FBI.
A group of major crypto exchanges, including Coinbase and Kraken, along with notable companies like Ripple, Gemini, Meta, and Match Group, have formed a coalition named “Tech Against Scams.”
This alliance aims to tackle online fraud, particularly focusing on scams known as “pig butchering.”
COINBASE LAUNCHES ‘TECH AGAINST SCAMS’ COALITION TO COMBAT ONLINE FRAUD
— BSCN (@BSCNews) May 22, 2024
– @coinbase has unveiled the 'Tech Against Scams' coalition, partnering with industry leaders like @Meta, @krakenfx, @Ripple, @Gemini, the Global Anti-Scam Organization (GASO), and Match Group.
“Scams are a… https://t.co/TWtjnmHYg4 pic.twitter.com/FSq0ulLdir
“Pig butchering” is a deceptive scheme where scammers use dating apps or social media to establish trust with their victims before presenting a fraudulent cryptocurrency investment opportunity.
The “Tech Against Scams” coalition will act as a collaborative platform where members share best practices, threat intelligence, and tips to safeguard users from various online fraud schemes.
Introducing Tech Against Scams!🛡️
— Ripple (@Ripple) May 21, 2024
Ripple is joining forces with Match Group, @Coinbase, @Meta, @Gemini, @krakenfx, and more to combat online fraud and financial schemes. Together, we're taking action to protect consumers and disrupt scammers. Learn more: https://t.co/T2qmfDPoYS
According to a Wednesday announcement, the coalition’s efforts are directed at preemptively protecting users from scams such as romance and crypto frauds.
In 2023, crypto investment scams resulted in $3.94 billion in losses in the U.S., a significant increase from $2.57 billion in the previous year, as reported by the Federal Bureau of Investigation (FBI).
We’re proud to announce the Tech Against Scams coalition.
— Coinbase 🛡️ (@coinbase) May 21, 2024
Scams are a tech-wide issue and require an industry-wide response. Together with industry leaders, we're committed to protecting and educating users.
Learn More→ https://t.co/3w8gfEUFZr pic.twitter.com/E1nGlT8lzi
Joining forces with Coinbase and Kraken are Ripple, Gemini, Meta, and Match Group—the parent company of popular dating apps Tinder and Hinge—demonstrating a unified approach to fighting online fraud and protecting consumers.
About The Author
Fleming Airunugba, a seasoned Web3 and crypto content expert, leverages his deep understanding of blockchain technology to bring the latest and most impactful news to the crypto community.
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