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Tech Against Scams Alliance Launched
Some of the biggest tech firms and crypto exchanges have joined forces to establish a ‘Tech Against Scams’ alliance with the goal of combating the increasing online fraud and financial schemes.
Alliance Members
- Meta
- Coinbase
- Ripple
- Kraken
- Gemini
- Match Group
- Global Anti-Scam Organization (GASO)
The cross-industry coalition aims to leverage insights and expertise from various sectors to protect and educate users. It emphasizes that scams are not confined to social media, crypto, or finance alone.
Global Financial Fraud Assessment
According to a report by INTERPOL in April, the adoption of new technologies globally has empowered organized crime groups to target victims more effectively across the world. Fraudsters are employing deception strategies like pig butchering to gain victims’ trust before carrying out their fraudulent activities.
INTERPOL highlighted that the use of AI, large language models, and cryptocurrencies has led to the emergence of more sophisticated frauds at a minimal cost.
Initiative for a Safer Digital Environment
The Tech Against Scams initiative aims to create a safer digital environment and prevent scammers from exploiting users. The collaboration across sectors will enhance visibility and aid in developing best practices to combat evolving scams.
Combating Scams Through Education
It is estimated that consumers worldwide lose $1.4 trillion to financial scams annually. The primary focus of the alliance is to educate users on recognizing early signs of potential scams and how to prevent falling victim to them.
Industry leaders are committed to protecting and educating users to tackle the tech-wide issue of scams effectively.
Investing in New Technologies
Yoel Roth, VP of Trust & Safety at Match Group, emphasized the importance of tech companies collaborating to prevent criminal activities. The alliance will invest in new technologies to disrupt fraud and scams more efficiently.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
