The ‘Tech Against Scams’ alliance has been formed by leading tech companies and crypto exchanges to combat online fraud and financial schemes that are on the rise. The alliance includes industry giants such as Meta, Coinbase, Ripple, Kraken, Gemini, Match Group, and the Global Anti-Scam Organization (GASO). Its primary goal is to protect users and raise awareness about scams in sectors like social media, crypto, and finance.
A recent announcement by Coinbase on May 21 highlighted the alliance’s focus on enhancing visibility and developing best practices to tackle evolving scams such as “pig butchering.” Scammers are using deceptive tactics like building trust with victims before exploiting them, resulting in significant financial losses globally.
To address this issue, Tech Against Scams aims to educate users about scam strategies, provide tools to recognize potential scams, and collaborate across industries to combat financial crimes effectively. With an estimated $1.4 trillion lost to scams annually, the alliance emphasizes the urgent need for proactive measures.
The ongoing war on scams calls for initiatives like Tech Against Scams to safeguard users in the constantly evolving digital landscape. By pooling resources and expertise, industry leaders aim to create a safer online environment for all users, regardless of their technical knowledge. Recent incidents, such as the deepfake scam that led to a $25 million loss for British engineering firm Arup, highlight the importance of such alliances in protecting individuals and organizations against fraudsters.
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