Coinbase, Meta, Ripple, Kraken, Gemini, Global Anti-Scam Organization (GASO), Tinder and Hinge’s parent company Match Group have formed the Tech Against Scams consortium. This consortium aims to combat online scams and financial schemes by leveraging data and expertise from various sectors to protect users from fraud.
Aiming to Solve the Fraud Problem
The consortium is not limited to a single tech sector but includes social media, cryptocurrency, finance, and dating apps, aiming to solve the general fraud problem across all tech platforms. The consortium seeks to create a united front against fraudsters by sharing information and best practices among these sectors.
Cryptocurrency exchange Coinbase emphasized the importance of the consortium in a statement on X, highlighting that fraud is a widespread issue requiring a comprehensive, industry-wide response. The main focus of the consortium will be to educate users on fraud tactics and prevention strategies, enhance consumer protection, and disrupt online fraud activities.
A key aspect of the consortium is the sharing of threat intelligence and best practices among consortium members to improve overall security measures. This collaborative approach is designed to strengthen defenses against online fraud and create a safer digital environment for users.
Initiative Follows Striking FBI Report
The urgent implementation of the initiative was driven by the FBI‘s annual internet crime report for 2023, which revealed that the American public reported losses exceeding $12.5 billion due to online fraud throughout the year.
Of these losses, $3.94 billion were specifically linked to cryptocurrency investment scams, highlighting the critical need for enhanced protection in the cryptocurrency world.
