- Tech Against Scams is a new coalition spearheaded by Coinbase that includes Ripple and other companies to combat the increasing threat of internet fraud.
- This initiative will unite companies that provide technology to the consumer to ensure they are protected from scams.
The blockchain startup Ripple recently partnered with industry leaders like CoinbaseMeta, Gemini and Kraken are used to fight online fraud. financial schemes. Coinbase has initiated the establishment of the Tech Against Scams coalition in collaboration with various crypto and technology firms, including the Match Group – the parent company of Tinder and Hinge.
Tech Against Scams aims at acting as a hub where technology companies can unite their efforts to combat the scammers’ tools. This tool will help educate consumers about scams and provide them with protection against evolving threats. financial scams.
This coalition will share best practices, intelligence on threats, and valuable insight to help users avoid falling victim to online fraud. This also includes combating romance scams and crypto-related fraud like ‘pig butchering’.
Since last summer, Match Group, Coinbase, and Meta embarked on an unprecedented partnership within the tech sector to tackle cross-platform threats like ‘pig butchering’. The collaboration was expanded to include additional companies, as they recognized the potential of the partnership to increase efforts against such crimes.
The alliance includes firms from online, social, and crypto-currency industries. They are using their strengths to combat scams worldwide, identify and counter emerging trends and exchange best practices.
Online scams are on the rise
The FBI’s Internet Crime Report for 2023 revealed that the American people had suffered losses of more than $12 billion due to incidents of online fraud. Out of this total, about $3.94 was related to cryptocurrency investment scams.
Ripple’s coalition with other tech players is designed to act as a multiplier within security teams, by sharing threat trends and insights. The collaboration is aimed at increasing the efficiency of interrupting scam networks worldwide. The development was discussed by Devraj VaradhanRipple’s EVP Engineering said:
“As scams continue to become more convincing and intricate, bad actors are taking every opportunity to target and defraud innocent victims. We must fight back and educate individuals on how to protect themselves from these predators. There is no place for scammers, and we must come together across industries to address this pressing issue.”
There’s one thing all of us in tech can agree on – it’s high time we dismantled the scammers once and for all. It’s a proud moment to know that @Ripple This coalition includes other heavyweights in the industry! https://t.co/UrF1bseUgQ
— Brad Garlinghouse (@bgarlinghouse) May 22, 2024
You may also like:
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.crypto-news-flash.com