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Leading Cryptocurrency Exchanges Establish ‘Technology Against Scams’ Alliance to Address Crypto Fraud
Several prominent technology companies and cryptocurrency exchanges have joined forces to establish a ‘Tech Against Scams’ alliance, with the goal of addressing the rising issue of online fraud and financial schemes.
Members of the alliance include Meta, Coinbase, Ripple, Kraken, Gemini, Match Group, and the Global Anti-Scam Organization (GASO).
This cross-industry coalition aims to combine knowledge and expertise from diverse sectors. The alliance’s objective is “to safeguard and inform users, highlighting that scams are a widespread technological concern, not confined to social media, cryptocurrency, or finance,” as stated by Coinbase in an official announcement.
The Global Financial Fraud assessment published by the International Criminal Police Organization (INTERPOL) in April indicated that the worldwide adoption of new technologies is “enabling organized crime groups to more effectively target victims globally.”
Criminals are increasingly employing deceptive tactics such as pig-butchering, where fraudsters build trust with victims before defrauding them, the report noted.
INTERPOL emphasized that the integration of AI, large language models, and cryptocurrencies has led to more advanced fraud schemes at minimal expense.
Consequently, the Tech Against Scams initiative aims to foster a safer digital landscape and prevent scammers from taking advantage of users.
“Our collaboration across sectors will improve visibility and assist us in developing adaptive best practices to counter rapidly changing scams, including pig butchering,” Coinbase remarked.
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Fighting Scams Through Awareness
Estimates indicate that consumers globally lose $1.4 trillion annually to financial scams. The coalition’s primary focus is to assist users in identifying the early indicators of potential scams.
The alliance is dedicated to educating users about the strategies and tactics employed by scammers and how to avert them.
“In partnership with industry leaders, we’re dedicated to safeguarding and informing users,” Coinbase expressed on X.
We’re proud to announce the Tech Against Scams coalition.
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
— Coinbase
(@coinbase) May 21, 2024
“Collaboration among tech companies across various industries is crucial for preventing criminal activities and ultimately aids online platforms in staying ahead of and developing effective solutions for different types of financial crimes,” stated Yoel Roth, VP, Trust & Safety at Match Group.
Roth also mentioned that the partnership would invest in innovative technologies to expedite the disruption of fraud and scams.
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