Coinbase, Meta, Ripple join forces to fight online scams

At partnership with giants of the tech and the crypto, Coinbase has launched an initiative called ” Tech Against Scams “aimed at fight against online fraud and financial scams.

On Tuesday, Coinbase announced the launch of “ Tech Against Scams Tech Against Scams”, a coalition of leading web2 and web3 companies dedicated to protecting Internet users from online scams.

“Tech Against Scams” includes the participation of Match Group, the parent company of Tinder and Hinge, as well as the Meta Group, formerly known as Facebook.

The initiative also includes other figures from the crypto ecosystem with Kraken, Ripple and Gemini. It is also supported by the Global Anti-Scam Organization (GASO), according to the announcement.

The partnership is dedicated to the prevention of online fraud and financial scams that target consumers across various sectors. By sharing insights and knowledge about the scam lifecycle, we aim to provide resources to educate and protect consumers,” explains Coinbase.

In particular, the pioneering exchange platform cites the fight against “Pig butchering scams”, a type of long-term scam and investment fraud in which the victim is gradually tricked into making increasing crypto contributions to a fraudulent scheme.

Coinbase points out, however, that scams are not limited to cryptocurrencies, social networks or financial and dating apps. “Cash remains the preferred medium for illicit transactions,” its statement reads.

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

As scams continue to become more convincing and complex, bad actors are taking advantage of every opportunity to target and defraud innocent victims. We need to fight back and educate individuals on how to protect themselves against these predators. There is no room for fraudsters, and we must come together across all sectors to solve this urgent problem,” said Devraj Varadhan, Vice President of Engineering at Ripple.

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