The Tech Against Scams alliance, formed by major tech firms and crypto exchanges, aims to address the increasing problem of online fraud and financial schemes. Members include Meta, Coinbase, Ripple, Kraken, Gemini, Match Group, and the Global Anti-Scam Organization (GASO). The coalition seeks to pool insights and expertise from different industries to protect and educate users, emphasizing that scams are a widespread issue not limited to specific sectors. The alliance was created in response to the global embrace of new technologies enabling organized crime groups to more effectively target victims worldwide, according to INTERPOL’s Global Financial Fraud assessment released in April.
Perpetrators are employing deception strategies like pig butchering, where fraudsters gain victims’ trust before swindling them. The use of AI, large language models, and cryptocurrencies has led to more sophisticated fraud schemes with minimal costs, INTERPOL emphasized. The Tech Against Scams initiative aims to create a safer digital environment and prevent scammers from taking advantage of users. Collaboration across sectors will enhance visibility and aid in developing evolving best practices to combat rapidly evolving scams, such as pig butchering, according to Coinbase.
The coalition’s primary focus is on educating users to recognize the early signs of potential scams and how to avoid falling victim. With consumers worldwide losing an estimated $1.4 trillion to financial scams annually, the alliance aims to educate users on scam strategies and tactics to prevent them effectively. By working together with industry leaders, the goal is to protect and educate users about the various forms of scams prevalent in the tech sector. The collaboration is essential for preventing criminal activity and helping online platforms stay ahead of and develop effective solutions for different types of financial crimes.
Yoel Roth, VP of Trust & Safety at Match Group, emphasized the significance of tech companies collaborating with each other to combat criminal activities. By investing in new technologies, the coalition aims to disrupt fraud and scams more efficiently. The alliance’s focus on prevention, education, and leveraging technological advancements will ultimately help online platforms stay secure and protect users from falling victim to various forms of financial scams. By bringing together industry leaders to work towards a common goal, the Tech Against Scams coalition aims to promote a safer digital environment for users across the tech and crypto sectors.
