June 16, 2024

Several tech enterprises across various sectors such as social media, dating apps, crypto, and fintech have formed a partnership, ‘Tech Against Scams’, with an aim to combat the ongoing surge in internet fraud.

The founding members of the association include some of the big names in the tech industry namely Coinbase, Match Group, which are the companies behind Tinder and Hinge, Meta, Kraken, Ripple, and Gemini. The Global Anti-Scam Organization is also a part of this coalition.

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This collaboration serves as a unified base for all participating tech firms to strategize against the tools utilized by online con-artists. The key areas of focus for the coalition would be developing user-friendly protection and educational strategies, exchanging best practices, identifying threats, and sharing crucial user data to shield individuals from falling prey to online fraud.

This teamwork is crucial in spreading awareness about burgeoning scams involving crypto and romance, such as ‘pig butchering.’
Last summer, Match Group, Coinbase, and Meta initiated a unique tech tremor aimed at cross-platform threats.

Commenting on the initiative, Meta’s Information Security Officer, Guy Rosen, stated that scammers, backed by organized criminal groups, target individuals across various online services. Therefore, it’s challenging for a single organization to get a holistic view of subversive activities. Hence the coalition aims to break this silo approach and foster cooperation among companies to disrupt scam networks.

Echoing a similar sentiment, Match Group’s VP for Trust & Safety, Yoel Roth, emphasized the significance of cross-collaboration among tech entities to thwart illicit activities and maintain the edge over numerous forms of financial crimes. Furthermore, Match Group plans to invest in fresh technologies for faster scam disruption and offering individuals prompt support and required resources.

Coinbase’s Chief Security Officer, Philip Martin, warned about the sophistication of fraud schemes, highlighting the urgent need for industry leaders to join hands to counter fraud and create a secure digital landscape for users.

##### **FAQs**

Why is it challenging for a single organization to combat online frauds?

Online fraudsters operate across a multitude of platforms and services, making it difficult for any singular entity to monitor or control all malicious activities. Only a collective effort by various companies that are targeted can create an effective defense against such scams.

How will the coalition “Tech Against Scams” function?

The coalition will function as a central hub for tech companies to collaborate and tackle tools used by online fraudsters. They plan to exchange best practices, threat intelligence, and other crucial information to aid in developing strategies to educate and protect users.

What was the pioneering move towards cross-platform threats by Match Group, Coinbase, and Meta?

Last summer, Match Group, Coinbase, and Meta made a first-of-its-kind move towards understanding cross-platform threats by forming a coalition to analyze and tackle the ways scamming activities breach across platforms. This collaboration marked the start of the industry-wide efforts against online scams.